The Commission entered an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940 ("Order") against Luis Giro. The Order alleges, among other things, that Giro was acting as an unregistered investment adviser. The Order further alleges that on April 29, 2004, a default final judgment was entered against Giro, permanently enjoining him 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, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 in the civil action entitled Securities and Exchange Commission v. Luis Giro, Case No. 03-21654-CIV-Gold, in the United States District Court for the Southern District of Florida.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Giro an opportunity to dispute these allegations, and to determine what remedial sanctions, if any, are appropriate and in the public interest.

The Order requires the Administrative Law Judge to issue an initial decision no later than 210 days from the date of service of this Order, pursuant to Rule 360(a)(2) of the Commission's Rules of Practice.

See also the Order in this matter