Subject: File No. S7-12-06
From: Andrew Stone

January 16, 2007

I am dismayed that there would be ANY consideration to protect the persons who have stolen from this countries investors. If left unpunnished, these organizations would continue to do business in an industry where they have CLEARLY proved their disreguard for the law. That would be entirely unacceptable. If your intention is to protect the investor, you will eliminate the "grandfathering" clause. If you never intended to protect us, continue to protect the criminals. This decision will let me know who you serve.