FOR IMMEDIATE RELEASE
May 19 2005
Contact: Stacie Temple; David Cosgrove, (573) 526-5076; (573) 751-4704

Carnahan Enters into Consent Order with St. Louis Man



The order stems from allegations that Schneider violated a number of securities laws including: churning or excessive trading in a client's account; unsuitable investment recommendations by failing to disclose the risks of engaging in an options strategy, involving the use of margin; and incorrectly marking order tickets.

Schneider neither admitted nor denied any allegations that he engaged in any dishonest or unethical business practices, but will pay $10,000 to the Missouri Secretary of State's Investor Education and Protection Fund.

"Educating and protecting the hard earned savings of Missouri investors are our top priorities," stated Carnahan.

In accordance with the consent order, Schneider agreed to supervision requirements designed to protect Missouri investors.

Purchasing securities on margin involves borrowing money from the broker-dealer, in which an investor's stock is used as collateral. Margin trading can involve losses to the investor if the stock declines in value, and the investor is then unable to repay the loan.

Order tickets are the forms completed by brokerage firm representatives which include all of the relevant information about the order. Orders can be solicited, which involves a recommendation by the broker-dealer representative, or unsolicited, which involves an order placed directly by the investor.

Incorrectly marking order tickets can make it appear that an investor placed an order without the recommendation of their brokerage firm representative when, in fact, the representative was involved in the recommendation.

"The Securities Division is dedicated to locating, penalizing and monitoring those individuals and companies that do not have the best interest of Missouri investors in mind," stated Commissioner Cosgrove.

For more information regarding investments and fraud protection, visit the Secretary of State's web site at www.sos.mo.gov/securities.