5.29.2009 In the Matter of Maria T. Giesige, Admin. Proc. File No. 3-12747, the SEC denied Respondent’s appeal based on alleged inability to pay and held that it was in the public interest to bar Respondent from association with any broker, dealer or investment adviser, to require the payment of disgorgement, and to impose a third-tier civil penalty. Respondent, a former associated person of a registered broker-dealer and former investment adviser, allegedly committed fraud in connection with the offer and sale of securities, sold unregistered securities where no exemption from registration existed, and acted as an unregistered broker-dealer by selling securities outside the scope of her relationship with the registered broker-dealer. Among other things, the SEC held that Respondent’s conduct involved fraudulent misstatements and omissions, some of which were knowing while others were extremely reckless. The Commission held that the egregiousness of Respondent’s conduct outweighs any inability she may have to pay the amount.
Click http://www.sec.gov/litigation/opinions/2009/34-60000.pdf to access the SEC’s Opinion and Order.