[Federal Register Volume 66, Number 142 (Tuesday, July 24, 2001)]
[Notices]
[Pages 38444-38445]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 01-18474]
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SECURITIES AND EXCHANGE COMMISSION
Agency Meetings
Notice is hereby given, pursuant to the provisions of the
Government in the Sunshine Act, Pub. L. 94-409, that the Securities and
Exchange Commission will hold the following meetings during the week of
July 23, 2001.
Closed meetings will be held on Monday, July 23, 2001, at 3:00
p.m., Wednesday, July 25, 2001 at 11:00 a.m., and Thursday, July 26,
2001, at 3:00 p.m., and an open meeting will be held on Thursday, July
26, 2001, in Room 1C30, the William O. Douglas Room, at 2:00 p.m.
Commissioner Hunt, as duty officer, determined that no earlier
notice thereof was possible.
Commissioners, Counsel to the Commissioners, the Secretary to the
Commission, and recording secretaries will attend the closed meetings.
Certain staff members who have an interest in the matters may also be
present.
The General Counsel of the Commission, or his designee, has
certified that, in his opinion, one or more of the exemptions set forth
in 5 U.S.C. 552b(c)(5), (7), (9)(A), 9(B), and (10) and 17 CFR
200.402(a)(5), (7), (9)(i), 9(ii) and (10), permit consideration of the
scheduled matters at the closed meetings.
The subject matter of the closed meeting scheduled for Monday, July
23, 2001, will be:
Institution and settlement of injunctive actions; and
Institution and settlement of administrative proceedings of an
enforcement nature.
The subject matter of the closed meeting scheduled for Wednesday,
July 25, 2001, will be:
Institution and settlement of injunctive actions; and
Institution and settlement of administrative proceedings of an
enforcement nature.
The subject matter of the open meeting scheduled for Thursday, July
26, 2001, will be:
The Commission will hear oral argument on an appeal by IMS/CPAs &
Associates (``IMS''), a registered investment adviser, as well as
Vernon T. Hall, Stanley E. Hargrave, and Jerome B. Vernazza, control
persons of IMS.
The law judge found that IMS willfully violated the antifraud and
reporting provisions of the federal securities laws by making material
misrepresentations, and related omissions, to clients in connection
with recommending investments in which IMS had a financial interest.
The law judge suspended IMS's and Vernazza's investment adviser
registrations for six months, suspended Hall, Hargrave, and Vernazza
from being associated with an investment adviser for six months,
ordered them to cease and desist from future similar violations, and
order them to disgorge $75,032.78 (minus the amount Vernazza previously
refunded to clients) plus interest from August 1, 1996.
Among the issues likely to be argued are:
(1) Whether IMS materially misled customers to whom they were
recommending investments in PPF funds regarding Respondents'
arrangement with World and PPF funds, in violation of the securities
laws; and
(2) Whether the sanctions imposed by the law judge are appropriate.
For further information, contact Joan McCarthy at (202) 942-0950.
[[Page 38445]]
The subject matter of the closed meeting scheduled for Thursday,
July 26, 2001, will be:
Post argument discussion.
At times, changes in Commission priorities require alterations in
the scheduling of meeting items. For further information and to
ascertain what, if any, matters have been added, deleted or postponed,
please contact: the Office of the Secretary at (202) 942-7070.
Dated: July 19, 2001.
Jonathan G. Katz,
Secretary.
[FR Doc. 01-18474 Filed 7-20-01; 11:40 am]
BILLING CODE 8010-01-M