Subject: File No. S7-06-04
From: Joel Bendar, MBA

March 17, 2004

I feel it is important for the broker-dealers to disclose more information about costs and conflicts of interest to all concerned investors. In order to avoid the investigations going on currently by legal authorities in many states, the broker-dealers should have been honest enough to tell the facts to the investing public.

The Securities and Exchange Commission was established about 70 years ago and it is time to review new enforcement policies.

Change is not comfortable for many individuals. It is imperative that changes are made now to protect the innocent parties, and to discourage the individuals who exploit the system, from continuing the practice.