TITLE

SEC Sanctions McClendon, Counts

AUTHOR(S)
Hume, Lynn
PUB. DATE
June 2003
SOURCE
Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The U.S. Securities and Exchange Commission (SEC) yesterday barred Raymond J. McClendon, a former principal of Pryor, McClendon, Counts & Co. Inc., from the securities industry and ordered Allen W. Counts, another former principal of the firm, to pay a $25,000 civil penalty, in a settlement of a 10-year-old municipal bond enforcement case. The SEC issued cease and desist orders against the two former principals of the firm and Theresa A. Stanford, a former investment officer for Atlanta, Georgia to prevent them from engaging in further violations of the securities laws and rules. The settlements close a case in which the SEC alleged that McClendon, through Stanford, defrauded Atlanta through an investment scheme and that McClendon and Counts violated the Municipal Securities Rulemaking Board's Rule G-37 by making secret campaign contributions to candidates in Atlanta and New York City and then underwrote bonds for the cities. McClendon and Stanford were convicted on charges in a related criminal case in August 2000 and are currently serving lengthy prison sentences.
ACCESSION #
10170993

 

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