Document ID: SEC-2011-1251-0001
Agency: sec
Document Type: Notice
Title: Meetings; Sunshine Act
Posted Date: 2011-08-22T04:00Z

[Federal Register Volume 76, Number 162 (Monday, August 22, 2011)]
[Notices]
[Pages 52368-52369]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-21463]

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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 August 24, 2011 at 
10 a.m., in the Auditorium, Room L-002, to hear oral argument in an 
appeal by Eric J. Brown, Matthew J. Collins, Kevin J. Walsh, and Mark 
W. Wells (collectively, ``Respondents'') and a cross-appeal by the 
Division of Enforcement from an initial decision of an administrative 
law judge.
    Brown and Walsh were formerly associated with registered broker-
dealer Prime Capital Services, Inc. (``Prime Capital''), and Collins 
and Wells are currently associated with Prime Capital.

[[Page 52369]]

    The law judge found that, in sales of variable annuities to elderly 
customers, Respondents 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, and Exchange Act Section 17(a) and Exchange 
Act Rule 17a-3. The law judge also found that Collins failed to 
reasonably supervise Brown within the meaning of Exchange Act Sections 
15(b)(4)(E) and 15(b)(6). For these violations, the law judge issued 
cease-and-desist orders against Respondents, ordered Respondents to 
disgorge commissions earned from selling certain variable annuities, 
barred Respondents from associating with a broker, dealer, or 
investment adviser, and imposed a third-tier civil monetary penalty of 
$130,000 against each Respondent.
    Issues likely to be considered at oral argument include whether 
Respondents violated the above provisions and, if so, the extent to 
which, under the circumstances, sanctions are warranted.
    For further information, please contact the Office of the Secretary 
at (202) 551-5400.

     Dated: August 17, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-21463 Filed 8-18-11; 11:15 am]
BILLING CODE 8011-01-P