UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 70573 / September 30, 2013

ADMINISTRATIVE PROCEEDING

File No. 3-14641

____________________________________

 :

In the Matter of :

 :

CHARLES L. RIZZO and :

GINA M. HORNBOGEN, : Notice of Proposed Plan of

: Distribution and Opportunity

: For Comment

Respondents. :

____________________________________:

Notice is hereby given, pursuant to Rule 1103 of the Securities and Exchange 

Commission’s (“Commission”) Rules on Fair Fund and Disgorgement Plans, 17 C.F.R. 

§ 201.1103, that the Division of Enforcement has submitted to the Commission a

proposed plan for the distribution of monies placed into a Fair Fund established in the 

above-captioned matter. 

On July 20, 2012, the Commission issued an Order Making Findings and 

Imposing Remedial Sanctions Pursuant to Section 203(f) of the Investment Advisers 

Act of 1940 and Section 15(b)(6) of the Securities Exchange Act of 1934 against 

Charles L. Rizzo (“Rizzo”) and Gina M. Hornbogen (“Hornbogen”) (collectively, 

“Respondents”) (the “Order”) (Exchange Act Rel. No. 67479 (July 20, 2012)). The 

Order found that Respondents failed reasonably to supervise Steven Salutric 

(“Salutric”), who, while acting as an investment adviser for Results One Financial, 

LLC, misappropriated millions of dollars from his advisory clients at Results One.

In the Order, Rizzo was ordered to pay disgorgement of $35,079, prejudgment 

interest of $7,731, and civil penalties of $130,000, and Hornbogen was ordered to pay 

disgorgement of $15,592, prejudgment interest of $3,467, and civil penalties of $25,000. 

The Order created a Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 

2002, as amended. The Fair Fund is comprised of the disgorgement, prejudgment 

interest and penalties ordered to be paid by Respondents, for distribution to clients of 

Results One who suffered a net loss of funds by virtue of the failure of the Respondents 

reasonably to supervise Salutric (collectively, “Eligible Clients”). 

OPPORTUNITY FOR COMMENT

Pursuant to this Notice, all interested parties are advised that they may obtain a 

copy of the Proposed Plan of Distribution from the Commission’s public 

website, http://www.sec.gov. Interested parties may also obtain a written copy of the 

Proposed Plan of Distribution by submitting a written request to Nancy Chase Burton, 
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Esq., United States Securities and Exchange Commission, 100 F Street, N.E., 

Washington, D.C. 20549-5631. All persons who desire to comment on the Proposed 

Plan of Distribution may submit their comments, in writing, no later than thirty (30)

days from the date of this Notice:

1. To the Office of the Secretary, United States Securities and Exchange 

Commission, 100 F Street, N.E., Washington, D.C. 20549-1090;

2. By using the Commission’s Internet comment form 

(http://www.sec.gov/litigation/admin.shtml); or

3. By sending an e-mail to rule-comments@sec.gov.

Comments submitted by email or via the Commission’s website should include 

“Administrative Proceeding File Number 3-14641” in the subject line. Comments 

received will be publicly available. Persons should submit only information that they 

wish to make publicly available.

THE DISTRIBUTION PLAN

The Fair Fund is comprised of the amounts of disgorgement, prejudgment 

interest and civil monetary penalties paid by Respondents, less any federal, state, or 

local taxes and fees and expenses. Rizzo has paid $172,810 in disgorgement, 

prejudgment interest and civil monetary penalties, and Hornbogen has paid 

$21,680.82 in disgorgement, prejudgment interest, and civil monetary penalties. The 

remainder of Hornbogen’s payments in the amount of $22,378.18, plus post-order

interest, is to be paid in installments through July 2015. It is anticipated that there 

will be two disbursements to the Eligible Clients, the latter of which is anticipated to 

occur after all scheduled payments have been received.

The Proposed Plan of Distribution provides for Eligible Clients to receive 

monies from the Fair Fund that represents their proportionate share of the 

distributable amount of the Fair Fund. Eligible Clients will not need to go through a 

claims process; rather, they will be determined from available records. The Eligible 

Clients will not be required to make claims or submit documentation to establish their 

eligibility. The Proposed Plan of Distribution provides that on the basis of 

information obtained by the Commission staff through review and analysis of 

applicable records, the Fund Administrator will identify the Eligible Clients. Within 

thirty (30) days of the Commission’s approval of this Plan, the Fund Administrator 

will send each Eligible Client a notice by United States Postal Service regarding the 

Commission’s approval of the Plan, including as appropriate, a statement 

characterizing the distribution, a link to the Plan posted on the Commission’s website 

and instructions for requesting a copy of the Plan, a Net Loss Amount calculation and 

a preliminary Gross Distribution Amount, a description of the tax information 

reporting and other related tax matters, the procedure for the distribution as set forth 

in the Plan, and the name of the Fund Administrator to contact with questions 

regarding the distribution. The Fund Administrator will coordinate with the appointed 

Tax Administrator to request information from each Eligible Client that is needed to 
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accomplish the distribution in accordance with applicable tax requirements relating to 

the Fair Fund.

The Proposed Plan of Distribution provides for procedures for Eligible Clients 

to dispute the amounts received. Disputes will be limited to calculations of 

disbursement amounts to Eligible Clients. Should an Eligible Client wish to dispute 

the amount received, an Eligible Client must submit a written communication to the 

Fund Administrator, Nancy Chase Burton, Esq., United States Securities and 

Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-5631. The 

Fund Administrator must receive the written communication detailing the dispute 

along with any supporting documentation within thirty days of the date that an 

Eligible Client’s disbursement is made. The Fund Administrator will investigate the 

dispute, and such investigation will include a review of the written dispute as well as 

any supporting documentation. Within thirty days of receipt of the written dispute, 

the Fund Administrator will notify the Eligible Client of her resolution of the dispute, 

which shall be final. 

For the Commission, by its Secretary, pursuant to delegated authority.

Elizabeth M. Murphy

Secretary