Subject: File No. S7-07-12
From: Anthony J La Rosa, III

September 4, 2012

Please do not allow hedge funds to advertise. They are not nearly as transparent as regular mutual funds. Frequently, they turn out to be scams or ponzi schemes, as they are not required to disclose anywhere near the amount of data that typical investment products are.

Hedge funds are purely speculative products, not actual investment vehicles, and are more akin to gambling. It would be a great disservice to grant them even more publicity and enable them to separate more people from their hard-earned money.