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On-Line Yellow Pages Settlement

On-Line Yellow Pages, Inc.

Dennis D'Alessio

Newport Beach , CA


The Commission has accepted an Offer of Settlement from the respondents On-Line Yellow Pages, Inc. (On-Line) and Dennis D'Alessio, President and CEO of On-Line, submitted without admitting or denying the allegations, and by Order, has imposed costs of investigation and sanctions including the following:

the Summary Order to Cease and Desist issued on October 13, 1998 is prospectively rescinded, and the respondents are ordered to permanently cease and desist from violating the 1972 Act; and

On-Line Yellow Pages, Inc. is barred from offering or selling its securities in Pennsylvania for thirty days, and for an additional year, unless it retains counsel knowledgeable in securities laws to make all applicable filings with the Commission.

The respondents violated the 1972 Act by offering for sale unregistered securities, i.e., units in On-Line (Units) to at least one Pennsylvaia resident who had no substantive pre-existing relationship with the respondents, was not an accredited investor and did not have sufficient knowledge and experience in financial matters to be able to evaluate the merits and risks of the investment.

The Units are securities under the 1972 Act which are neither registered with the Commission nor exempt from registration.

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