Evening star. [volume] (Washington, D.C.) 1854-1972, 1962-02-11
Broker Barred
In New York
Operates Here
SEC Says Action
Likely Tomorrow
In Mineo Case
BY MIRIAM GUTENBERG
Star Staff Writer

Star Staff Writer
A New York broker perman-
emily barred from doing such
business in his home State has
opened a Connecticut avenue
office to sell securities here, it
was learned yesterday.
The dealer is Ralph Mineo,
who was under both Federal
and State injunctions in New
York and was convicted last
year when he pleaded guilty to
State securities violations. He
received a suspended sentence.
The Securities and Exchange
Commission was asked yester-
day about Mr.. Mineo's pres
ence here. An SEC spokesman
said the commission learned of
1t only last Thursday and COM
mission action could be expect
ed tomorrow.
The Stars Investors Be-
ware" series last week pointed
out that brokers were moving
into Washington from States
which have recently frightened
their securities laws or in
creased their enforcement.
Protection Lacking
In Washington, the series
brought out, investors lack the
protection of local laws and To-
cal enforcement. AS a result,
both the SEC and the National
Association of Securities Deal
ers are hard-pressed to keep up
with the influx of out-of State
promoters.
Mr.. Mineo, as far as it could !
be learned, opened for bust
ness here only a few weeks
ago. He has operated under
the name of Kent Securities,
Inc. A spokesman for the Ma
tional Association of Securities
Dealers said he had received
some inquiries from customers
in the past two weeks asking
about Kent Securities and the
stocks 1t was selling.
Kent Securities is listed in
the lobby directory at 1923 Con-
necticut avenue. The firm &C.
cupies a small office on the
fifth floor of the building, with /
no name on the door.
Mr.. Mineo still is registered |
as a securities dealer, despite |
the injunctions and convic-
tons. An SEC spokesman said
Mr.. Mineo had not shown a
change of address from New
York or a change of business
name as required by SEC rules.
SEC Response
The SEC made this state
ment in response to The Stars
inquiry:
THE commission learned
only Thursday that Ralph
Mineo is now conducting a
securities business in Wash
ington under the name of
Kent Securities Co.
HE registered with the COM
mission in November, 1859,
with an office at SO Wall street
in New York. On SEC COM
plant in October, 1860, Mineo
was enjoined from further vio-
lations of the net capital and
anti-fraud provisions of the
Securities and Exchange Act.
(The net capital rule provides
that a broker cannot owe more
than 20 times his net capital.)
He consented to the entry
Of the court decree and in
formation thereafter available
to the commission indicated
that he had ceased doing
business.
His activities were further
circumscribed by subsequent
action Of the New York au-
thorities. Thus, there was no
apparent urgency for the COM
mission to take further action
although such a court decree
is a statutory basis for broker
dealer revocation if the COM
mission finds such action nee
essary in the public interest.
Upon learning, however,
that Mineo had commenced
operations in Washington, the
matter was presented to the
commission Friday and some
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