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UNITED STATES OF AMERICA
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In the Matter of WILLIAM H. BLACK, Respondent. |
: : : : : : : |
ORDER MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION 203(f) OF THE INVESTMENT ADVISERS ACT OF 1940 |
On November 9, 2004, the Securities and Exchange Commission ("Commission") instituted public administrative proceedings pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Section 203(f) of the Investment Advisers Act of 1940 against William H. Black ("Black" or "Respondent").
Respondent has submitted an Offer of Settlement ("Offer") that 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 in which the Commission is a party, and without admitting or denying the findings herein, except for the Commission's jurisdiction over him and the subject matter of these proceedings, and except for the entry of the judgment set forth in paragraph III.B. below, which are admitted, Respondent consents to the entry of this Order Making Findings and Imposing Remedial Sanctions
Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940 ("Order") as set forth below.
On the basis of this Order and Respondent's Offer, the Commission finds that:
A. Respondent, age 47, is incarcerated at the Seymour Johnson Federal Prison Camp, Goldsboro, North Carolina. Respondent is the former chairman and chief executive officer of Professional Management, Inc. and a former executive of Professional Management Consulting, Inc. For a portion of the time in which he engaged in the conduct described below, Respondent acted as an unregistered broker-dealer and unregistered investment adviser.
B. On May 17, 2004, the United States District Court for the Middle District of Florida granted summary judgment in favor of the Commission and entered a Final Judgment as to William H. Black permanently enjoining Respondent from violating Section 17(a) of the Securities Act of 1933 ("Securities Act"); Sections 10(b), 15(a) and 15(c) of the Exchange Act; and Rules 10b-5 and 15c1-2 thereunder; and Sections 206(1) and 206(2) of the Advisers Act.
In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in Respondent Black's Offer.
Accordingly, it is hereby ORDERED:
A. Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Black be, and hereby is, barred from association with any broker or dealer;
B. Pursuant to Section 203(f) of the Advisers Act, that Respondent Black be, and hereby is, barred from association from any investment adviser pursuant to Section 203(f) of the Advisers Act; and
C. Any reapplication for association by the Respondent will be subject to the applicable laws and regulations governing the reentry process, and reentry may be conditioned upon a number of factors, including, but not limited to, the satisfaction of any or all of the following: (a) any disgorgement ordered against the Respondent, whether or not the Commission has fully or partially waived payment of such disgorgement; (b) any arbitration award related to the conduct that served as the basis for the Commission order; (c) any self-regulatory organization arbitration award to a customer, whether or not related to the conduct that served as the basis for the Commission order; and (d) any restitution order by a self-regulatory organization, whether or not related to the conduct that served as the basis for the Commission order; and
For the Commission, by its Secretary, pursuant to delegated authority.
Jonathan G. Katz
Secretary
http://www.sec.gov/litigation/admin/34-51074.htm
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