SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release. No. 47222 / January 21, 2003

   ADMINISTRATIVE PROCEEDING
   File No. 3-11012

   PROCEEDINGS INSTITUTED AGAINST JAMES F. GLAZA

   The Commission announced that it has instituted administrative and
   cease-and-desist proceedings against James F. Glaza ("Glaza") d/b/a
   Falcon Financial Services, Inc., a resident of Colorado Springs,
   Colorado. In the Order Instituting Public Administrative and
   Cease-And-Desist Proceedings and Notice of Hearing Pursuant to Section
   8A of the Securities Act of 1933 and Sections 15(b) and 21C of the
   Securities Exchange Act of 1934 ("Order"), the Division of Enforcement
   ("Division") alleges, among other things, that from August 1999
   through May 2000, Glaza offered to sell and sold to the public OnLine
   Power Supply, Inc. ("OnLine") common and preferred stock that was not
   registered with the Commission and for which no valid exemption from
   registration was available. The Division further alleges that Glaza
   made untrue statements to investors through oral statements, offering
   memoranda and promotional newsletters regarding (a) compensation he
   was receiving from OnLine for the sale of OnLine stock; (b) Glaza's
   ability to purchase OnLine stock at lower prices than those paid by
   investors in contemporaneous transactions; and (c) OnLine's orders,
   financial condition, business relationships with third parties, stock
   price projections, and OnLine's anticipated listing on Nasdaq.
   Finally, Glaza made untrue statements regarding the risk associated
   with investments in OnLine stock and facts relating to a loan he made
   to OnLine, including the use of investor proceeds to repay the loan.
   As a result, the Division alleges that Glaza violated Sections 5(a),
   5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of the
   Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The
   Division requests that Glaza pay disgorgement plus reasonable
   interest, pay civil penalties, and be barred from participating in any
   offering of penny stock.

   A hearing will be scheduled before an administrative law judge to
   determine whether the allegations contained in the Order are true, to
   provide Glaza an opportunity to dispute these allegations, and to
   determine what sanctions, if any, are appropriate and in the public
   interest.

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Modified 01/22/2003