UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 46094 / June 20, 2002

INVESTMENT ADVISERS ACT OF 1940
Release No. 2037 / June 20, 2002

ADMINISTRATIVE PROCEEDING
File No. 3-10806

In the Matter of PETER P. TARANGELO, Respondent.

: : : : : :

ORDER INSTITUTING PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION 203(f) OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS AND IMPOSING REMEDIAL SANCTIONS

I.

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest to institute administrative proceedings pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Respondent Peter P. Tarangelo ("Tarangelo" or "Respondent").

II.

In anticipation of the institution of these proceedings, Tarangelo has submitted an Offer of Settlement ("Offer"), which the Commission has determined to accept. Solely for the purpose of these proceedings 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 Respondent and over the subject matter of these proceedings, and except as to paragraphs III.A. through III.D., below, which are admitted, Tarangelo consents to the entry of this Order Instituting Proceedings Pursuant to Section 15(b) of the Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings and Imposing Remedial Sanctions ("Order").

Accordingly, IT IS ORDERED that proceedings pursuant to Section 15(b) of the Exchange Act and Section 203(f) of the Advisers Act be, and hereby are, instituted.

III.

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

A. During the relevant period, Tarangelo, age 43, of Palm Beach Gardens,

Florida was a registered representative, and from January through March 2001 was associated with a broker-dealer registered with the Commission.

B. During the relevant period, Tarangelo acted as an investment adviser by

engaging in the business of advising others as to the value of securities or as to the advisability of investing in, purchasing, or selling securities while accepting compensation for such advice.

C. On December 21, 2001, Tarangelo was convicted, pursuant to his guilty plea, of one count of bribery of a public official, and sentenced to 28 months in prison and ordered to pay a $10,000 criminal money penalty. U.S. v. Philip A. Trapani et al., Case No. 01-0145-CR-Huck (S.D. Fla.).

D. The indictment underlying the conviction, charged among other things, that from September 2000 to April 2001, Tarangelo bribed an Internal Revenue Service Revenue Officer to accept fraudulent tax returns prepared by Tarangelo to falsely reduce the tax liability of, or generate refunds for, Tarangelo's clients.

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to accept the Offer submitted by Tarangelo, and accordingly,

IT IS ORDERED that Tarangelo be, and hereby is, barred from association with any broker or dealer and any investment adviser.

By the Commission.

Jonathan G. Katz
Secretary

http://www.sec.gov/litigation/admin/34-46094.htm