Subject: File No. S7-07-12
From: J Sanders

September 28, 2012

The proposed changes to eliminate direct advertising prohibition by hedge funds is utterly an invitation for financial elder abuse and rampant fraud. What are you thinking? Aren't you aware of the government's own studies on the level of financial knowledge in the US (it is effectively "none")? And yet you think it is appropriate to allow direct advertising and marketing to the public by the companies with almost no reporting requirements? This is utter nonsense. Please rethink what is being proposed in light of the unmitigated disaster this could cause if not curtailed and tightly regulated. Retirees who have saved all their lives to scrape together a nest egg will be targeted even more than they are already - and and they are no match for ruthless sales people who have already exhibited their utter disdain for the truth, their customers financial security and well being, and the government that is supposed to regulate this industry.