[Federal Register Volume 68, Number 105 (Monday, June 2, 2003)]
[Notices]
[Pages 32781-32782]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-13935]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act 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 
June 2, 2003: Closed Meetings will be held on Tuesday, June 3, 2003 at 
2 p.m., June 4, 2003 at 11 a.m., and on Thursday, June 5, 2003 at 10 
a.m., and an Open Meeting will be held on Wednesday, June 4, 2003 at 10 
a.m., in Room 1C30, the William O. Douglas Room.
    Commissioner Glassman, 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) (4), (5), (7), (8), (9)(B) and (10) and 17 CFR 
200.402(a) (4), (5), (7), (8), (9)(ii) and (10), permit consideration 
of the scheduled matters at the Closed Meetings.
    The subject matter of the Closed Meeting scheduled for Tuesday, 
June 3, 2003 will be: Institution and settlement of administrative 
proceedings of an enforcement nature; Institution and settlement of 
injunctive actions; and Formal orders of investigation.
    The subject matter of the Open Meeting scheduled for Wednesday, 
June 4, 2003 will be:
    The Commission will hear oral argument on an appeal by Feeley & 
Willcox Asset Management Corp. (``FWAM'') and Michael J. Feeley from 
the decision of an administrative law judge. During the period covered 
by this Commission proceeding, Feeley was an associated person of FWAM, 
a registered investment adviser. The Commission subsequently cancelled 
FWAM's registration independently of this matter.
    FWAM & Feeley have appealed the law judge's findings that (1) FWAM 
and Feeley engaged in fraud in the sale of securities to public 
customers, in violation of Section 17(a) of the Securities Act of 1933, 
Section 10(b) of the Securities Exchange Act of 1934, and Exchange Act 
Rule 10b-5 promulgated thereunder, and (2) FWAM committed fraud in the 
sales of securities to investment advisory clients and violated its 
fiduciary duty to these clients by failing to disclose conflicts of 
interest, in violation of Sections 206(1) and 206(2) of the Investment 
Advisers Act of 1940, and Feeley aided and abetted and was a cause of 
those violations. Based on these findings of violation, and additional 
violations that respondents have not appealed, the law judge barred 
Feeley from association with a broker or dealer or investment adviser 
with a right to reapply after two years in a non-supervisory, non-

[[Page 32782]]

proprietary capacity; ordered Feeley to cease and desist from 
committing or causing any violations or any future violations of the 
antifraud provisions of the Securities Act and the Exchange Act; 
ordered Feeley to cease and desist from aiding and abetting and causing 
any violations or any future violations of the antifraud provisions or 
specified reporting and recordkeeping provisions of the Advisers Act; 
ordered FWAM and Feeley jointly and severally to disgorge $95,000 plus 
prejudgment interest; and ordered FWAM and Feeley to pay civil money 
penalties of $150,000 and $15,000 respectively.
    Among the issues likely to be argued are:
    1. Whether respondents committed the alleged violations; and
    2. If respondents committed violations, whether sanctions should be 
imposed in the public interest.
    The subject matter of the Closed Meeting scheduled for Wednesday, 
June 4, 2003 will be: post-argument Discussion.
    The subject matter of the Closed Meeting scheduled for Thursday, 
June 5, 2003 will be: institution of administrative proceedings of an 
enforcement nature; and institution and settlement of injunctive 
actions.
    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: May 29, 2003.
Jonathan G. Katz,
Secretary.
[FR Doc. 03-13935 Filed 5-29-03; 3:48 pm]
BILLING CODE 8010-01-P