SECURITIES EXCHANGE ACT OF 1934
Release No. 50222 / August 20, 2004

INVESTMENT ADVISERS ACT OF 1940
Release No. 2279 / August 20, 2004

ADMINISTRATIVE PROCEEDING
File No. 3-11591


In the Matter of

STEVEN M. BOLLA
and
SUSAN BOLLA,

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 Steven M. Bolla and pursuant to Section 203(f) of the Advisers Act against Susan Bolla.

II.

In anticipation of the institution of these proceedings, Steven Bolla and Susan Bolla (collectively, "Respondents") have submitted Offers of Settlement (the "Offers") 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 them and the subject matter of these proceedings, and the findings contained in Sections III.2 and IIII.3 below, which are admitted, Respondents consent 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 Respondents' Offers, the Commission finds that

1. Steven Bolla was a Managing Director of Washington Investment Network, Inc. ("WIN"), an investment adviser. Susan Bolla was a 50 percent owner of WIN. Although not registered as an investment adviser with the Commission, WIN registered with the State of Connecticut in June of 2000, as did Susan Bolla and another WIN principal. In 2001, Steven Bolla acted as a broker selling private placement shares in Global Genomics Capital, Inc. Steven Bolla, 45, is a resident of Montgomery, Alabama. Susan Bolla, 44, is a resident of Alpharetta, Georgia.

2. On July 27, 2004, a final judgment was entered by consent against Steven Bolla, permanently enjoining him from future violations of Section 15(a) of the Exchange Act and Section 203(f) of the Advisers Act, in the civil action entitled Securities and Exchange Commission v. Steven M. Bolla et al., Civil Action Number 1:02-CV-01506, in the United States District Court for the District of Columbia.

3. On July 27, 2004, a final judgment was entered by consent against Susan Bolla, permanently enjoining her from future violations of Section 203(f) and Sections 206(1) and (2) of the Advisers Act, in the civil action entitled Securities and Exchange Commission v. Steven M. Bolla et al., Civil Action Number 1:02-CV-01506, in the United States District Court for the District of Columbia.

4. The Commission's Complaint alleges that Steven Bolla violated a Commission Order issued June 20, 2000 barring him from associating with an investment adviser. The Complaint charges that Steven Bolla continued to associate with WIN by managing the firm's finances for nine months, acting as the investment adviser to firm clients for ten months, and making business communications on behalf of the firm for three months following the Commission's June 2000 bar order against him. The Commission's Complaint alleges that Susan Bolla aided and abetted WIN's violation of the Commission's June 2000 Order barring her husband, Steven Bolla, from associating with an investment adviser. The Complaint charges that, following the Commission's June 2000 bar order against him, Susan Bolla allowed her husband to continue to associate with WIN by managing the firm's finances for nine months, acting as the investment adviser to WIN clients for ten months, and making business communications on behalf of WIN for three months. The Commission's Complaint also alleges that the Respondents aided and abetted WIN's violations of the antifraud provisions of the Advisers Act by failing to disclose Steven Bolla's disciplinary history to WIN clients. In addition, the Complaint alleges that Steven Bolla made material misrepresentations to one of his clients in connection with a private placement offering, by misrepresenting to his client that she would receive a discount for her investment, and that he was not receiving compensation for selling her shares in the private placement.

IV.

In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions agreed to in Respondents Steven Bolla and Susan Bolla's Offers.

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 Steven Bolla be, and hereby is barred from association with any broker, dealer, or investment adviser.

Pursuant to Section 203(f) of the Advisers Act, that Respondent Susan Bolla be, and hereby is barred from association with any investment adviser.

Any reapplication for association by either of the Respondents 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 Respondents, 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