SEC Open Meeting Agenda
|Item 1:||Feeley & Willcox Asset Management Corp. and Michael J. Feeley|
Office: Office of the General Counsel
Staff: Anne E. Chafer, Eva Marie Carney, Roy Sheetz
The Commission will hear oral argument on an appeal by Feeley & Willcox Asset Management Corp. ("FWAM") and Michael J. Feeley from the decision of an administrative law judge. During the period covered by this Commission proceeding, Feeley was an associated person of FWAM, a registered investment adviser. The Commission subsequently cancelled FWAM's registration independently of this matter.
FWAM & Feeley have appealed the law judge's findings that (1) FWAM and Feeley engaged in fraud in the sale of securities to public customers, in violation of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, and Exchange Act Rule 10b-5 promulgated thereunder, and (2) FWAM committed fraud in the sales of securities to investment advisory clients and violated its fiduciary duty to these clients by failing to disclose conflicts of interest, in violation of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, and Feeley aided and abetted and was a cause of those violations. Based on these findings of violation, and additional violations that respondents have not appealed, the law judge barred Feeley from association with a broker or dealer or investment adviser with a right to reapply after two years in a non-supervisory, non-proprietary capacity; ordered Feeley to cease and desist from committing or causing any violations or any future violations of the antifraud provisions of the Securities Act and the Exchange Act; ordered Feeley to cease and desist from aiding and abetting and causing any violations or any future violations of the antifraud provisions or specified reporting and recordkeeping provisions of the Advisers Act; ordered FWAM and Feeley jointly and severally to disgorge $95,000 plus prejudgment interest; and ordered FWAM and Feeley to pay civil money penalties of $150,000 and $15,000 respectively.
Among the issues likely to be argued are:
For further information, please contact Jonathan G. Katz at (202) 942-7070.
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