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IN THE MATTER OF
STEIN, BOTWINICK & COMPANY, INC.
File No. 8-4650.
Promulgated July 8, 1957
(Securities Exchange Act of 1934—Sections 15(b) and 15A (b) (4))
Grounds for Revocation-Injunction
Withdrawal of Registration Where registered broker-dealer corporation is permanently enjoined by state court from engaging in securities business based on doing business while insolvent and making false statements in the purchase and sale of securities, held, under all the circumstances it is in the public interest to revoke brokerdealer registration and to deny request for withdrawal from registration.
John J. Prendergast, of the New York Regional Office of the Commission, for the Division of Trading and Exchanges.
Leonard Stein, vice-president of Stein, Botwinick & Company, Inc., for respondent and pro se.
FINDINGS AND OPINION OF THE COMMISSION
These proceedings involve issues whether, pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Act"), the registration as a broker and dealer of Stein, Botwinick & Company, Inc. ("registrant") should be revoked, and whether, under Section 15A (b)(4) of the Act, Benjamin Botwinick and Leonard Stein, president and vice-president, respectively, of registrant, are each a cause of an order of revocation if entered.
The order for proceedings alleges that registrant, Botwinick and Stein are permanently enjoined from engaging in certain conduct and practices in connection with the purchase and sale of securities.
1 Section 15(b) of the Act, as here pertinent, provides that we may revoke the registration of a broker or dealer if we find it is in the public interest and that such broker or dealer or any officer, director or controlling or controlled person of such broker or dealer, is enjoined by any court of competent jurisdiction from engaging in any conduct or practice in connection with the purchase or sale of securities.
Under Section 15A (b) (4) of the Act, no broker or dealer may be admitted to or continued in membership in a national securities association If such broker or dealer or any officer, director, or controlling or controlled person of such broker or dealer, was a cause of any order of revocation which is in effect. 38 S.E.C.-34- -5542