SECURITIES EXCHANGE ACT OF 1934
Release No. 41951 / September 30, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-10056
ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST RONALD A.
KNITTLE AND GREGORY G. VERNON
The Commission announced that it has instituted public administrative
proceedings pursuant to Section 15(b)(6)(A) of the Securities Exchange Act of
1934 ("Exchange Act") against Ronald A. Knittle ("Knittle")
and Gregory G. Vernon ("Vernon"). Section 15(b)(6)(A) allows the
Commission to sanction persons who have participated in an offering of penny
stock. In the Order the Division of Enforcement alleges that the respondents
were enjoined from future violations of the federal securities laws in a
Commission civil action. [SEC v. Golden Eagle International, Inc., et al.,
Civil Action No. 98-Z-1020, U.S.D.C. Colo.] The Division further alleges that
the conduct for which they were enjoined involved a penny stock, Golden Eagle
International, Inc.
A hearing will be held to determine whether the allegations are true and, if
so, what sanctions, if any, are appropriate in
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