UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 46051 / June 10, 2002

ADMINISTRATIVE PROCEEDINGS
File No. 3-10796

In the Matter of EDWARD NEEL COX, JOSEPH LEE COVINGTON, BILLY WAYNE SPARKMAN, STEPHEN T. HOYL, CHARLES F. JOHNSON, RANDY J. POST DANNY R. MAYFIELD, AND BENNY ARMOND SIDES

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ORDER INSTITUTING PUBLIC PROCEEDINGS, MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS AS TO EDWARD NEEL COX, JOSEPH LEE COVINGTON, BILLY WAYNE SPARKMAN, STEPHEN T. HOYL, CHARLES F. JOHNSON, RANDY J. POST, DANNY R. MAYFIELD AND BENNY ARMOND SIDES

I.

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") against Edward Neel Cox, Joseph Lee Covington, Billy Wayne Sparkman, Stephen T. Hoyl, Charles F. Johnson, Randy J. Post, Danny R. Mayfield and Benny Armond Sides (collectively "Respondents").

In anticipation of the institution of these proceedings, Respondents have each submitted an Offer of Settlement ("Offer") to the Commission, which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings contained herein, except those contained in Section II below, which are admitted, Respondents consent to the issuance of this Order Instituting Public Proceedings, Making Findings and Imposing Remedial Sanctions as to Edward Neel Cox, Joseph Lee Covington, Stephen T. Hoyl, Randy J. Post, Billy Wayne Sparkman, Charles F. Johnson, Danny R. Mayfield and Benny Armond Sides, and to the entry of the findings and the imposition of the remedial sanctions set forth below.

II.

On the basis of the Offer of Settlement submitted by each Respondent, and this Order, the Commission finds that:

A. During the relevant period, Respondents were associated with an unregistered broker-dealer.

B. Respondents were permanently enjoined on April 8, 2002, from violations of Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 and Sections 10(b) and 15(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, by the United States District Court for the Southern District of Texas [SEC v. Westshore Agency of Michigan, Inc., et al., H-00-1827]. Respondents consented to the entry of the permanent injunction without admitting or denying any violation of the federal securities laws, as alleged in the Commission's Complaint.

C. The Commission's Complaint in SEC v. Westshore Agency of Michigan, Inc., et al., alleged that in 1999 and 2000 Respondents acted as sales agents for Chemical Trust and Alliance Trust and that each offered for sale and sold, using the means and instrumentalities of interstate commerce, unregistered securities offered by Chemical Trust and Alliance Trust. The Commission's Complaint further alleged that Respondents failed to conduct any meaningful due diligence into the claims made by Chemical Trust and its ability to pay the investment returns Respondents promised their purchasers. The Commission's Complaint further alleged that Respondents made untrue statements or made statements with reckless disregard as to the accuracy of the statements in connection with the offer and sale of the Chemical Trust securities. The Commission's Complaint further alleged that the Chemical Trust and Alliance Trust securities were part of a nationwide ponzi scheme operated by Chemical Trust and that the claims and representations made by Chemical Trust, and communicated by Respondents in connection with the offer and sale of the securities, were fraudulent and untrue. The Commission's Complaint further alleged that Respondents used the means and instrumentalities of interstate commerce to offer and sell securities without being registered with the Commission as a broker or dealer.

III.

In view of the foregoing, the Commission deems it appropriate and in the public interest to accept each Respondent's Offer of Settlement. Accordingly,

IT IS ORDERED that Edward Neel Cox be, and hereby is, barred from association with any broker or dealer.

IT IS ORDERED that Billy Wayne Sparkman, and hereby is, barred from association with any broker or dealer.

IT IS ORDERED that Joesph Lee Covington be, and hereby is, barred from association with any broker or dealer.

IT IS ORDERED that Stephen T. Hoyl be, and hereby is suspended for a period of twelve months from association with any broker or dealer.

IT IS ORDERED that Randy J. Post be, and hereby is suspended for a period of twelve months from association with any broker or dealer.

IT IS ORDERED that Charles F. Johnson be, and hereby is suspended for a period of twelve months from association with any broker or dealer.

IT IS ORDERED that Danny R. Mayfield be, and hereby is suspended for a period of twelve months from association with any broker or dealer.

IT IS ORDERED that Benny Armond Sides be, and hereby is suspended for a period of twelve months from association with any broker or dealer.

By the Commission.

Jonathan G. Katz
Secretary

http://www.sec.gov/litigation/admin/34-46051.htm