UNITED STATES OF AMERICA

before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES ACT OF 1933

Release No. 11199 / June 2, 2023 

SECURITIES EXCHANGE ACT OF 1934

Release No. 97641 / June 2, 2023 

INVESTMENT ADVISERS ACT OF 1940 

Release No. 6324 / June 2, 2023 

INVESTMENT COMPANY ACT OF 1940

Release No. 34934 / June 2, 2023 

ACCOUNTING AND AUDITING ENFORCEMENT 

Release No. 4414 / June 2, 2023 

In re

Pending Administrative Proceedings 

ORDER VACATING CERTAIN ASSOCIATIONAL BARS

In 2017, in Bartko v. SEC, the United States Court of Appeals for the District of 

Columbia Circuit held that it was “impermissibly retroactive” to impose a collateral bar based on 

conduct that pre-dated the effective date of the Dodd-Frank Wall Street Reform and Consumer 

Protection Act.1

 As a result of that decision, the Securities and Exchange Commission 

announced a program allowing persons subject to collateral bars to request that the Commission 

exercise its discretion to vacate certain of those bars. In doing so, the Commission emphasized 

that “[t]his process applies only to collateral bars, which are bars that prohibit you from 

associating in a capacity in the securities industry with which you were not associated or were 

not attempting to associate at the time of your securities law violations.”2

On April 5, 2022, the Commission issued a Statement Relating to Certain Administrative 

Adjudications (the “April 5 Statement”) describing a control deficiency related to the separation 

1

 845 F.3d 1217, 1225 (D.C. Cir. 2017). 

2

 https://www.sec.gov/news/statement/commission-statement-regarding-bartko-v-sec. 
2 

of enforcement and adjudicatory functions within our system for administrative adjudication.3 

The April 5 Statement explained that the Chair of the Commission had initiated a comprehensive 

internal review to assess the scope and potential impact of the control deficiency, which review 

was conducted by experienced investigative staff from the Division of Examinations under the 

supervision of the Commission’s General Counsel. The April 5 Statement further disclosed the 

review team’s findings regarding SEC v. Cochran4 and SEC v. Jarkesy.

5

 As part of the April 5 

Statement, the Commission further committed to the release of information about additional 

affected matters. 

On June 2, 2023, we released a Second Commission Statement Relating to Certain 

Administrative Adjudications (the “June 2 Statement”) regarding Cochran and Jarkesy, as well 

as findings about additional adjudicatory matters currently pending before the Commission that 

were affected by the control deficiency identified in the April 5 Statement.6 Those include 28 

matters in which Division of Enforcement administrative staff accessed one or more memoranda 

drafted by our Office of the General Counsel’s Adjudication Group that was specific to a 

particular matter (the “Affected Matters”), and 61 adjudicatory matters—including 46 pending 

petitions for relief under the Commission’s Bartko program—in which Enforcement 

administrative staff accessed only memoranda that described procedural actions that 

Adjudication staff recommended that the Commission take in many (or all) pending adjudicatory 

proceedings (“Omnibus Memoranda”). 

As detailed in the June 2 Statement, the review team found no evidence that any 

Enforcement staff assigned to investigate and prosecute any of the Affected Matters accessed 

any case-specific Adjudication memoranda before the Commission approved the action 

recommended in those memoranda. And the review team found no evidence that any individuals 

assigned to investigate and prosecute any of the Affected Matters communicated with the 

Adjudication staff advising the Commission in its decision-making in any of those matters. With 

respect to the eight Omnibus Memoranda accessed by administrative staff, the review team 

found that only one was uploaded to the Enforcement case management database. And the 

review team found no evidence that the administrative staff member who accessed the Omnibus 

Memoranda contacted any Enforcement staff responsible for investigating and prosecuting the 

relevant matters about any of these memoranda. 

The review team’s investigation thus uncovered no evidence that the control deficiency 

resulted in harm to any respondent or affected the Commission’s adjudication in any proceeding. 

We have nevertheless determined to grant, as a matter of discretion, the pending petitions 

3

 https://www.sec.gov/news/statement/commission-statement-relating-certainadministrative-adjudications. 

4

 Admin. Proc. File No. 3-17228; see also Axon Enters., Inc. v. FTC, 598 U.S. ___, 143 S. 

Ct. 890 (2023). 

5

 Admin. Proc. File No. 3-15255; see also Jarkesy v. SEC, 34 F.4th 446 (5th Cir. 2022), 

pet. for rev. filed (Mar. 8, 2023). 

6

 https://www.sec.gov/news/statement/second-commission-statement-relating-certainadministrative-adjudications. 
3

requesting that the Commission vacate collateral bars from certain industry associations that are 

identified in the June 2 Statement and listed in Exhibit A to this order. We have determined that 

granting these petitions is appropriate to preserve the Commission’s resources.7 We otherwise 

leave unmodified the orders identified in Exhibit A (the “Orders”). In doing so, we take no view 

on the merits of the petitioners’ claims for relief, including the extent to which statutes, 

Commission Rules, and other precedent would be determinative or relevant to those claims.

8

Accordingly, IT IS ORDERED that the bars identified in Exhibit A against petitioners are 

vacated, and that the Orders are otherwise unmodified.

By the Commission.

Vanessa A. Countryman

Secretary

7 See, e.g., Glob. Digit. Sols., Inc., Exchange Act Release No. 85364, 2019 WL 1274911, 

at *2 (Mar. 19, 2019) (dismissing proceeding to, in part, preserve the Commission’s resources); 

Thomas C. Trauger, CPA, Exchange Act Release No. 51435, 2005 WL 701204, at *1 (Mar. 25, 

2005) (same).

8 Cf. Warren G. Trepp, Exchange Act Release No. 41913, 1999 WL 753922, at *1 

(Sept. 24, 1999) (dismissing sua sponte without reaching merits).
4 

Exhibit A

Petitioner Order Imposing Collateral 

Bar(s) Collateral Bars Vacated

Dennis B. Levine, Admin. 

Proc. File No. 3-6673 

Exchange Act Release No. 

23300, 1986 WL 626169 (June 5, 

1986) 

Investment adviser, 

investment company, 

municipal securities 

dealer

Andrew A. Srebnik, Admin. 

Proc. File No. 3-12893 

Exchange Act Release No. 

56823, Advisers Act Release No. 

2677, 2007 WL 4116174 (Nov. 

20, 2007)

Investment adviser

William B. Blount, Admin. 

Proc. File No. 3-13974 

Exchange Act Release No. 

62549, 2010 WL 2886388 (July 

22, 2010) 

Municipal securities 

dealer

Stuart E. Rawitt, Admin. 

Proc. File No. 3-16357 

Initial Decision Release No. 782, 

2015 WL 1907623 (Apr. 28, 

2015) (Initial Decision); 

Exchange Act Release No. 

75133, 2015 WL 3562617 (June 

9, 2015) (Finality Notice)

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Joseph DeVito, Admin. Proc. 

File No. 3-16737 

Exchange Act Release No. 

75654, 2015 WL 4720297 (Aug. 

10, 2015) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Roman Lyniuk, Admin. Proc. 

File No. 3-14304 

Securities Act Release No. 9236, 

Exchange Act Release No. 

64877, Advisers Act Release No. 

3238, Investment Company Act 

Release No. 29724, 2011 WL 

2705695 (July 13, 2011)

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization 

Dean Zinon Pinard, Admin. 

Proc. File No. 3-14655 

Exchange Act Release No. 

65909, Advisers Act Release No. 

3331, 2011 WL 6095107 (Dec. 8, 

2011); see also Exchange Act 

Release No. 76934, Advisers Act 

Release No. 4319, 2016 WL 

231541 (Jan. 19, 2016) (order 

vacating municipal advisor bar)

Municipal securities 

dealer
5

Eric David Wanger, Admin. 

Proc. File No. 3-14676

Securities Act Release No. 9331,

Exchange Act Release No. 

67335, Advisers Act Release No. 

3427, Investment Company Act 

Release No. 30126, 2012 WL 

2524953 (July 2, 2012); see also 

Advisers Act Release No. 3-

5621, 2020 WL 6286295 (Oct. 

26, 2020) (order granting consent 

to associate with an investment 

adviser).

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Walter V. Gerasimowicz, 

Admin. Proc. File No. 3-

15024

Securities Act Release No. 9401, 

Exchange Act Release No. 

69506, Advisers Act Release No. 

3601, Investment Company Act 

Release No. 30505, 2013 WL 

1856014 (May 3, 2013) (OIP), 

Securities Act Release No. 9583, 

Exchange Act Release No. 

72133, Advisers Act Release No. 

3832, Investment Company Act 

Release No. 31041, 2014 WL 

1826641 (May 8, 2014) (Order 

Denying Motion for Permission 

to File Late Petition for Review), 

aff’d, SEC v. Gerasimowicz, No. 

142392 (2d Cir. Jan. 5, 2015).

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Lyman J. Bruhn, Admin. 

Proc. File No. 3-15074

Advisers Act Release No. 3492, 

2012 WL 5210802 (Oct. 23, 

2012)

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Russell K. Cannon, Admin. 

Proc. File No. 3-15314

Advisers Act Release No. 3599, 

2013 WL 1856025 (May 3, 2013) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization, with 

the right to reapply after 

two years
6

Jon Harvey Deal, Admin. 

Proc. File No. 3-15380

Advisers Act Release No. 3630, 

2013 WL 3754825 (July 18, 

2013) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Huakang Zhou (a/k/a David 

Zhou), Admin. Proc. File No. 

3-15586

Exchange Act Release No. 

70749, 2013 WL 5740454 (Oct. 

23, 2013) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Lee Heiss, Admin. Proc. File 

No. 3-15823

Exchange Act Release No. 

71871, Investment Company Act 

Release No. 31007, 2014 WL 

1338258 (Apr. 4, 2014)

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Jason Medvin, Admin. Proc. 

File No. 3-15823

Exchange Act Release No. 

71871, Investment Company Act 

Release No. 31007, 2014 WL 

1338258 (Apr. 4, 2014)

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Michael H. Johnson, Admin. 

Proc. File No. 3-15874

Exchange Act Release No.

72186, Investment Company Act 

Release No. 31049, 2014 WL 

2038878 (May 19, 2014) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization, with

the right to reapply after 

five years

Everett C. Miller, Admin. 

Proc. File No. 3-15896

Advisers Act Release No. 3840, 

2014 WL 2418766 (May 30, 

2014)

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Demosthenes Dritsas, Admin. 

Proc. File No. 3-16032

Exchange Act Release No. 

79200, 2014 WL 4160069 (Aug. 

22, 2014)

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization
7

Duncan J. MacDonald, III ,

Admin. Proc. File No. 3-

16181

Exchange Act Release No. 

74805, 2015 WL 1873125 (Apr. 

24, 2015)

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Bill C. (Billy) Crafton, Jr.

Admin. Proc. File No. 3-

16343

Exchange Act Release No. 

74070, Advisers Act Release No. 

3998, 2015 WL (Jan. 15, 2015) 

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Michael J. Salovay, Admin. 

Proc. File No. 3-16354

Exchange Act Release No. 

75810, 2015 WL 5139107 (Sept. 

2, 2015) (OIP settling proceeding 

except for financial sanctions); 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Glen Allan Galemmo, Admin. 

Proc. File No. 3-16359

Exchange Act Release No. 

74124, Advisers Act Release No. 

4006, 2015 WL 300404 (Jan. 23, 

2015)

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Todd J. Bergeron, Admin. 

Proc. File No. 3-16366

Securities Act Release No. 9717,

Exchange Act Release No. 

74172, Investment Company Act 

Release No. 31437, 2015 WL 

365381 (Jan. 29, 2015)

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Stephen A. Colangelo, Jr., 

Admin. Proc. File No. 3-

16556

Advisers Act Release No. 4189, 

2015 WL 5172952 (Sept. 3, 

2015) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Mark G. Brickman, Admin. 

Proc. File No. 3-16576

Exchange Act Release No. 

75113, Investment Company Act 

Release No. 31661, 2015 WL 

3526041 (June 5, 2015)

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Mark E. Baratto, Admin. 

Proc. File No. 3-16576

Exchange Act Release No. 

75113, Investment Company Act 

Release No. 31661, 2015 WL 

3526041 (June 5, 2015) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization
8

Toby D. Hunter, Admin. Proc. 

File No. 3-16687

Advisers Act Release No. 4139, 

2015 WL 4237640 (July 14, 

2015) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Gregory Bied, Admin. Proc. 

File No. 3-16714

Advisers Act Release No. 4154, 

Investment Company Act Release 

No. 31737, 2015 WL 4624261 

(Aug. 4, 2015) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Murat M. Dorkan, Admin. 

Proc. File No. 3-16725

Securities Act Release No. 9878, 

Exchange Act Release No. 

75616, Advisers Act Release No. 

4158, Investment Company Act 

Release No. 31740, 2015 WL 

4639725 (Aug. 5, 2015) 

Municipal securities 

dealer, transfer agent

Dean A. Esposito, Admin. 

Proc. File No. 3-16736

Exchange Act Release No. 

75653, 2015 WL 4720296 (Aug. 

10, 2015) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Shawn A. Becker, Admin. 

Proc. File No. 3-16805

Exchange Act Release No. 

75891, 2015 WL 5305990 (Sept. 

10, 2015) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Douglas J. Anisky, Admin. 

Proc. File No. 3-16845

Exchange Act Release No. 

76012, 2015 WL 5693100 (Sept. 

29, 2015) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Edward T. Borg, Admin. 

Proc. File No. 3-16875

Securities Act Release No. 9957, 

Exchange Act Release No. 

76055, Investment Company Act 

Release No. 31853, 2015 WL 

5718219 (Sept. 30, 2015)

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Brian J. Mulkeen, Admin. 

Proc. File No. 3-16875

Securities Act Release No. 9957, 

Exchange Act Release No. 

76055, Investment Company Act 

Association in a 

supervisory capacity with 

an investment adviser, 

municipal securities 
9

Release No. 31853, 2015 WL 

5718219 (Sept. 30, 2015)

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

James Goodland, Admin. 

Proc. File No. 3-16878

Advisers Act Release No. 4213, 

2015 WL 5729489 (Sept. 30, 

2015) 

Association in a 

supervisory capacity or 

compliance capacity with 

any broker, dealer, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Arthur F. Jacob, CPA, LLC, 

Admin. Proc. File No. 3-

16883

Exchange Act Release No. 

77618, Advisers Act Release No. 

4367, Investment Company Act 

Release No. 32072, 2016 WL 

1460299 (Apr. 14, 2016) 

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Jonathan Warren Brooks, 

Admin. Proc. File No. 3-

16936

Exchange Act Release No. 

76896, Advisers Act Release No. 

4313, 2016 WL 683558 (Jan. 13, 

2016).

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Joseph A. Giordano, Admin 

Proc. File No. 3-17137

Exchange Act Release No. 

77244, Advisers Act Release No. 

4345, 2016 WL 792220 (Feb. 26, 

2016) 

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Bruce A. Hartshorn, Admin. 

Proc. File No. 3-17216

Exchange Act Release No. 

77648, Advisers Act Release No. 

4371, Investment Company Act 

Release No. 32075, 2016 WL 

1569651 (Apr. 19, 2016) 

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Jose Alejandro Hurtado,

Admin. Proc. File No. 3-

17232

Exchange Act Release No. 

77729, 2016 WL 1660188 (Apr. 

27, 2016) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

John Steven Blount, Admin. 

Proc. File No. 3-17251

Exchange Act Release No. 

78398, Advisers Act Release No. 

4462, 2016 WL 4363839 (July 

22, 2016)

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization
10

William Emery Matthews,

Admin. Proc. File No. 3-

17334

Advisers Act Release No. 4449, 

2016 WL 4363883 (July 11, 

2016) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization, with 

the right to apply for 

reentry after three years

Timothy A. Nemeckay,

Admin. Proc. File No. 3-

17360

Exchange Act Release No. 

78411, 2016 WL 4363846 (July 

25, 2016) 

Investment adviser, 

municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Brad R. Hawkins, Admin. 

Proc. File No. 3-17373

Advisers Act Release No. 4478, 

2016 WL 4363891 (Aug. 10, 

2016) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Pamella B. Watson, Admin. 

Proc. File No. 3-17511

Exchange Act Release No. 

79079, Advisers Act Release No. 

4547, 2016 WL 5903242 (Oct. 

11, 2016) 

Municipal securities 

dealer, municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Mario Pincheira, Admin. 

Proc. File No. 3-17521

Advisers Act Release No. 4516, 

2016 WL 4537733 (Aug. 31, 

2016) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

David Kayatta, Admin. Proc. 

File No. 3-17522

Advisers Act Release No. 4517, 

2016 WL 4537680 (Aug. 31, 

2016) 

Broker, dealer, municipal 

securities dealer, 

municipal advisor, 

transfer agent, nationally 

recognized statistical 

rating organization

Dennis Duban, CPA, Admin. 

Proc. File No. 3-17612

Exchange Act Release No. 

79020, Advisers Act Release No. 

4544, Accounting and Auditing 

Enforcement Release No. 3812, 

2016 WL 5673149 (Sept. 30, 

2016) 

Broker, dealer, municipal 

securities dealer, transfer 

agent