Litigation Release No. 19695 / May 11, 2006

SEC v. HKW Trading, LLC, et al., Case No. 8:05-CV-1076-T-24MSS (M.D. Fla.)

Final Judgment of Permanent Injunction Against Defendants HKW Trading, LLC and Howard Waxenberg Trading, LLC

The Securities and Exchange Commission announced that on April 25, 2006, the Honorable Susan Bucklew, United States District Judge for the Middle District of Florida, entered a final judgment of permanent injunction against Defendants HKW Trading, LLC (HKW Trading) and Howard Waxenberg Trading, L.L.C. (Waxenberg Trading). Defendants HKW Trading and Waxenberg Trading consented to the entry of an injunction against future violations of Section 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 Investment Advisers Act of 1940. In addition, the final judgment dismisses with prejudice the Commission's claims seeking disgorgement against Defendants HKW Trading, Waxenberg Trading and Downing & Associates Technical Analysis, n/k/a The Estate of Howard Waxenberg (Downing) and Relief Defendants HKW Trading Fund I LLC and The Estate of Howard Waxenberg, and civil penalties against Defendants HKW Trading, Waxenberg Trading and Downing.

For more information on earlier action in this case, see Litigation Release No. 19265 (June 13, 2005)