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U.S. Securities and Exchange Commission

United States of America
Before the
Securities and Exchange Commission

Securities Act of 1933
Release No. 8073 / March 21, 2002

Securities Exchange Act of 1934
Release No. 45608 / March 21, 2002

Investment Advisers Act of 1940
Release No. 2022 / March 21, 2002

Administrative Proceeding
File No. 3-10670



In the Matter of
 
Financial Asset Management, Inc.,
James B. Rader and Debra L.
Kennedy,
 
Respondents.
 
:
:
:
:
:
:
NOTICE OF PROPOSED PLAN FOR THE
DISTRIBUTION OF DISGORGEMENT
FUND

Notice is hereby given, pursuant to Rule 612 of the Securities and Exchange Commission's Rules of Practice, 17 C.F.R. § 201.612, that the Division of Enforcement has filed its proposed Plan for the Distribution of Disgorgement Fund ("the Plan"), with respect to the $25,000 paid in disgorgement by Financial Asset Management, Inc. on January 15, 2002. A copy of the Plan is attached hereto.

Opportunity to Comment

All persons desiring to comment on the Plan may submit their views, in writing, no later than April 20, 2002, to the Office of the Secretary, United States Securities and Exchange Commission, 450 5th Street, N.W., Washington, D.C. 20549.

For the Commission, by its Secretary, pursuant to delegated authority.

___________________
Jonathan Katz
Secretary

Proposed Plan for the Distribution of the Disgorgement Fund

Pursuant to the Order Instituting Proceedings, Making Findings, and Imposing a Cease-and-Desist Order entered by the Commission on January 3, 2002 against Financial Asset Management, Inc. ("FAM"), James B. Rader and Debra L. Kennedy, FAM paid disgorgement in the amount of $25,000 to the Commission on January 15, 2002. The disgorgement arose out of FAM's conduct in causing securities law violations committed by Michael W. Berger, the Manhattan Investment Fund, Ltd. ("the Fund") and Manhattan Capital Management, Inc.

The disgorged funds ($25,000) will be paid by the Commission to the Chapter 11 Bankruptcy Trustee for the Manhattan Investment Fund, Ltd., (Helen Gredd, Esq., c/o Lankler, Siffert & Wohl, 500 Fifth Avenue, 33>rd Floor, New York, New York 10110-3398, telephone (212) 921-8399, fax (212) 764-3701), for further distribution to the Fund's creditors in accordance with the provisions of the United States Bankruptcy Code.

 

http://www.sec.gov/litigation/admin/33-8073.htm


Modified: 03/21/2002