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According to an administrative order filed by the Securities and Exchange Commission, Stephen J. Horning, president of the failed Rocky Mountain Securities and Investments Inc. failed to take steps to avoid the financial collapse of the investment firm in February 2003.

An administrative-law judge will hold a hearing to determine if the allegations are true. Horning, of Aurora, could face sanctions including being barred from the investment profession and a fine of more than $100,000.

Read the full securities fraud article.

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