My comment is that I would like to see some preventive measures taken 
to protect senior citizens who invest in the markets.
     
I have been trying to help a 76 year old woman, a widow, who is 
physically handicapped and on a fixed income.  She got conned into 
selling $50,000 worth of good, solid mutual funds in order to 
"invest" in a guaranteed, secure income-producing "fund" that would 
give her a 10% return each year AT LEAST.  She was also assured that 
government bonds were being purchased to further guarantee that her 
original investment would be protected, and she could always get her 
money back.  This was important to her, since on the investment 
company's contract sheet she had listed her desire for safe (no risk) 
income producing investments.
     
This has turned out to be a limited partnership in two oil wells that 
have now gone dry, or are suffering losses in excess of income.  She 
cannot get her money back, she cannot sell her shares in the limited 
partnership, and she has not received any of her income checks for 
months.  The attorney who handled her deceased husband's trust says 
there is nothing he can do but write a letter to the investment 
company requesting that they give her pennies on her dollar to get 
her some money back.  The agent who sold her this investment no 
longer works for the investment company.  The investment company and 
the oil well limited partnership appear to share an office.  They 
have both moved to a new office without notifying their investor.
     
This woman has obviously been a victim.  She has not received 
protection against this securities fraud, and has no apparent remedy. 
 I would encourage Congress and the SEC to work to prevent this type 
of fraud, and to create a remedy that encourages attorneys to take up 
this type of case by including an incentive for plaintiff attorneys.  
I also believe there should be punishment for the perpetrator 
investment company and the agent, as well as the general partners of 
limited partnerships (such as this oil well group) to deter such 
fraudulent behaviour.  Restitution is the VERY LEAST that should be 
done--on top of the lost-but-promised return on investment.  
     
     
Carol Ebbinghouse
Placentia, CA  92670