From today's SEC Digest:
ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST RAFI KHAN
On May 31, 2000, the Commission instituted and simultaneously settled a public administrative proceeding against Rafi M. Khan, who was formerly associated with Reynolds Kendrick Stratton, Inc. and Shamrock Partners, Ltd. To settle this proceeding, Khan, without admitting or denying the Commission's findings, consented to the entry of an Order barring him from associating with any broker or dealer with the right to reapply for association after five years.
The Commission's Order finds that on April 17, 2000, Khan was permanently enjoined from future violations of Section 17(a) of the Securities Act 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder (SEC v. Rafi M. Khan and Timothy J. Tyrrell, Civil Action No. 98-6143 MMM, SHx, C.D. Cal.). The Commission's complaint alleges that Khan orchestrated the manipulation of the stocks of two companies through a variety of manipulative
practices including acquiring substantial control of the market for each stock, executing unauthorized trades, touting exaggerated earnings projections, and promoting a "short squeeze" scheme. (Rel. 34-42867; File No. 3-10212)
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