SECURITIES EXCHANGE ACT OF 1934
Release No. 49750 / May 21, 2004

INVESTMENT ADVISERS ACT OF 1940
Release No. 2241 / May 21, 2004

ADMINISTRATIVE PROCEEDING
File No. 3-11499


In the Matter of

DANIEL D. DYER,

Respondent.


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ORDER INSTITUTING ADMINISTRATIVE
PROCEEDINGS PURSUANT TO SECTION
15(b) OF THE SECURITIES EXCHANGE
ACT OF 1934 AND SECTION 203(f)
OF THE INVESTMENT ADVISERS ACT
OF 1940, MAKING FINDINGS, AND
IMPOSING REMEDIAL SANCTIONS

I.

The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Section 203(f) of the Investment Advisers Act of 1940 ("Advisers Act") against Daniel D. Dyer ("Dyer" or "Respondent").

II.

In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the "Offer") which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over him and the subject matter of these proceedings, and the findings contained in Section III.3 below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions ("Order"), as set forth below.

III.

On the basis of this Order and Respondent's Offer, the Commission finds that:

1. Dyer, age 49, is a resident of University Place, Washington. Dyer is the 100% owner of Oxbow Capital Partners, LLC ("Oxbow Partners"), a Washington limited liability company with offices in Tacoma, Washington. He was also the chairman of CJM Planning, a registered broker-dealer, from July 1998 to January 2002 and CJM Asset Management, LLC, a registered investment adviser, from February 1999 to September 2001.

2. On May 11, 2004, a final judgment was entered by consent against Dyer, permanently enjoining him from future violations of Sections 5(a), 5(c), and 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and violations and aiding and abetting violations of Sections 206(1) and 206(2) of the Advisers Act, in the civil action entitled Securities and Exchange Commission v. Daniel D. Dyer, et al., Case Number CV-03-968 (KI), in the United States District Court for the District of Oregon.

3. Dyer and Oxbow Partners had business relationships with Capital Consultants, LLC ("Capital Consultants"), a registered investment adviser formerly located in Portland, Oregon. The Commission's complaint in the action described in paragraph III.2 above alleged that Dyer and Oxbow Partners helped Capital Consultants conceal from its clients the failure of a $160 million loan made by the former investment adviser. According to the Commission's complaint, from July 1999 to August 2000, Dyer and Oxbow Partners entered into a series of complex transactions involving Capital Consultants and two entities controlled by a Capital Consultants borrower that resulted in new client funds being used to repay clients invested in the failed loan. The complaint further alleged that during the scheme, Dyer and Oxbow Partners knew that Capital Consultants made misrepresentations to its clients about Dyer and Oxbow Partners' role in purchasing the failed loan. The Commission's complaint also alleged that between April 1999 and November 2000, Dyer and Oxbow Partners conducted two securities offerings: Oxbow Capital 1999 Fund I, LLC ("Oxbow Fund I") and Washington Motorcycle Partners, LLC ("Washington Partners"). The complaint alleged that Dyer failed to disclose to Oxbow Fund I investors that the fund's first investment would be in the failed Capital Consultants loan, and that Dyer purported to replace the fund's investment in the loan with securities that he did not own. The Commission's complaint further alleged that in the unregistered Washington Partners offering, Dyer used offering proceeds to enrich himself and make payments on the failed Capital Consultants loan rather than to purchase stock in a motorcycle company as represented to investors.

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions specified in Respondent Dyer's Offer.

Accordingly, it is hereby ORDERED:

Pursuant to Section 15(b)(6) of the Exchange Act and Section 203(f) of the Advisers Act, that Respondent Dyer be, and hereby is barred from association with any broker, dealer, or investment adviser.

Any reapplication for association by the Respondent will be subject to the applicable laws and regulations governing the reentry process, and reentry may be conditioned upon a number of factors, including, but not limited to, the satisfaction of any or all of the following: (a) any disgorgement ordered against the Respondent, whether or not the Commission has fully or partially waived payment of such disgorgement; (b) any arbitration award related to the conduct that served as the basis for the Commission order; (c) any self-regulatory organization arbitration award to a customer, whether or not related to the conduct that served as the basis for the Commission order; and (d) any restitution order by a self-regulatory organization, whether or not related to the conduct that served as the basis for the Commission order.

By the Commission.

Jonathan G. Katz
Secretary