Susan M. Gorski

INVESTMENT ADVISERS ACT OF 1940
Release No. 1902 / September 29, 2000

ADMINISTRATIVE PROCEEDING
File No. 3-10330

I.

The Securities and Exchange Commission ("Commission") deems it appropriate in the public interest to institute public administrative proceedings pursuant to Section 203(f) of the Investment Advisers Act of 1940 ("Adviser's Act") against Susan M. Gorski ("Gorski" or "Respondent").

In anticipation of the institution of these proceedings, Gorski has submitted an Offer of Settlement of Susan M. Gorski ("Offer") which the Commission has determined to accept. Without admitting or denying the findings contained herein, except that Respondent admits the jurisdiction of the Commission over her and over the subject matter of these proceedings, and further admits the entry of the injunction set forth in paragraph II.B below, Gorski consents to the issuance of this Order Instituting Public Proceedings Pursuant to Section 203(f) of the Investment Adviser Act of 1940, Making Findings and Imposing Remedial Sanctions ("Order").

Accordingly, IT IS ORDERED that public proceedings pursuant to Section 203(f) of the Advisers Act be, and hereby are, instituted.

II.

On the basis of this Order and the Respondent's Offer, the Commission makes the following findings.

A. Gorski, age 40, a resident of Larkspur, California, was at all relevant times hereto employed as a person associated with Sweeney Capital Management, Inc. ("SCM"), an investment adviser registered pursuant to Section 203(c) of the Advisers Act. From the period 1986 through 1992, Gorski was employed as a registered representative for approximately six different registered broker-dealers.

B. On April 20, 1999, a Final Judgment of Permanent Injunction and Other Equitable and Statutory Relief Against Susan M. Gorski ("Final Judgment") was entered against Gorski by the United States District Court for the Northern District of California in the case entitled Securities and Exchange Commission v. Sweeney Capital Management, Inc., et al., Civ. No. C-98-0937 MMC, enjoining her from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, Sections 206(1) and 206(2) of the Advisers Act. Gorski consented to the entry of the Final Judgment without admitting or denying any of the allegations contained in the Complaint, except as to jurisdiction which she admitted.

III.

In view of the foregoing, the Commission deems it appropriate in the public interest to impose the sanctions specified by Gorski in her Offer.

Accordingly, IT IS ORDERED, that:

Susan M. Gorski be, and hereby is, barred from association with any investment adviser.

By the Commission.

Jonathan G. Katz
Secretary