U.S. Securities & Exchange Commission
SEC Seal
Home | Previous Page
U.S. Securities and Exchange Commission

Open Meeting Agenda
Wednesday, September 20, 2006, 10:00 a.m. EST

Agenda as of September 19, 2006. Note that Open Meeting agendas are subject to last-minute changes.

Item 1: The Rockies Fund, Inc.
Office:  Office of the General Counsel
Staff:  Joan McCarthy and Diane V. White

Item 1: The Rockies Fund, Inc.

The Commission will hear oral argument on an appeal by The Rockies Fund, Inc., a closed-end investment company, and its directors Stephen Calandrella, Charles Powell, and Clifford Thygesen (collectively "Respondents"). The matter is on remand to the Commission from the United States Court of Appeals for the District of Columbia Circuit.

The Court of Appeals affirmed the Commission's findings that Respondents violated antifraud provisions of the Securities Exchange Act of 1934 by filing quarterly and annual reports containing material misrepresentations between June 30, 1994 and December 31, 1995; that the Fund violated provisions of the Exchange Act and Calandrella, Powell, and Thygesen aided and abetted and were a cause of reporting violations by filing reports that were not in compliance with Generally Accepted Accounting Principles and that contained material misrepresentations. The Court of Appeals directed the Commission on remand to reconsider the sanctions in light of its determination to vacate some of the violations found by the Commission.
Among the issues likely to be argued are:

  1. Whether it is in the public interest to prohibit Calandrella, Powell, or Thygesen from associating with or acting as an affiliated person of an investment company;
  2. Whether civil money penalties should be imposed against Calandrella, Powell or Thygesen, and if so, in what amount; and
  3. Whether cease-and-desist orders against Calandrella, Powell, or Thygesen are in the public interest.

For further information, please contact the Office of the Secretary at (202) 551-5400.



Modified: 09/19/2006