No. 178, Docket 89-6079. Submitted November 24, 1989. Decided December 15, 1989. Paul Gonson, Sol., S.E.C., Washington, D.C., Daniel L. Goelzer, Gen. Counsel, Richard M. Humes, Asst. Gen. Counsel, and John J. Nicholas, Atty., submitted a brief for appellee S.E.C. Richard Chamberlin, Belleview, Fla., and William A. Calvo, III, Henderson, N.C., submitted briefs for appellant William A. Calvo, III. Before OAKES, Chief Judge, and TIMBERS and CARDAMONE, Circuit Judges. PER CURIAM: Appellant William A