Subject: File No. S7-06-04
From: Scott K. Lewis

March 17, 2004

I am of the opinion that the Mutual Fund industry needs to disclose more information about conflicts of interest,etc., IN PLAIN COMMON ENGLISH NOT IN FINANCIAL LEGALIZE that only people in the industry understand.

The people who vest in IRAS, investment vehicles, etc., that are on the outside looking in must receive some degree of assurances that collusion or irregularities that have occurred over the years is met with sufficient deterrents. One such way is to require mandatory incarceration for anyone involved in such irregularities, either buyers or sellers. That together with repayment of all funds, banishment from the industry for life should be a minimum penalty to be paid for disrupting the welfare of others that depend on the trust given these individuals. We cannot allow people to blatantly disregard the financial welfare of many when these financial forces are not part of the free market system. I would like to believe these mutual fund violations are of a recent nature but Im not that naive.