Jean M. Yawn

SECURITIES EXCHANGE ACT OF 1934

Release No. 39961 / May 6, 1998

ADMINISTRATIVE PROCEEDING

File No. 3-9600

I

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be instituted pursuant to Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act") against Respondent Jean M. Yawn ("Yawn" or "Respondent").

II

In anticipation of the institution of these proceedings, Yawn has submitted an Offer of Settlement ("Offer") for the purpose of resolving these proceedings, which Offer the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission or to which the Commission is a party, and without admitting or denying the findings contained herein, except as to the jurisdiction set forth in paragraph III.A. below, and except as to the entry of the conviction set forth in paragraph III.D. below, which are admitted, Respondent, by her Offer, consents to the entry of the findings and remedial sanctions set forth below.

Accordingly, it is ordered that proceedings pursuant to Sections 15(b) and 19(h) of the Exchange Act be, and hereby are, instituted.

III

On the basis of this Order and Respondent's Offer, the Commission finds ¹ that:

A. From May 1986 until February 1998, Yawn was associated as a registered representative with various broker-dealers located in Boynton Beach and Fort Lauderdale, Florida.

B. From December 1994 to August 1996, while associated as a registered representative with a registered broker-dealer, Yawn misappropriated $306,500 from the estate account of a deceased client and deposited those funds into her personal account for her own use.

C. On July 7, 1997, Yawn pled guilty to one count of grand theft in the first degree.

D. On December 17, 1997, Yawn was convicted and sentenced to 21 months in prison. State of Florida vs. Jean M. Yawn, Case No. 96-20199 CF (Dec. 1997).

IV

In view of the foregoing, the Commission deems it appropriate in the public interest to accept the Offer submitted by Yawn and impose the sanctions specified therein.

ACCORDINGLY, IT IS ORDERED that Yawn is hereby barred from association with any broker, dealer, municipal securities dealer, investment adviser, or investment company.

CERTIFICATE OF SERVICE

Rule 141 of the Commission's Rules of Practice provides that the Secretary, or other duly authorized officer of the Commission, shall serve a copy of the order instituting proceedings on each person named in the order as a party. The Secretary may direct an interested division to assist in making service.

The attached Order Instituting Administrative Proceedings Pursuant To Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 has been served on the following parties and other persons entitled to notice:

Chief Administrative Law Judge Brenda Murray
Office of Administrative Law Judges
Stop 11-6
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549

Laurie E. Stewart
Branch of Regional Office Assistance
Stop 8-9
Division of Enforcement
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Trisha D. Sindler
Jessica L. Kole
Southeast Regional Office
Securities and Exchange Commission
1401 Brickell Avenue, Suite 200
Miami, Florida 33131

Jean M. Yawn
DC# L13882
Gadsden Correctional Institution
P.O. Box 390
Quincy, Florida 32353

SUMMARY FOR NEWS DIGEST

ADMINISTRATIVE PROCEEDINGS ENTERED AGAINST JEAN M. YAWN

The Commission has entered an Order Instituting Administrative Proceedings pursuant to

Sections 15(b) and 19(h) of the Securities Exchange Act of 1934, Making Findings and Imposing

Remedial Sanctions (Order) against Jean M. Yawn, formerly of Fort Lauderdale, Florida. The

Commission simultaneously accepted Yawn's Offer of Settlement, in which she agreed to be

permanently barred from association with any broker, dealer, municipal securities dealer,

investment adviser, or investment company, while neither admitting nor denying the allegations in

the proceeding. The Order alleges that from at least December 1994 to August 1996, Yawn

misappropriated $306,500 from the estate account of a deceased client and deposited the funds

into her own personal account for her own use. On July 7, 1997, Yawn pled guilty to one count

of grand theft in the first degree. On December 17, 1997, Yawn was convicted and sentenced to

21 months in prison. State of Florida v. Jean M. Yawn, Case No. 96-20199 CF (Dec. 1997).

Contact person: Jessica L. Kole Phone: 305-982-6384

Footnotes