UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 51161 / February 8, 2005

Admin. Proc. File No. 3-11812

PROCEEDINGS INSTITUTUED AGAINST JAMES T. PATTEN

The Commission instituted public administrative proceedings against James T. Patten ("Patten") pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 ("Exchange Act"). In the Order Instituting Administrative and Cease-and-Desist Proceedings ("Order"), the Division of Enforcement alleges that Patten, the President and founder of Greater Metropolitan Investment Services, Inc., willfully violated and caused violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder and caused and willfully aided and abetted violations of Section 10(b) and Rule 10b-5 by manipulating the closing bid price of the common stock of Initio, Inc., a publicly-traded company headquartered in New Jersey during the relevant period. A hearing will be held before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Patten an opportunity to dispute the allegations and to determine what, if any, remedial sanctions are appropriate and in the public interest. The Commission directed that an administrative law judge shall issue an initial decision within 300 days from the date of service of the Order

See also the Order in this matter

http://www.sec.gov/litigation/admin/34-51161.htm