COSIMO TACOPINO BARRED FROM ASSOCIATION WITH ANY BROKER-DEALER
On March 26, the Commission instituted and simultaneously settled public
administrative proceedings against Cosimo Tacopino (Tacopino), a
resident of New York. Without admitting or denying the Commission's
findings, Tacopino consented to the Commission's Order. The Order found
that on Feb. 18, 2004, Tacopino was permanently enjoined from violating
Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Section
10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 thereunder,
in the district court action SEC v. Cavanagh, et al., Action Number 98
Civ.1818 (DLC) (S.D.N.Y.). The complaint in the district court action
alleged that Tacopino, and other defendants, artificially inflated the
price of Electro-Optical Systems Corporation (Electro-Optical) common
stock, through, among other things, material misstatements, and sold in
an illegal distribution to unsuspecting investors, at the manipulated
price of $5 per share and above, restricted Electro-Optical common stock
that the defendants had acquired for pennies per share, for total
proceeds conservatively estimated at $10 million. Based on the
injunction entered against him, the Commission ordered that Tacopino be
barred from association with any broker or dealer. (Rel. 34-49484; File
No. 3-11440) |
