Theodore Ursu III, CPA

SECURITIES EXCHANGE ACT OF 1934
Release No. 43249 / September 6, 2000

ACCOUNTING AND AUDITING ENFORCEMENT
Release No. 1298 / September 6, 2000

ADMINISTRATIVE PROCEEDING
File No. 10279

I.

The Securities and Exchange Commission (Commission) deems it appropriate that public administrative proceedings be instituted pursuant to Rule 102(e)(2) of the Commission's Rules of Practice [17 C.F.R. §201.102(e)(2)] against Theodore Ursu III (Ursu). In anticipation of these administrative proceedings, Ursu has submitted an Offer of Settlement (Offer) which the Commission has determined to accept. Solely for the purpose of this proceeding and any other proceeding brought by or on behalf of the Commission or to which the Commission is a party, and without admitting or denying the findings contained in the Commission's Order except for findings contained in Paragraphs III.A and III.B below, which are admitted, Ursu hereby consents to the entry of this Order Instituting Public Administrative Proceedings Pursuant to Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions.

II.

Accordingly, IT IS ORDERED that public administrative proceedings pursuant to Rule 102(e) of the Commission's Rules of Practice be, and hereby are, instituted.

III.

On the basis of this Order and the Offer submitted by Ursu, the Commission finds that:

A. Ursu, age 46, is a certified public accountant.

B. On October 22, 1998, Ursu was convicted, pursuant to his guilty plea, of one count of violating 18 U.S.C. §1001, a felony, in United States of America v. Theodore Ursu III, No. 98 CR 265 (N.D. Ohio). Ursu was sentenced to four months of home confinement, followed by two years of probation, and was ordered to pay restitution in the amount of $56,469.

C. The criminal information charges that in August and September, 1995, Ursu, the senior financial officer of ABS Industries, Inc. (ABS), was responsible for preparing the financial figures to be contained in ABS' Form 10-Q for the third quarter of the 1995 fiscal year. The information further alleges that in reckless disregard for the truth of these financial figures and the resulting Form 10-Q, Ursu caused the third quarter sales of ABS to be increased by a substantial amount, thereby creating a materially false impression of the corporation's financial health in violation of 18 U.S.C. §1001.

IV.

Based on the foregoing, the Commission finds that Ursu has been convicted of a felony within the meaning of Rule 102(e) of the Commission's Rules of Practice.¹

Accordingly, IT IS HEREBY ORDERED that Theodore Ursu III be, and hereby is, permanently suspended from appearing or practicing before the Commission.

By the Commission.

Jonathan G. Katz
Secretary

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