UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 40291 / July 31, 1998 ACCOUNTING AND AUDITING ENFORCEMENT Release No. 1060 / July 31, 1998 ADMINISTRATIVE PROCEEDING File No. 3-9568 ______________________________ : ORDER MAKING FINDINGS AND In the Matter of : IMPOSING REMEDIAL SANCTIONS : Peter F. Kuebler, CPA : : Respondent. : ______________________________: I. In these proceedings instituted pursuant to Rule 102(e) of the Commission's Rules of Practice [17 C.F.R.  201.102(e)], Peter F. Kuebler ("Kuebler" or "Respondent") has submitted an Offer of Settlement ("Offer") which the Commission has determined to accept. II. 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 Commission's findings contained herein, except that he admits the jurisdiction of the Commission over him and over the subject matter of this proceeding and that a Judgment of Permanent Injunction and Other Relief has been entered against him, Kuebler consents to the issuance of the Order Making Findings and Imposing Remedial Sanctions ("Order"), and to the entry of the findings and imposition of the sanctions as set forth below. III. On the basis of this Order and of the Offer of Settlement of Kuebler, the Commission makes the following findings: A.Kuebler, age 42, was Vice President and Chief Financial Officer of Wilshire Technologies, Inc. ("Wilshire") from November 1992 through March 1994. Kuebler is an inactive California certified public accountant ("CPA"). B.During fiscal years 1993 and 1994, Wilshire developed, manufactured and marketed medical, clean room, and transdermal drug delivery products. During fiscal 1993, Wilshire introduced two new products, a transdermal appetite suppressant called "TrimPatch" and a clean room product known as the pipe plug. Wilshire's common stock is registered with the Commission pursuant to Section 12(g) of the Securities Exchange Act of 1934 ("Exchange Act") and is listed in the National Quotation Service Pink Sheets.[1] C.On November 1, 1996, the Commission filed a first amended complaint against Kuebler and another defendant in SEC v. Michael W. Crow, et al., Civil Action No. 96-1661 S (CGA) (the "First Amended Complaint"). On February 25, 1998, the United States District Court for the Southern District of California entered a Judgment of Permanent Injunction and Other Relief Against Defendant Peter F. Kuebler ("Judgment"), which permanently enjoins Kuebler from violating Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 10b-5, 12b-20, 13a- 13, 13b2-1 and 13b2-2 thereunder. Kuebler consented to the entry of the Judgment without admitting or denying any of the allegations in the First Amended Complaint. D.The First Amended Complaint alleged, among other things, that from at least July 1993 through January 1994, Wilshire inflated its earnings in press releases and in periodic reports with the Commission. The Complaint further alleged that, contrary to Generally Accepted Accounting Principles, Wilshire inflated its earnings by improperly recognizing conditional sales, the sale of an asset to a related party, and a disputed claim against a supplier. The Complaint further alleged that Kuebler knew, or was reckless in not knowing, that Wilshire's financial statements were materially false and misleading and that Kuebler falsified, or caused to be falsified, accounting entries to Wilshire's books and records. In addition, the Complaint alleged that Kuebler omitted to state material facts to Wilshire's auditors in connection with the fiscal year 1993 audit of Wilshire's financial statements. **FOOTNOTES** [1]:The Commission previously ordered Wilshire to cease and desist from committing or causing any violations and any future violations of Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and Rules 10b-5, 12b-20 and 13a-13 thereunder. In the Matter of Wilshire Technologies, Inc., Exchange Act Rel. No. 37719 (Sept. 24, 1996). IV. Based on the foregoing, the Commission deems it appropriate and in the public interest to accept the Offer of Settlement of Kuebler and accordingly, IT IS HEREBY ORDERED effective immediately, that: A.Kuebler is denied the privilege of appearing or practicing before the Commission as an accountant. B.After four years, from the date of this order, Kuebler may apply to the Commission by submitting an application to the Office of the Chief Accountant which requests that he be permitted to resume appearing or practicing before the Commission as: 1.a preparer or reviewer, or a person responsible for the preparation or review, of financial statements of a public company to be filed with the Commission upon submission of an application satisfactory to the Commission in which Kuebler undertakes that, in his practice before the Commission, his work will be reviewed by the independent audit committee of the company for which he works or in some other manner acceptable to the Commission; 2.an independent accountant upon submission of an application containing a showing satisfactory to the Commission that: a.Kuebler, or any firm with which he is or becomes associated in any capacity, is and will remain a member of the SEC Practice Section of the American Institute of Certified Public Accountants Division for CPA Firms ("SEC Practice Section") as long as he appears or practices before the Commission as an independent accountant; b.Kuebler or the firm has received an unqualified report relating to his or the firm's most recent peer review conducted in accordance with the guidelines adopted by the SEC Practice Section; and c.Kuebler will comply with all applicable SEC Practice Section requirements, including all requirements for periodic peer reviews, concurring partner reviews, and continuing professional education, as long as he appears or practices before the Commission as an independent accountant. 3.The Commission's review of a request or application by Kuebler to resume appearing or practicing before the Commission may include consideration of, in addition to the matters referenced above, any other matters relating to Kuebler's character, integrity, professional conduct, or qualifications to appear or practice before the Commission. By the Commission. Jonathan G. Katz Secretary