INVESTMENT ADVISERS ACT OF 1940
Rel. No. 1858 / March 2, 2000

ADMINISTRATIVE PROCEEDING
File No. 3-9985

In the Matter of

Huber Hogan Consulting, Inc.,
Russon Financial Services, Inc., and
Robert C. Sears

Respondents.

ORDER MAKING FINDINGS,
ISSUING CEASE-AND-DESIST ORDER,
AND IMPOSING CIVIL PENALTY
AS TO ROBERT C. SEARS

I.

The Securities and Exchange Commission ("Commission") has previously instituted on August 26, 1999 an administrative and cease-and-desist proceeding against Robert C. Sears ("Sears") pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940 ("Advisers Act").

II.

Sears has submitted an Offer of Settlement for the purpose of disposing of the issues raised by this proceeding. Solely for the purposes of this proceeding and any other proceeding brought by or on behalf of the Commission or to which the Commission is a party, and prior to a hearing and without admitting or denying the findings set forth herein, except that Sears admits the jurisdiction of the Commission over him and over the subject matter of this proceeding, Sears consents to the entry of this Order Making Findings, Issuing Cease-and-Desist Order and Imposing Civil Penalty as to Robert C. Sears ("Order"). The Commission has determined that it is appropriate and in the public interest to accept the Offer of Settlement of Sears and accordingly is issuing this Order.

III.

On the basis of this Order and the Offer of Settlement submitted by Sears, the Commission finds that:1

A. Respondent Sears (File No. 801-40232) is an investment adviser registered with the Commission pursuant to Section 203(c) of the Advisers Act.

B. In Form ADV-T filed with the Commission on June 9, 1997, Sears reported assets under management of not less than $25 million and therefore was required to file Part I of Form ADV-Y2K with the Commission by June 7, 1999, pursuant to Section 204 of the Advisers Act and Rule 204-5 promulgated thereunder.

C. As of June 7, 1999, Respondent had not filed Form ADV-Y2K with the Commission.

D. On June 16, 1999, the Commission staff sent Respondent a letter warning that investment advisers who were required to file but failed to file Form ADV-Y2K might be subject to the institution of an administrative proceeding by the Commission for violations of Section 204 of the Advisers Act and Rule 204-5 thereunder, or other provisions of the securities laws, rules or regulations. The letter further informed Respondent that if he filed Form ADV-Y2K on or before June 28, 1999, no enforcement action would be taken against him.

E. As of July 8, 1999, Respondent still had not filed Part I of Form ADV-Y2K with the Commission.

F. By virtue of the conduct described above, Respondent willfully violated Section 204 of the Advisers Act and Rule 204-5 promulgated thereunder, which require every investment adviser registered with the Commission that has assets under management of not less than $25 million or that is an investment adviser to an investment company registered under the Investment Company Act of 1940 to file with the Commission in accordance with the instructions in the form a completed Form ADV-Y2K no later than June 7, 1999.

IV.

Accordingly, IT IS HEREBY ORDERED that:

A. Sears shall be censured.

B. Sears shall, effective immediately, cease and desist from committing or causing any violation and any future violation of Section 204 of the Advisers Act and Rule 204-5 thereunder.

C. Sears shall pay, within 30 days of the entry of this Order, a civil money penalty in the amount of $5,000 to the United States Treasury. Such payment shall be: (A) made by United States postal money order, certified check, bank cashier's check or bank money order; (B) made payable to the Securities and Exchange Commission; (C) hand-delivered or mailed to the Comptroller, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Stop 0-3, Alexandria, VA 22312; and (d) submitted under a cover letter that identifies Sears as a Respondent in this proceeding, and the file number of this proceeding, a copy of which cover letter and money order or check shall be sent to Sandra J. Harris, Associate Regional Director, Enforcement, Pacific Regional Office, Securities and Exchange Commission, 5670 Wilshire Blvd., 11th Floor, Los Angeles, California 90036.

By the Commission.

Jonathan G. Katz
Secretary


FOOTNOTES

1
The findings herein are made pursuant to Sears' Offer and are not binding on any other person or entity named as a respondent in this or any other proceeding.