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1
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SEC ADMINISTRATIVE LAW JUDGE DECISION
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EXTRACTED KEY WORDS
SHAWMUT COMMISSIONS INVESTMENT ADVISER ABEL VIOLATIONS BROKERS MONEY RESPONDENT SECURITIES ACCOUNTS SANCTIONS MANAGEMENT EAST WEST ROACH CLIENT REFERRALS ADVISERS ACT ADMINISTRATIVE LAW JUDGE ANTIFRAUD PROVISIONS RUDOLPH ABEL EXCHANGE COMMISSION PENSION FUND ALLOCATION PORTFOLIO MANAGER CAC SOFT DOLLARS ARRANGEMENTS ILL-GOTTEN GAINS TRANSACTIONS RECOMMENDATIONS |
Initial Decision of an SEC Administrative Law Judge
Clarke T. Blizzard and Rudolph Abel
INITIAL DECISION RELEASE NO. 229
ADMINISTRATIVE PROCEEDING
FILE NO. 3-10007
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
_________________________________________________________________
In the Matter of
CLARKE T. BLIZZARD and
RUDOLPH ABEL
_________________________________________________________________
INITIAL DECISION
June 13, 2003
APPEARANCES Linda B. Bridgman and Sandra J. Bailey for the Division of
Enforcement, Securities and Exchange Commission
Marc B. Dorfman and Adam J. Eisner of Foley & Lardner for Respondent
Clarke T. Blizzard
Respondent Rudolph Abel
BEFORE Carol Fox Foelak, Administrative Law Judge
SUMMARY
This Initial Decision sanctions Clarke T. Blizzard, formerly
associated with Shawmut Investment Advisers, Inc., for his role in
marketing its money management services to Local 710 of the
International Brotherhood of Teamsters. After concluding that Shawmut
violated the antifraud provisions, and Blizzard aided and abetted the
violations, the Initial Decision fines Blizzard $100,000, orders him
to disgorge ill-gotten gains of $548,233, suspends him from
association with an investment adviser for ninety days, and imposes a
cease-and-desist order. The Initial Decision clears Rudolph Abel of
all charges against him.
I. INTRODUCTION
A. Procedural Background
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