UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

SECURITIES ACT OF 1933
Rel. No. 8429 / June 10, 2004

ADMINISTRATIVE PROCEEDING
File No. 3-11310

NOTICE THAT INITIAL DECISION HAS BECOME FINAL

The time for filing a petition for review of the initial decision in this proceeding has expired. No such petition has been filed, and the Commission has not chosen to review the decision on its own initiative.

Accordingly, notice is hereby given, pursuant to Rule 360(e) of the Commission's Rules of Practice, that the initial decision of the administrative law judge*/ has become the final decision of the Commission with respect to Lorsin, Inc., Loretta M. Lockhart, Craig K. Hjalmarson, Russell Management, Inc., George R. Siembida, and Harold Engel, Jr. The order contained in that decision is hereby declared effective. That order (a) ordered Lorsin, Inc., Loretta M. Lockhart, Craig K. Hjalmarson, Russell Management, Inc., George R. Siembida, and Harold Engel, Jr. to cease and desist from committing or causing any violation or future violations of Sections 5(a) and 5(c) of the Securities Act of 1933; (b) ordered Lorsin, Inc., Loretta M. Lockhart, and Craig K. Hjalmarson to disgorge jointly and severally $1,920, plus prejudgment interest at the rate established under Section 6621(a)(2) of the Internal Revenue Code, 26 U.S.C. § 6621(a)(2), compounded quarterly, pursuant to 17 C.F.R. § 201.600, such interest to be due from June 1, 2002, through the last day of the month preceding which payment is made; (c) ordered Russell Management, Inc. and George R. Siembida to disgorge jointly and severally $3,390.40, plus prejudgment interest at the rate established under Section 6621(a)(2) of the Internal Revenue Code, 26 U.S.C. § 6621(a)(2), compounded quarterly, pursuant to 17 C.F.R. § 201.600, such interest to be due from April 1, 2002, through the last day of the month preceding which payment is made; and (d) ordered Harold Engel, Jr. to disgorge $8,167.50, plus prejudgment interest at the rate established under Section 6621(a)(2) of the Internal Revenue Code, 26 U.S.C. § 6621(a)(2), compounded quarterly, pursuant to 17 C.F.R. § 201.600, such interest to be due from December 1, 2002, through the last day of the month preceding which payment is made.

Payment of the disgorgement shall be made to the United States Treasury within 30 days from the date of this notice. The disgorgement payment shall be: (a) made by certified check, U.S. Postal money order, bank cashier's check, or bank money order; (b) made payable to the Securities and Exchange Commission; (c) mailed or delivered to the Office of Financial Management, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Stop 0-3, Alexandria, Virginia; and (d) submitted under cover letter that identifies the names of the respondents in this proceeding, as well as the Commission's case number. A copy of the letter and the instrument of payment shall be sent to counsel for the Division of Enforcement, Susan F. .LaMarca, Securities and Exchange Commission, 44 Montgomery Street, Suite 1100, San Francisco, CA 94104-4691

For the Commission by the Office of the General Counsel, pursuant to delegated authority.

*/ Lorsin, Inc., Initial Decision Rel. No. 250 (May 11, 2004), __ SEC Docket

http://www.sec.gov/litigation/aljdec/33-8429.htm