For example, on or about February 6 and 7, 1996, Langley and Larder, directly or indirectly transferred, or caused to be transferred, a total of 2,700 shares of POLU stock to a broker-dealer which was undisclosed compensation for previous purchases of 8,000 shares of POLU at approximately $2.125 to $2.375 per share by the broker-dealer. During the period from at least in or about January 1996 through February 1996, Langley and Larder offered to pay, and did pay, undisclosed compensation to person(s) whom they believed to be registered representative(s) or registered principal(s), to induce such registered representatives, registered principals or persons to purchase the common stock of POLU for the accounts of customers. The company's securities are penny stocks and are quoted on the Over-the-Counter Bulletin Board under the symbol POLU pursuant to Rule 15c2-11 of the Exchange Act.ĭ. The company purports to be an environmental improvement and restoration business. At the time of the conduct in question Larder was not, and currently is not, associated with a registered broker-dealer.Ĭ. Gerald Larder ("Larder"), at the time of the conduct in question was a resident of Colorado. At the time of the conduct in question Langley was not, and currently is not, associated with a registered broker-dealer.ī. ("Langley"), at the time of the conduct in question was a resident of California. On the basis of this Order Making Findings, Imposing Remedial Sanctions, and Imposing a Cease-and-Desist Order ("Order") and the Offers submitted by Langley and Larder, the Commission makes the following findings 1:Ī. Solely for the purpose of this proceeding 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 jurisdiction which is admitted, Langley and Larder consent to the entry of the findings and orders set forth below. ("Langley") and Gerald Larder ("Larder") have submitted a Offers of Settlement ("Offers") to the Securities and Exchange Commission ("Commission"), which the Commission has determined to accept.
In connection with a public administrative proceeding instituted against them on October 10, 1996, pursuant to Section 8A of the Securities Act of 1933 ("Securities Act") and Sections 15(b) and 21C of the Securities Exchange Act of 1934 ("Exchange Act"), Richard Langley, Jr.
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