UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 39642 / February 11, 1998 ADMINISTRATIVE PROCEEDING File No. 3-9358 __________________________ In the Matter of : ORDER MAKING FINDINGS, AND : IMPOSING REMEDIAL SANCTIONS David P. Silver, : : Respondent. : : ________________________ : I. The Securities and Exchange Commission ( Commission ) deems it appropriate and in the public interest that a public hearing for the purpose of taking evidence shall be convened and that an answer shall be filed by the Respondent pursuant to Section 15 (b) (4) of the Securities Exchange Act of 1934 ( Exchange Act ) in a public administrative proceeding instituted against David P. Silver ( Respondent or Silver ). In anticipation of the public hearing and Answer of Silver, Respondent has submitted an Offer of Settlement ( Offer ) to the Commission which the Commission has determined to accept. Solely for the purposes of this proceeding and any other proceeding brought by or on behalf of the Commission or in which the Commission is a party, and without admitting or denying the findings contained herein, except as to the jurisdiction of the Commission over him and the subject matter of the proceeding, which are admitted, Respondent consents to the findings contained herein, and the imposition of the sanctions forth below. Accordingly, IT IS ORDERED that Findings of Fact and Remedial Sanctions be determined pursuant to Section 15 (b) (4) of the Exchange Act. II. On the basis of this Order and the Order Instituting Public Aministrative Proceeding and Notice of Hearing Pursuant to Section 15 (b) (4) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial ======END OF PAGE 1====== Sanctions and the Offer submitted by Silver, the Commission finds<(1)> that: A. From in or about November 1993 through in or about December 1994, Respondent was a broker as defined by Section 3 (a) (4) of the Exchange Act. B.On June 18, 1997, a Final Judgment of Permanent Injunction was entered by the United States District Court for the Central District of California in an action styled Securities and Exchange Commission v. Trans-American Ostrich Traders, Inc., et al. Civil Action No. 96-1559 RMT (Mcx) (C.D. Cal.) which permanently enjoins Silver from violating Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 , and Rule 10b-5 thereunder and Sections 5(a) and (c) and 17(a) of the Securities Act of 1933. C.The Commission s Complaint in SEC v. Trans-American Ostrich Traders, Inc., et al. alleges that, from in or about November 1993 through in or about December 1994, Silver engaged in a fraudulent scheme to offer and sell unregistered securities in a series of 17 related partnerships purportedly organized for the purpose of acquiring , raising, and breeding ostriches. The Complaint also alleges that Silver violated the antifraud provisions of the federal securities laws by making material misrepresentations and omissions in connection with the offer and sale of the unregistered securities. The Complaint further alleges that Silver acted as a broker in connection with the sale of the unregistered securities without being registered with the Commission as a broker. I I I. In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the following sanctions specified in Respondent s offer. Accordingly, IT IS ORDERED that Respondent be, and he hereby is, censured and barred from association with any broker, dealer, investment adviser, investment company or municipal securities dealer and from participating in any offering of penny stock. For the Commission, by its Secretary, pursuant to delegated authority. _____________________________ Jonathan G. Katz Secretary <(1)> The findings in the Order are made pursuant to Silver s Offer and are not binding on any other person or entity named as a respondent in this or any other proceedings. ======END OF PAGE 2======