Subject: File No. S7-07-12
From: Stephen R Johnston

September 29, 2012

Please do not allow hedge funds to market their products to so-called sophisticated investors. Do you think that investment managers who purchased AAA rated mortgage securities were not sophisticated? Fraud is real and prevalent wherever it is not strictly monitored. If there is a way to end-run around the rules the scammers amongst us will find it and exploit it.