[Federal Register Volume 66, Number 142 (Tuesday, July 24, 2001)]
[Notices]
[Pages 38444-38445]
From the Federal Register Online via the Government Publishing 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