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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
WARD SECURITIES COMMISSION INVESTMENT ADVISERS EXCHANGE ADMINISTRATIVE PROCEEDING REMMINGTON REMMINGTON ADVISORS KENNETH RANDALL WARD WILLFUL VIOLATIONS SALE SANCTIONS BARRING ALLEGATIONS INVERSE FLOATER MORTGAGE TEXAS MUNICIPALITIES ADMIN PROC COMMISSION IMPOSED SANCTIONS PERMANENTLY BARRING BROKER DEALER THREAT CALLOUS WILLINGNESS PERSONAL BENEFIT REGARD ADMINISTRATIVE LAW JUDGE DISPUTE |
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release. No. 2177 / September 26, 2003
ADMINISTRATIVE PROCEEDING
File No. 3-11276
Proceedings Instituted against Remmington Advisors, Inc. and Kenneth
Randall Ward
The Commission instituted administrative proceedings pursuant to
Sections 203(e) and 203(f) of the Investment Advisers Act of 1940
("Advisers Act") against Remmington Advisors, Inc. ("Remmington"), a
registered investment adviser, and Kenneth Randall Ward ("Ward"),
Remmington's principal. The administrative proceeding seeks to
determine whether remedial action against Remmington and Ward is in
the public interest, based on Ward's willful violations of Section
17(a) of the Securities Act of 1933 ("Securities Act") and Section
10(b) of the Securities Exchange Act of 1934 ("Exchange Act").
The Division of Enforcement alleges that, on March 19, 2003, the
Commission issued an opinion concluding that Ward committed willful
violations of the antifraud provisions of the Securities Act and
Exchange Act through the offer and sale, and in connection with the
purchase and sale, of inverse floater mortgage derivative securities
to two Texas municipalities. Admin. Proc. File No. 3-9327, Release No.
(March 19, 2003). The Commission imposed sanctions on Ward in the
public interest, including permanently barring him from association
with any broker or dealer. In barring Ward, the Commission stated that
Ward "represents a threat to the investing public" and his actions
"demonstrate a callous willingness to exploit, for personal benefit
and without regard for the impact on others, the trust placed in him
by investors . . . ."
A hearing will be scheduled before an administrative law judge to
determine whether the allegations contained in the Order are true, to
provide Remmington and Ward an opportunity to dispute the allegations,
and to determine what, if any, remedial sanctions are appropriate in
the public interest.
_________________________________________________________________
Modified 09/30/2003
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