Subject: File No. S7-25-06
From: Mike P Darraugh

March 7, 2007

Dear Members,

I currently am an accredited investor, and have been for some years. I have invested in at least 10 investment opportunities over the years that were restricted to accredited investors. Of course not all of these investments have been profitable, but overall I have exceeded the gains I would have made if I had been solely invested in the stock market. Although I in no way consider myself an exceptional investor, I have found that by doing a complete background check on the principals behind these investments, and having an independent person review the material, this has been a successful means for me to achieve financial growth and diversification.

If this proposed rule change takes place I will no longer be able to participate in this type of investment. I can appreciate your efforts to protect individuals from fraudulent investments, but is it any different than investing in ENRON a few years ago? I do not seek your protection in either case. I consider the United States of America to be the land of opportunity. I realize that this country offers everyone life, liberty and the pursuit of happiness. The key word here is "pursuit". I don't expect any guarantees from you. If that was my goal then I would invest in T-Bills. I only ask that you don't deny me the opportunity to seek higher returns if I am willing to assume higher risks.