Litigation Release No.15447/August 18, 1997 SECURITIES AND EXCHANGE COMMISSION V. TANDEM MANAGEMENT INC., WILLIAM F. BRANSTON, EUGENE B. DEVENEY, AND PETER S. ALSOP, 95 Civ. 8411 (JGK) (S.D.N.Y.) The Securities and Exchange Commission announced that on August 14, 1997, the Honorable John G. Koeltl, United States District Judge for the Southern District of New York, entered a Final Judgment against one of the defendants, Peter S. Alsop ("Alsop"). From November 1991 until approximately mid-1993, Alsop was Vice President of Tandem Management Inc. ("Tandem"), a registered investment adviser. The Commission's complaint alleged, among other things, that defendant Alsop aided and abetted in misappropriating soft dollars, providing materially false and misleading information concerning performance, failing to disclose Tandem's precarious financial condition, and violating books and records requirements. The Final Judgment permanently enjoined defendant Alsop from violating Sections 204, 206(1), (2), and (4) of the Investment Advisers Act of 1940 and Rules 204-2, 206(4)-1, and 206(4)-4 thereunder. The Final Judgment also orders payment of $68,200 in disgorgement plus prejudgment interest and notes the appropriateness of a civil penalty but waive payment of disgorgement, prejudgment interest, and penalties based upon the defendant's demonstrated inability to pay. Defendant Alsop consented to the entry of the Final Judgment without admitting or denying the allegations in the Commission's complaint. Alsop also simultaneously consented to the entry of the order by the Commission barring him from association with a broker, dealer, investment company, investment adviser, or municipal securities dealer. For further information, see Litigation Release No. 14670 (October 2, 1995). ======END OF PAGE 1======