Home > Boards > Free Zone > User's Groups > Willy Wizard Club (WW)

Securities Act of 1933

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
fung_derf Member Profile
Member Level 
Followed By 199
Posts 106,916
Boards Moderated 21
Alias Born 08/30/01
160x600 placeholder
fung_derf Member Level  Monday, 05/16/05 12:16:33 PM
Re: None
Post # of 387 
Securities Act of 1933
Release No. 8541 / February 23, 2005
Admin. Proc. File No. 3-11310


In the Matter of



On May 11, 2004, an administrative law judge found that Respondent Harold Engel, Jr. violated Sections 5(a) and 5(c) of the Securities Act of 1933 when he offered and sold shares of stock to the public without a registration statement.1 On June 10, 2004, the Commission made final the Initial Decision in this proceeding as to Respondent Engel.2 Engel was ordered to disgorge $8,167.50 plus prejudgment interest. On July 13, 2004, the Commission granted Respondent's unopposed motion to modify the disgorgement order to allow Respondent to pay the ordered disgorgement over the course of a year ("July 13 Order").3 The July 13 Order established a payment schedule pursuant to which the last payment of disgorgement and interest was due on April 7, 2005.

On January 10, 2005, the Office of the Secretary received Respondent's Request for Modification to Final Disgorgement Scheduled Payment.4 Respondent seeks an accounting of how much disgorgement and interest remains to be paid and seeks leave to pay that amount in six monthly installments beginning on February 15, 2005. The Division of Enforcement reports that, at the time of the motion, Engel had paid a total of $5,100 pursuant to the Order. We are now informed that Engel paid an additional $623.47 on February 15, 2005. The Division does not oppose Respondent's request.

In response to Respondent's request for an accounting, the Division of Enforcement submitted a schedule of payments that would enable Respondent to pay the remainder of the disgorgement and interest in six installments as requested by Respondent. In the absence of any objection from Respondent, we have determined to accept the Division's calculations as the basis for Respondent's payments. Because the statutory prejudgment interest rate may change before Respondent completes the course of payments, we will direct the Division of Enforcement to provide Respondent a statement of how much remains to be paid before the last payment is due.

We will treat Respondent's filing as a request to modify the July 13 Order by altering the schedule for paying disgorgement. We hereby grant the Request.

IT IS ORDERED that Respondent's Request for Modification to Final Disgorgement Scheduled Payment is hereby granted; and it is further

ORDERED that Harold Engel, Jr. disgorge $3,694.49, plus prejudgment interest at the rate established under Section 6621(a)(2) of the Internal Revenue Code, 26 U.S.C. § 6621(a)(2), compounded quarterly, pursuant to 17 C.F.R. § 201.600, such interest to be due from December 1, 2002, through the first day of the last month preceding which payment is made; and it is further

ORDERED that payment of the disgorgement shall be made to the United States Treasury pursuant to the following schedule: on February 15, 2005, $623.47, which has been paid; on March 15, 2005, $626.05; on April 15, 2005, $628.63; on May 15, 2005, $631.26; on June 15, 2005, $633.88; and on July 15, 2005, $636.51 unless modified as provided below; and it is further.

ORDERED that following receipt of Respondent's payment on June 15, 2005, the Division of Enforcement will provide Respondent with a statement indicating how much has been paid and how much disgorgement and interest remains to be paid in the final payment due on July 15, 2005.

Each payment of disgorgement payment shall be: (a) made by certified check, U.S. Postal money order, bank cashier's check, or bank money order; (b) made payable to the Securities and Exchange Commission; (c) mailed or delivered to the Office of Financial Management, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Stop 0-3, Alexandria, Virginia; and (d) submitted under cover letter that identifies the .names of the respondents in this proceeding, as well as the Commission's case number. A copy of the letter and of the instrument of payment shall be sent to counsel for the Division of Enforcement, Susan F. LaMarca, Securities and Exchange Commission, 44 Montgomery Street, Suite 1100, San Francisco, CA 94104-4691

By the Commission.

Jonathan G. Katz

- - - - -

- - - - -

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
Current Price
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist