The Securities and Exchange Commission has issued an order instituting administrative proceedings pursuant to a section of the Securities Exchange Act of 1934, imposing remedial actions against Kraig L. Kibble, the former director of operations for National Clearing Corp., for permitting market timing and late trading.

The Commission's order was based on the entry of final judgment made by Judge Percy Anderson of the U.S. District Court for the Central District of California. Judge Anderson imposed a $50,000 penalty on Kibble, who accepted the entry of final judgment.

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