DECISIONS AND REPORTS

OF THE

SECURITIES AND EXCHANGE COMMISSION

[No. 600]

IN THE MATTER OF

MILLARD H. BARD

File No. 8-1. Promulgated November 1, 1938

BROKER-DEALER REGISTRATION.

Suspension.

Lack of Personal Service.

Where a broker-dealer has been permanently enjoined from engaging in the securities business by a state, and where he has failed to apprise the Commission of this fact or of his change in address, held that his registration should be suspended even without personal service of notice of the proceeding, in order to protect the public interest.

MEMORANDUM OPINION AND ORDER

This is a proceeding pursuant to Section 15 (b) of the Securities Exchange Act of 1934, as amended, to determine whether the registration of Millard H. Bard as a broker and dealer, effective January 1, 1936, should be revoked or suspended.

On July 6, 1938, at a hearing held pursuant to the Commission's order of May 24, 1938, at New York, N. Y., the registrant failed to appear personally or by counsel. Notice of the hearing had been sent to the registrant at two business addresses and his residence by registered mail on June 25, 1938, but had not actually been received by him because of his removal from those addresses. The trial examiner filed an advisory report in which he found that the registrant on December 3, 1937, had been permanently enjoined from engaging in the securities business in the State of New York and that the registrant had failed to apprise the Commission either that he had removed his office and residence from the places named in the application for registration or of the injunction mentioned