Subject: 'File Number S7-09-09'

July 1, 2009

To whom it may concern:

Since I left the mainstream broker dealer industry over twelve years ago and formed my own RIA I have thrived while my former employers have been bailed out by the US Government after reckless mismanagement of their assets. To subject me and firms like my own who are now the backbone of ethical investment management in this country to spot audits for no reason is ludicrous. I stand firmly against this proposed rule change given that the ultimate cost would be borne by our clients who have surely borne enough in the form of the federal deficits created by the likes of Merrill Lynch, Lehman Brothers and many others.

I firmly suggest this rule change not be implemented.


Brian Murphy

Brian M. Murphy
Pathways Financial Partners
A Member of the Evolve Financial Network