Subject: File No. S7-07-12
From: Karen K Pesson

October 5, 2012

Retirees are often "qualified" investors having assets over one million dollars. The SEC will be leaving them open to fraud. They are the least knowledgeable about investing, yet they have a lifetime of savings and all their future support at stake. These private funds should not be allowed to approach anyone over 60. They are too vulnerable and have too much at stake. There is no rebuilding of their wealth if they are lead to a bad decision. The SEC really shouldn't allow this at all, but at least protect our seniors