Subject: File No. S7-09-09
From: Michael B Keeler
Affiliation: FPA, CFP

July 14, 2009

I really think that the SEC and FINRA should be paying more attention to the reports coming across their desks. There were several warnings about Madoff and they were all ignored. Lets not overreact to a problem.

These surprise audits will add costs to my business which will ultimately get passed on to my clients.

Instead, how about having Congress designate more resources to the SEC to hire and train additional examination staff to increase the regular audit cycle of investment advisers?


Michael B. Keeler, CFP
Member, FPA