Investment Advisers Act of 1940
Release No. 2159 / August 18, 2003

Administrative Proceeding
File No. 3-11225

ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST LOUIS W. RATFIELD

The Securities and Exchange Commission (Commission) announced today that it has instituted public administrative proceedings against Louis W. Ratfield (Ratfield) of Lake Worth, Florida, pursuant to Section 203(f) of the Investment Advisers Act of 1940 (Advisers Act). On March 14, 2003, the Commission filed a complaint in the United States District Court for the Southern District of Florida, against Ratfield seeking to enjoin him from fraudulently offering unregistered securities in the two investment clubs, Stonehenge Enterprises Pure Trust (Stonehenge) and The Baron Financial Services (Baron). On July 25, 2003, the court entered an order granting the Commission's Motion for Summary Judgment and a Final Judgment of Permanent Injunction and Other Relief against Ratfield ("Order"). The Order permanently enjoins Ratfield from violating Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act.

The Order Instituting Public Administrative Proceedings (Order) alleges that Respondent Ratfield engaged in a unregistered offering of securities issued by Stonehenge and Baron, in violation of the antifraud provisions of the federal securities laws. A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide Ratfield with an opportunity to dispute these allegations, and to determine what, if any, remedial sanctions should be imposed against Ratfield.