Document ID: SEC-2013-1613-0001
Agency: sec
Document Type: Notice
Title: Meetings; Sunshine Act
Posted Date: 2013-09-16T04:00Z

[Federal Register Volume 78, Number 179 (Monday, September 16, 2013)]
[Notices]
[Page 56953]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-22508]

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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 September 17, 
2013, at 3:00 p.m., in Room 10800 at the Commission's headquarters 
building, to hear oral argument in an appeal by Montford and Company, 
Inc., d/b/a Montford Associates, and Earnest V. Montford from an 
initial decision of an administrative law judge.
    The law judge found that Montford Associates, a former investment 
adviser, and Montford, its president and sole owner, violated Sections 
206(1) and (2) of the Investment Advisers Act of 1940 by failing to 
disclose a material conflict of interest: That they were receiving 
substantial payments from an investment manager they were also 
recommending. The law judge further found that they made materially 
false and misleading statements in Forms ADV in violation of Advisers 
Act Section 207 and that the firm failed to amend its Forms ADV in 
violation of Advisers Act Section 204 and Rule 204-1(a)(2), misconduct 
that Montford aided and abetted and caused. The law judge imposed an 
industry-wide bar against Montford, entered a cease-and-desist order 
against both Respondents, and ordered them to pay disgorgement and 
civil penalties totaling $860,000.
    The issues likely to be considered at oral argument include whether 
the proceeding should be dismissed under Section 4E of the Securities 
Exchange Act of 1934, which provides a ``deadline for completing 
enforcement investigations . . . not later than 180 days after'' 
issuance of a Wells notice; whether Respondents violated the Advisers 
Act and its rule by failing to disclose their receipt of $210,000 from 
an investment manager that they recommended to clients and, if so, the 
extent to which sanctions are warranted under the circumstances.
    For further information, please contact the Office of the Secretary 
at (202) 551-5400.

     Dated: September 10, 2013.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2013-22508 Filed 9-12-13; 11:15 am]
BILLING CODE 8011-01-P