UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 46277 / July 29, 2002
ADMINISTRATIVE PROCEEDING
File No. 3-10849
_________________________________________________________________
In the Matter of
MARK R. SAVARESE,
Respondents.
_________________________________________________________________
ORDER INSTITUTING
PROCEEDINGS, MAKING
FINDINGS, AND IMPOSING
REMEDIAL SANCTIONS
I.
The Securities and Exchange Commission ("Commission") deems it
appropriate and in the public interest that public administrative
proceedings be, and hereby are, instituted against Mark R. Savarese
("Savarese"), pursuant to Section 15(b) of the Securities Exchange Act
of 1934 ("Exchange Act").
II.
In anticipation of the institution of this administrative proceeding,
Savarese has submitted an Offer of Settlement ("Offer") which the
Commission has determined to accept. Solely for the purpose of this
proceeding and any other proceeding brought by or on behalf of the
Commission or to which the Commission is a party, and without
admitting or denying the findings contained herein, except the
Commission's findings set forth in paragraphs III. A., III. B. and
III. C. below, which Savarese admits, Savarese consents to the
issuance of this Order Instituting Proceedings, Making Findings, and
Imposing Remedial Sanctions ("Order").
III.
On the basis of this Order and the Respondent's Offer, the Commission
finds that
A. During the period from January 1993 through February 1998, Savarese
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UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION
ORDER INSTITUTING PROCEEDINGS, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS
The Securities and Exchange Commission deems it appropriate and in the public interest that
In anticipation of the institution of this administrative proceeding, Savarese has submitted
Solely for the purpose of this proceeding and any other proceeding brought by or on behalf of
A., III. B. and III. C. below, which Savarese admits, Savarese consents to the issuance of
During the period from January 1993 through February 1998, Savarese worked as an independent
On May 20, 1999, Savarese pleaded guilty to conspiracy to violate Section 11of the Exchange
On July 28, 2000, Savarese was permanently enjoined, on consent, by the United States
from violating Sections 11and 17of the Exchange Act and Rules 11a-1 and 17a-3 thereunder.
The Commission's Complaint in the Injunctive Action alleged, in part, as follows Savarese
Pursuant to the arrangement, an account was opened at Oakford and falsely identified as an
From October 1993 through at least December 1997, Savarese executed transactions for his
IT IS HEREBY ORDERED that Savarese be, and hereby is, barred from association with any broker
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