UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 47145/January 9, 2003
INVESTMENT ADVISERS ACT OF 1940
Release No. 2096/January 9, 2003
ADMINISTRATIVE PROCEEDING
FILE NO. 3-10927
_________________________________________________________________
In the Matter of
SALMAN SHARIFF
_________________________________________________________________
ORDER ENTERING DEFAULT, MAKING FINDINGS, AND IMPOSING REMEDIAL
SANCTIONS
The Securities and Exchange Commission (Commission) issued its Order
Instituting Proceedings (OIP) on November 5, 2002. The Chief
Administrative Law Judge then assigned the matter to my docket. On
November 29, 2002, the Division of Enforcement (Division) advised me
that Salman Shariff (Respondent or Shariff) no longer lived at the
Florida address identified in the OIP and that Respondent had not yet
received a copy of the OIP. The Division also advised that it had
hired a process server who was attempting to locate Respondent at a
forwarding address.
The Division has now filed a supplemental statement showing that the
OIP was properly served on Shariff at 155 Spoonbill Court, Jupiter,
Florida 33458, on December 2, 2002. By the terms of the OIP and under
the Commission's Rules of Practice, Shariff's answer was due no later
than December 23, 2002. No answer has been filed and the time for
filing has expired. Pursuant to Rules 155(a)(2) and 220(f) of the
Commission's Rules of Practice, I find Shariff in default.
I further find that the following allegations in the OIP are true
During the period from February 1996 through May 1997, Shariff was
associated as a registered representative with Royal Alliance
Associates, Inc., a registered broker and dealer.
During the period from December 1996 through June 2001, Shariff
was associated with Vestron Financial Corporation (Vestron), an
unregistered investment adviser, as its president.
During the period from December 1996 through June 2001, Shariff
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
ADMINISTRATIVE PROCEEDING FILE NO. 3-10927
The Securities and Exchange Commission issued its Order Instituting Proceedings on November 5,
The Chief Administrative Law Judge then assigned the matter to my docket.
On November 29, 2002, the Division of Enforcement advised me that Salman Shariff (Respondent
By the terms of the OIP and under the Commission's Rules of Practice, Shariff's answer was
I further find that the following allegations in the OIP are true During the period from
During the period from December 1996 through June 2001, Shariff was associated with Vestron
On October 16, 2001, the Commission filed a complaint in the United States District Court for
The Commission's complaint charged Shariff, among others, with violations of Sections 5, 5,
The complaint also charged Shariff with aiding and abetting Vestron's violations of Sections
According to the complaint, Vestron, through Shariff, told investors that it would use
On March 27, 2002, the United States District Court entered a default judgment of permanent
Pursuant to Section 15of the Exchange Act and Section 203of the Advisers Act, I conclude that
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