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# Open Meeting Agenda

## Monday, June 8, 2015

| Item 1: | Oral Argument in the Matter of Timbervest, LLC, Joel Barth Shapiro, Walter William Anthony Boden, III, Donald David Zell, Jr., and Gordon Jones II |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|

The Commission will hear oral argument in cross-appeals by Timbervest, LLC, Joel Barth Shapiro, Walter William Anthony Boden, III, Donald David Zell, Jr., Gordon Jones II (collectively, Respondents), and the Division of Enforcement from an initial decision of an administrative law judge.

On August 20, 2014, the law judge found that Timbervest violated Sections 206(1) and 206(2) of the Investment Advisers Act in connection with a repurchase arrangement and real estate commissions.  The law judge also found that each of the individual Respondents aided, abetted, and caused the Section 206 violations that were connected to the repurchase agreement.  But the law judge concluded that only Shapiro and Boden acted with scienter in furthering Timbervest's violations related to the real estate commissions; the law judge concluded that Zell and Jones were merely negligent.  The law judge accordingly found that Shapiro and Jones aided, abetted, and caused Timbervest's Sections 206(1) and 206(2) violations, but found that Jones and Zell aided, abetted, and caused only Timbervest's Section 206(2) violation.  The law judge imposed cease-and-desist orders on Respondents and ordered disgorgement.

The issues likely to be considered at oral argument include whether Respondents violated Advisers Act Sections 206(1) and 206(2) as alleged and, if so, the extent to which they should be sanctioned for those violations.  Also likely to be considered at oral argument is whether these administrative proceedings violate the U.S. Constitution.

For further information, please contact the Office of the Secretary at 202 551-5400.

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