Finality Order of an Initial Decision of an SEC Administrative Law Judge

In the Matter of
Steven J. Erlsten

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

SECURITIES ACT OF 1933
Rel. No. 8162 / December 12, 2002

SECURITIES EXCHANGE ACT OF 1934
Rel. No. 46989 / December 12, 2002

Admin. Proc. File No. 3-10033

In the Matter of STEVEN J. ERLSTEN

: : : :

NOTICE THAT INITIAL DECISION HAS BECOME FINAL

The time for filing for review of the initial decision in this proceeding has expired. No such petition has been filed, and the Commission has not chosen to review the decision on its own initiative.

Accordingly, notice is hereby given, pursuant of Rule 360(e) of the Commission's Rules of Practice, that the initial decision of the administrative law judge * has become the final decision of the Commission with respect to Steven J. Erlsten. The order contained in the decision is hereby declared effective. That order barred Steven J. Erlsten from association with a broker or dealer or with a member of a national securities exchange or a registered securities association and ordered him to cease and desist from committing or causing violations or future violations of Sections 17(a) of the Securities Act of 1933, Section 10(b) of the SecuritiesExchange Act of 1934, and Exchange Act Rule 10b-5.

For the Commission by the Office of the General Counsel, pursuant to delegated authority.

Secretary

_______________________________

*

Steven J. Erhlsten, William H. Clark, Derek L. Dubois, and Arron Finkelstein, Initial Decision Rel. No. 217 (Nov. 8, 2002), ___SEC Docket___. The Commission has accepted offers of settlement from Clark and Finkelstein. Securities Act Release No. 7847 (Apr. 7, 2000), 72 SEC Docket 420, Securities Act Release No. 7848 (Apr. 7, 2000), 72 SEC Docket 424, respectively. Dubois filed a petition for review, and the proceeding is continuing as to him.