Subject: File No. S7-09-09
From: Tony Moeller
Affiliation: Registed Investment Advisor

July 1, 2009

The Madoff case is completely different than most RIAs. For example, my clients' funds are held at TD Ameritrade (the custodian). As a result, the clients receive monthly statements confirmations on all trades that take place in their respective accounts.

They are aware of all activities taking place and can actually see the actual securities held. This proposed regulation will be onerous to many firms and will not result in any additional protection for clients whose advisors use outside, independent third-party custodians.

Please consider a much more practical approach and go after the real problem - advisors who also custody client funds.