UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 49289 / February 20, 2004

Administrative Proceeding
File No. 3-11406

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 Raymond J. Brown ("Brown") and Leon Jordan II ("Jordan") (collectively, "Respondents").

II.

In anticipation of the institution of these proceedings, Brown and Jordan have submitted Offers of Settlement ("Offers") 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 to which the Commission is a party, and without admitting or denying the findings contained herein, except as to the Commission's jurisdiction over them and the subject matter of these proceedings and the findings contained in Sections III.1, III.2. and III.4., which are admitted, Brown and Jordan consent to the entry of this Order Instituting Proceedings, Making Findings and Imposing Remedial Sanctions Pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Order"), as set forth below.

III.

On the basis of this Order and the Respondents' Offers, the Commission finds the following:

1. Brown, age 59, is a resident of Holden, Louisiana. Brown has held himself out as a Certified International Financier and founder of Ray Brown & Associates ("Brown & Associates"), which he has described as, among other things, a full service brokerage house. Brown & Associates has never been registered as a broker-dealer with the Commission.

2. Jordan, age 47, is a resident of Rancho Cucamonga, California. Jordan has held himself out as having expertise in obtaining financing for others and as a "bond coordinator" and "financial intermediary" in multi-billion dollar bond offerings.

3. On December 30, 2002, the Commission filed a civil action in the United States District Court for the Central District of California charging Brown, Jordan, and others with violating Section 17(a) of the Securities Act of 1933 ("Securities Act"), and Exchange Act Section 15(a)(1). Securities and Exchange Commission v. Leon Jordan, et al., Civil Action No. CV 02-9889 PA (CTx). The Commission's complaint alleged, among other things, that from approximately December 2001 through December 2002, Brown, Jordan, and the other defendants raised at least $850,000 from unwitting victims in a fraudulent bond-offering scheme.

4. On January 14, 2004, the Court entered final judgments against Brown and Jordan that, among other things, enjoined them from violating Securities Act Section 17(a) and Exchange Act Section 15(a)(1).

IV.

Based on the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in Brown's and Jordan's Offers.

Accordingly, it is hereby ORDERED that Brown and Jordan be, and hereby are, barred from association with any broker or dealer pursuant to Exchange Act Section 15(b).

Any reapplication for association by Brown or Jordan 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 Brown or Jordan, 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/34-49289.htm