UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 51308 / March 3, 2005

Admin. Proc. File No. 3-11841

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 Norman P. Rounds ("Respondent").

II.

In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the "Offer") 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 herein, except as to the Commission's jurisdiction over him and the subject matter of these proceedings, and the findings contained in Section III.2 below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions ("Order"), as set forth below.

III.

On the basis of this Order and Respondent's Offer, the Commission finds that

1. Rounds acted as a broker under the Exchange Act as a result of his activities in connection with the offer and sale of partnership interests during 2000 and 2001. Rounds, 55 years old, is a resident of Greenwood Village, Colorado.

2. On February 16, 2005, in the civil action entitled Securities and Exchange Commission v. Norman P. Rounds, Civil Action Number 03-M-0303, in the United States District Court for the District of Colorado, a final judgment was entered by consent against Rounds, permanently enjoining him from future violations of Section 15(a)(1) of the Exchange Act and ordering him to comply with a Commission Order Imposing Remedial Sanctions against him dated January 5, 1996 ("1996 Bar Order").

3. The Commission's complaint alleged that Rounds acted as a broker under the Exchange Act in connection with the offer and sale of interests in natural gas and oil well drilling partnerships. The Commission alleged that Rounds effected transactions in and induced or attempted to induce the purchase and sale of partnership interests while he was not registered with the Commission as a broker or dealer or associated with a registered broker or dealer. Rounds' activities included promoting the partnerships directly to individual investors and receiving transaction-based compensation. The complaint alleged that, as a result of his activities, Rounds violated Section 15(a)(1) of the Exchange Act and the 1996 Bar Order.

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions agreed to in Respondent Rounds' Offer.

Accordingly, it is hereby ORDERED:

Pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Rounds be, and hereby is, barred from association with any broker or dealer.

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.

For the Commission, by its Secretary, pursuant to delegated authority.

http://www.sec.gov/litigation/admin/34-51308.htm