James Thomas McCurdy, CPA Carol Fox Foelak, Administrative Law Judge

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 44425 / June 14, 2001

Accounting and Auditing Enforcement
Release No 1404 / June 14, 2001

Administrative Proceeding File No. 3-10509

IN THE MATTER OF JAMES THOMAS MCCURDY, CPA

The securities and Exchange Commission announced today that it has instituted a public administrative proceeding pursuant to Rule 102(e) of the Commission's Rules of Practice to determine whether James Thomas McCurdy, CPA, engaged in improper conduct in the performance of his audit of the 1998 financial statements of JWB Aggressive Growth Fund, a now defunct investment company.

McCurdy, an Ohio CPA, is the principal shareholder of McCurdy & Associates CPAs, Inc., located in Westlake, Ohio. The Division of Enforcement and the Office of the Chief Accountant allege that McCurdy failed to comply with professional auditing standards by failing to obtain sufficient competent evidence concerning the collectibility of a receivable from a related party that represented 25% of the Fund's assets. As a result, the staff alleges that McCurdy did not comply with professional audit standards in that he failed to: (1) maintain an attitude of professional skepticism; (2) render an accurate audit report; and (3) exercise due professional care.

A hearing will be held before an Administrative Law Judge to determine whether the staff's allegations in the Order Instituting Proceeding are true and, if so, what, if any, remedial action is necessary and appropriate.