United States of America
before the
Securities and Exchange Commission

Securities Exchange Act of 1934
Release No. 48593 / October 6, 2003

Administrative Proceeding
File No. 3-11294

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 Adrian Balboa ("Balboa" or "Respondent").

II.

In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement ("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.3. below, which are admitted, Respondent consents to the entry of this Order Instituting Public 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. Balboa, 26 years old, is a resident of Coconut Creek, Florida. From May 2002 to August 2002, he was associated with a broker-dealer registered with the Commission. Also, from November 2001 to March 2003, Balboa worked as a sales agent for Safetynet Industries, Inc. ("Safetynet") raising money for its private securities offering.

2. On September 16, 2003, the Commission filed a complaint in the United States District Court for the Southern District of Florida captioned SEC v. James Mulhearn, et als., Civil Action No. 03-61747-CIV-MARTINEZ (S.D. Fla.) alleging, among other things, that Balboa knowingly and willfully defrauded investors in connection with transactions in the securities of Safetynet Industries, Inc. ("Safetynet") in violation of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 ("Securities Act") and Sections 10(b) and 15(a) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder.

3. On September 29, 2003, a Final Judgment of Permanent Injunction and Other Relief ("Judgment") was entered against Balboa. The Judgment permanently enjoins Balboa from violating Sections 5(a), 5(c), and 17(a) of the Securities Act and Sections 10(b) and 15(a) of the Exchange Act and Rule 10b-5 thereunder. Balboa consented to the entry of the Judgment without admitting or denying the allegations contained in the Commission's Complaint.

IV.

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

ACCORDINGLY, it is hereby ORDERED:

1. Pursuant to Section 15(b)(6) of the Exchange Act that Respondent Balboa 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/34-48593.htm