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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
SECURITIES EXCHANGE ACT ADMINISTRATIVE PROCEEDINGS PUBLIC COMPANIES EXCHANGE COMMISSION ALLEGES STOCK UNITED STATES SECURITIES INSTITUTING RAYLEN PARRA FLORIDA PERMANENT EXECUTIVES BROKER RELATIONS ALLEGATIONS INVESTMENT COMMUNITY OVER-THE-COUNTER BULLETIN BOARD TOUTING PRINCIPALS REAPED ILLEGAL PROFITS ENGAGING PRACTICE SCALPING SELLING SIMULTANEOUSLY RECOMMENDING PURCHASE ADMINISTRATIVE LAW JUDGE DISPUTE REMEDIAL SANCTIONS |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT
Release No. 47343 / February 11, 2003
ADMINISTRATIVE PROCEEDING
File No. 3-11041
ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST RAYLEN PARRA
The United States Securities and Exchange Commission (Commission)
announced today that it has entered an Order Instituting
Administrative Proceedings Pursuant to Section 15(b) of the Securities
Exchange Act of 1934 (Exchange Act) against Raylen Parra (Parra) of
Orlando, Florida, based on the entry of a Default Judgment of
Permanent Injunction entered against her on September 13, 2002,
permanently enjoining her from further violations of Sections 17(a)
and 17(b) of the Securities Act of 1933 (Securities Act), Section
10(b) of the Exchange Act and Rule 10b-5 thereunder.
The Order alleges that Parra was the president and chief executive
officer of Norrstar Advertising, Inc., a now defunct broker relations
firm formerly located in Daytona Beach, Florida. The Order also
alleges that during the period from approximately September 1998 to
September 1999, Norrstar's staff of "broker relations executives" at
the direction of Parra, disseminated false and misleading information
to the investment community concerning the stock of at least five
public companies quoted on the Over-the-Counter Bulletin Board. The
Order further alleges, among other things, that while touting the
stock of the public companies, Norrstar's principals, including Parra,
reaped illegal profits of more than $3.4 million by engaging in the
practice of "scalping" -- selling the stock of public companies they
were simultaneously recommending to others to purchase.
A hearing will be scheduled before an administrative law judge to
determine whether the allegations contained in the Order are true, to
provide Parra an opportunity to dispute these allegations, and to
determine what remedial sanctions if any, are appropriate and in the
public interest.
_________________________________________________________________
Modified 02/13/2003
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