Document ID: SEC-2009-0635-0001
Agency: sec
Document Type: Notice
Title: Meetings; Sunshine Act
Posted Date: 2009-05-11T04:00Z

[Federal Register: May 11, 2009 (Volume 74, Number 89)]
[Notices]               
[Page 21839]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr11my09-592]                         

[[Page 21839]]

=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

 
Sunshine Act Meeting

    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 an Open Meeting on Wednesday, May 13, 
2009 at 10 a.m., in the Auditorium, Room L-002.
    The subject matter of the Open Meeting will be:
    The Commission will hear oral argument in an appeal by Thomas C. 
Bridge, James D. Edge, and Jeffrey K. Robles from the decision of an 
administrative law judge. The law judge found that Bridge, a registered 
representative formerly associated with A.G. Edwards, and Charles 
Sacco, another former A.G. Edwards registered representative who 
settled a related Commission proceeding against him, willfully violated 
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 by taking 
action to ``continue market timing after they had been restricted from 
doing so'' by registered investment companies. The law judge further 
found that Edge, Bridge's supervisor, failed reasonably to supervise 
Bridge with a view to preventing his antifraud violations, and that 
Robles, Sacco's supervisor, failed reasonably to supervise Sacco.
    For these violations, the law judge imposed the following 
sanctions: Bridge was ordered to cease and desist from violating or 
causing violations of the antifraud provisions, to disgorge 
approximately $40,000 plus prejudgment interest, to pay a $250,000 
civil penalty, and to serve a one-year suspension from associating with 
a broker or dealer. Edge and Robles were both ordered to pay a $250,000 
civil penalty, were barred from associating with a broker or dealer in 
a supervisory capacity, and were suspended from associating with a 
broker or dealer in any capacity for thirty days.
    Among the issues likely to be argued are whether Bridge's and 
Sacco's conduct in connection with their market timing activity was 
fraudulent, whether Edge and Robles provided reasonable supervision 
under the circumstances, and, if so, whether and to what extent 
sanctions should be imposed on them.
    Commissioner Casey, as duty officer, determined that no earlier 
notice thereof was possible.
    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) 551-5400.

    Dated: May 7, 2009.
Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-11015 Filed 5-7-09; 11:15 am]

BILLING CODE 8010-01-P