U.S. Securities & Exchange Commission
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U.S. Securities and Exchange Commission

SEC Open Meeting Agenda
Wednesday, October 6, 2004, 10:30 a.m.

Agenda as of October 5, 2004. Note that Open Meeting agendas are subject to last-minute changes.

Item 1: Michael Batterman and Randall B. Batterman, III
Office:  Office of the General Counsel

Item 1: Michael Batterman and Randall B. Batterman, III

The Commission will hear oral argument in an appeal by Michael Batterman, an investment adviser, and by Randall B. Batterman III from an initial decision of an administrative law judge. On motion for summary disposition, the law judge found that the Battermans had been permanently enjoined from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934, Exchange Act Rule 10b-5, and Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The law judge barred the Battermans from association with any investment adviser.

Among the issues likely to be considered are:

  1. Whether Federal Rule of Civil Procedure 36(b) provides that the district court injunction may not be used as a basis for this proceeding where the district court deemed that the Battermans had admitted certain allegations in Requests for Admissions filed by the Commission based on their failure to deny properly those allegations;
  2. Whether the doctrine of collateral estoppel precludes the Battermans’ challenge to the district court’s findings;
  3. Whether Randall Batterman was “a person associated with an investment adviser” within the meaning of the Advisers Act; and
  4. Whether sanctions are appropriate in the public interest.

For further information, please contact the Office of the Secretary at (202) 942-7070.



Modified: 10/06/2004