UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 47266/January 28, 2003
INVESTMENT ADVISERS ACT OF 1940
Release No. 2104/January 28, 2003
ADMINISTRATIVE PROCEEDING
FILE NO. 3-10931
_________________________________________________________________
In the Matter of
DENNIS S. HERULA
Respondent.
_________________________________________________________________
ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS BY DEFAULT
The Securities and Exchange Commission (Commission) instituted this
proceeding pursuant to Section 15(b) of the Securities Exchange Act of
1934 (Exchange Act) and Section 203(f) of the Investment Advisers Act
of 1940 (Advisers Act), on November 8, 2002, with an Order Instituting
Proceedings (OIP). On January 24, 2003, the Division of Enforcement
(Division) filed a Motion That Respondent Dennis S. Herula Be Found In
Default and That An Order Making Findings and Imposing Remedial
Sanctions Be Entered Against Him (Motion), for Respondent's failure to
file an answer to the OIP in accordance with Rule 220(f) of the
Commission's Rules of Practice, 17 C.F.R. § 201.220(f). The Motion,
filed pursuant to Rule 155(a) of the Commission's Rules of Practice,
17 C.F.R. § 201.155(a), seeks an order barring Respondent from
association with any broker or dealer and from any investment adviser.
Respondent is in default under Rules 155(a) and 220(f) of the
Commission's Rules of Practice, 17 C.F.R. §§ 201.155(a), .220(f),
because he failed to answer the OIP, or to respond to my December 13,
2002, Order to Show Cause. Accordingly, I find the allegations in the
OIP to be true
Respondent was a registered representative with Raymond James
Financial Services, Inc. from on or about August 24, 1999, to on or
about January 4, 2001. Respondent is the president and registered
agent of Legacy 2000 Associates, Inc. (Legacy 2000). Respondent, 55
years old, maintains residences in Tiburon, California, Westerly,
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
ADMINISTRATIVE PROCEEDING FILE NO. 3-10931
ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS BY DEFAULT
The Securities and Exchange Commission instituted this proceeding pursuant to Section 15of
On January 24, 2003, the Division of Enforcement filed a Motion That Respondent Dennis S.
Sanctions Be Entered Against Him, for Respondent's failure to file an answer to the OIP in
Respondent is the president and registered agent of Legacy 2000 Associates,
Respondent, 55 years old, maintains residences in Tiburon, California, Westerly, Rhode
Legacy 2000 has been incorporated in the State of California since January 25, 2001, and it
On April 1, 2002, the Commission filed a complaint in the U.S. District Court for the
The complaint alleged that Respondent participated in a fraudulent scheme that raised
According to the Commission's complaint, Respondent played an integral role in the scheme by
On October 10, 2002, the court orally granted the Commission's motion for entry of final
Respondent was ordered to pay disgorgement, along with prejudgment interest, in the total
Herula also made various false representations to that investor regarding the status of his
In light of the allegations brought in the OIP, and Respondent's failure to answer the OIP,
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