Subject: File No. S7-06-04
From: Paul P Vangellow

March 24, 2004

I believe that this disclosure requirement is a necessary first step to restore some measure of integrity to the capital markets.
Phenomena like puff and dump, etc., constitute theft from investors. More importantly, investors cannot rely upon any self-regulatory structure, as it is abundantly clear that greed will overwhelm such a system.
The regulations should also have some real teeth, fast and complete penalties for violations as well as an active program to hand off violaters to the federal authorities for criminal prosecution.