[Federal Register Volume 68, Number 142 (Thursday, July 24, 2003)]
[Notices]
[Page 43777]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-19048]


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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, Public Law 94-409, that the 
Securities and Exchange Commission will hold the following meetings 
during the week of July 28, 2003:

    Closed Meetings will be held on Tuesday, July 29, 2003 at 2 p.m. 
and Thursday, July 31, 2003 at 3:30 p.m., and an Open Meeting will 
be held on Thursday, July 31, 2003 at 2 p.m.

    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)(3), (5), (7), (9)(B) and (10) and 17 CFR 
200.402(a)(3), (5), (7), (9)(ii) and (10), permit consideration of the 
scheduled matters at the Closed Meetings.
    The subject matter of the Closed Meeting scheduled for Tuesday, 
July 29, 2003 will be:

Institution and settlement of administrative proceedings of an 
enforcement nature;
Institution and settlement of injunctive actions;
Formal orders of investigation; and
Adjudicatory matter.

    The subject matter of the Open Meeting scheduled for Thursday, July 
31, 2003 will be:
    The Commission will hear oral argument on an appeal by Piper 
Capital Management, Inc. (``PCM''), formerly a registered investment 
adviser, Marijo A. Goldstein, Robert H. Nelson, Amy K. Johnson, Molly 
J. Destro (collectively, the ``Respondents''), and the Division of 
Enforcement from the decision of an administrative law judge.
    The law judge found that PCM and Goldstein violated Section 17(a) 
of the Securities Act of 1933, Section 10(b) of the Securities Exchange 
Act of 1934, Exchange Act Rule 10b-5, and Section 34(b) of the 
Investment Company Act of 1940 by making in various disclosure 
documents misrepresentations or omissions of material fact relating to 
the risks associated with an investment in a mutual fund PCM managed. 
PCM also caused that fund's violations of IC Act Section 13(a)(3) by 
aiding and abetting the material deviation from the fund's stated 
investment objective without shareholder consent. However, the law 
judge found that the Division failed to establish that PCM or Goldstein 
violated Securities Act Section 17(a) for failure to calculate the 
fund's net asset value on a daily basis, as required by the IC Act.
    The law judge found that the Respondents violated Securities Act 
Section 17(a), Exchange Act Section 10(b), Exchange Act Rule 10b-5, and 
IC Act Section 34(b), and willfully aided and abetted and were causes 
of violations of IC Act Rule 22c-1, IC Act 31(a), and IC Act Rule 31a-
1, by manipulating the fund's net asset value on April 4, 5, and 6, 
1994.
    The law judge censured Respondents and ordered each of them to 
cease and desist from violating or causing violations of the federal 
securities laws. Additionally, the law judge revoked PCM's registration 
as an investment adviser and assessed civil money penalties against it 
totaling $2,005,000.
    Among the issues likely to be argued are:
    1. Whether Respondents committed, aided and abetted, or were causes 
of the alleged violations; and
    2. If so, whether sanctions should be imposed in the public 
interest.
    For further information, please contact the Office of the Secretary 
at (202) 942-7070.
    The subject matter of the Closed Meeting scheduled for Thursday, 
July 31, 2003 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 22, 2003.
Jonathan G. Katz,
Secretary.
[FR Doc. 03-19048 Filed 7-22-03; 3:52 pm]
BILLING CODE 8010-01-P