Atlantic Capital Corporation, Wall Street Marketing, Inc., Pullman Publications, Inc., Stephen Decesare, Mark Missler, Patrick Kephart, Howard Jenkins, Scott Mijares, Robert Thomas Beatty, Vincent St. Clair Beatty, Michael Cardascia, David Scott Rossman, Adrian Wilson, Timothy B. Daley, and David M. Connochie

Litigation Release No. 15727 / April 29, 1998

Securities and Exchange Commission v. Atlantic Capital Corporation, Wall Street Marketing, Inc., Pullman Publications, Inc., Stephen DeCesare, Mark Missler, Patrick Kephart, Howard Jenkins, Scott Mijares, Robert Thomas Beatty, Vincent St. Clair Beatty, Michael Cardascia, David Scott Rossman, Adrian Wilson, Timothy B. Daley, and David M. Connochie (M.D. Fla.) No. 96-1043-CIV-ORL-19A

The Commission announced today that a stockbroker, previously charged with receiving kickbacks in exchange for selling certain securities to his clients, has settled the charges against him. On September 27, 1996, the Commission filed a Complaint in U.S. District Court for the Middle District of Florida alleging that a group of stock promoters engaged in an 18-month fraudulent scheme in which they paid $477,580 in kickbacks to seven stockbrokers to induce them to retail certain securities to their customers. The Complaint further alleges that the stockbrokers defrauded their customers by failing to disclose to the customers that they were receiving these kickbacks.

The settling stock broker is David W. Connochie ("Connochie"), age 43, of Tampa, Florida. During the period Connochie was alleged to have received the illegal payments, he was employed by Schneider Securities, Inc. (February through May 1992); Mayfair Securities Limited (May through August 1992); and Paragon Capital Corporation (August 1992 through January 1994), all broker-dealers registered with the Commission.

Connochie consented, without admitting or denying the allegations in the Complaint, to the issuance of a Final Judgment by Judge Patricia C. Fawsett of the United States District Court for the Middle District of Florida enjoining him from future violations of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 -- the "antifraud" provisions of the federal securities laws. Connochie also consented to disgorge $25,920 in illegal profits he received from the alleged kickback scheme, plus $12,775.16 in prejudgment interest and to pay a penalty of $25,920. In addition, Caonnochie consented to the issuance of an Order by the Commission permanently barring him from association with any broker-dealer, investment company, investment adviser or municipal securities.

The Commission's litigation remains pending against two brokers and one stock promoter.

For further information See Litigation Release No. 15082, September 27, 1996, Litigation Release No. 15428, August 4, 1997, Litigation Release No. 15532, October 10, 1997; Litigation Release No. 15626, January 28, 1998; and Litigation Release No. 15714, April 21, 1998.