UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC ADMIN RELEASE 34-59373, IA RELEASE 40-2838, FEBRUARY 10, 2009: THE SECURITIES AND EXCHANGE COMMISSION ("COMMISSION") DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND SECTION 203(F) OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AGAINST STEPHEN J. GLANTZ ("GLANTZ" OR "RESPONDENT"). ON SEPTEMBER 26, 2007, GLANTZ PLED GUILTY TO ONE COUNT OF SECURITIES FRAUD IN VIOLATION OF TITLE 15 UNITED STATES CODE, SECTIONS 78J(B) AND 78FF, AND ONE COUNT OF MAKING FALSE STATEMENTS, TITLE 18 UNITED STATES CODE, SECTION 1001, BEFORE THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO, IN UNITED STATES V. STEPHEN J. GLANTZ, CASE NO. 1:07-CR-464. ON DECEMBER 21, 2007, A JUDGMENT IN THE CRIMINAL CASE WAS ENTERED AGAINST GLANTZ. HE WAS SENTENCED TO A PRISON TERM OF 33 MONTHS FOLLOWED BY THREE YEARS OF SUPERVISED RELEASE AND ORDERED TO MAKE RESTITUTION IN THE AMOUNT OF $110,336.31.

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RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT (THE "OFFER") WHICH 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 HEREIN, EXCEPT AS TO THE COMMISSION'S JURISDICTION OVER HIM AND THE SUBJECT MATTER OF THESE PROCEEDINGS, AND THE FINDINGS WHICH ARE ADMITTED, RESPONDENT CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 AND SECTION 203(F) OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS ("ORDER"). IT IS HEREBY ORDERED: PURSUANT TO SECTION 15(B)(6) OF THE EXCHANGE ACT AND SECTION 203(F) OF THE ADVISERS ACT, THAT RESPONDENT GLANTZ BE, AND HEREBY IS BARRED FROM ASSOCIATION WITH ANY BROKER, DEALER, OR INVESTMENT ADVISER. ANY REAPPLICATION FOR ASSOCIATION BY THE RESPONDENT WILL BE SUBJECT TO THE APPLICABLE LAWS AND REGULATIONS GOVERNING THE REENTRY PROCESS, AND REENTRY MAY BE CONDITIONED UPON A NUMBER OF FACTORS, INCLUDING, BUT NOT LIMITED TO, THE SATISFACTION OF ANY OR ALL OF THE FOLLOWING: (A) ANY DISGORGEMENT ORDERED AGAINST THE RESPONDENT, WHETHER OR NOT THE COMMISSION HAS FULLY OR PARTIALLY WAIVED PAYMENT OF SUCH DISGORGEMENT; (B) ANY ARBITRATION AWARD RELATED TO THE CONDUCT THAT SERVED AS THE BASIS FOR THE COMMISSION ORDER; (C) ANY SELF-REGULATORY ORGANIZATION ARBITRATION AWARD TO A CUSTOMER, WHETHER OR NOT RELATED TO THE CONDUCT THAT SERVED AS THE BASIS FOR THE COMMISSION ORDER; AND (D) ANY RESTITUTION ORDER BY A SELF-REGULATORY ORGANIZATION, WHETHER OR NOT RELATED TO THE CONDUCT THAT SERVED AS THE BASIS FOR THE COMMISSION ORDER.

FINRA

GLANTZ FAILED TO RESPOND TO FINRA REQUEST FOR INFORMATION

LETTER

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All Capacities

5/27/2009

PURUSUANT TO FINRA RULE 9552(H) AND IN ACCORDANCE WITH THE INTENT TO SUSPEND AND NOTICE OF SUSPENSION LETTERS, DATED NOVEMBER 24, 2008, AND DECEMBER 18, 2008 RESPECTIVELY, ON MAY 27, 2009 GLANTZ IS BARRED FROM ASSOCIATING WITH ANY FINRA MEMBER FIRM IN ANY CAPACITY. GLANTZ FAILED TO REQUEST TERMINATION OF HIS SUSPENSION WITHIN SIX MONTHS OF THE DATE OF THE NOTICE OF INTENT TO SUSPEND, THEREFORE PURSUANT TO FINRA RULE 9552(H) HE IS AUTOMATICALLY BARRED FROM ASSOCIATION WITH ANY FINRA MEMBER IN ANY CAPACITY.

SECURITIES FRAUD, MAKING FALSE STATEMENTS

FELONY

SEC ADMIN RELEASE 34-59373, IA RELEASE 40-2838, FEBRUARY 10, 2009: ON SEPTEMBER 26, 2007, GLANTZ PLED GUILTY TO ONE COUNT OF SECURITIES FRAUD IN VIOLATION OF TITLE 15 UNITED STATES CODE, SECTIONS 78J(B) AND 78FF, AND ONE COUNT OF MAKING FALSE STATEMENTS, TITLE 18 UNITED STATES CODE, SECTION 1001. ON DECEMBER 21, 2007, A JUDGMENT IN THE CRIMINAL CASE WAS ENTERED AGAINST GLANTZ. HE WAS SENTENCED TO A PRISON TERM OF 33 MONTHS FOLLOWED BY THREE YEARS OF SUPERVISED RELEASE AND ORDERED TO MAKE RESTITUTION IN THE AMOUNT OF $110,336.31.

CUSTOMERS ALLEGE LOSSES OF $108,470 DUE TO THE RECOMMENDATION OF ALLEGEDLY UNSUITABLE INVESTMENT. CUSTOMERS ALSO SEEK PUNITIVE DAMAGES IN THE AMOUNT OF $350,000.

$108,470.00

$31,000.00

CLAIMANTS' CLAIMS AGAINST RESPONDENT GLANTZ ARE DISMISSED, WITHOUT PREJUDICE CUSTOMERS ALLEGED UNSUITABLE INVESTMENT. THIS INVESTMENT WAS IN FIRM'S RECOMMENDATION OF MESA LIMITED PARTNERSHIP. COWEN (THE BROKER' FRIM) RECOMMENDED THIS SECURITY FOR INVESTORS SEEKING INCOME AND LONG TERM GROWTH, THE OBJECTIVE OF THE CLAIMANTS. BROKER MERELY FOLLOWED HIS FIRM'S RECOMMENDATION, AND NOT ASKED TO SHARE IN THIS AWARD, WHICH WAS A RELATIVELY SMALL COMPARED TO WHAT WAS CLAIMED.