From: KSmrekar@alleghenyfinancial.com
Sent: Monday, June 24, 2002 3:52 PM
To: rule-comments@sec.gov
Subject: File No. S7-25-99

I am an owner of both a broker-dealer and an investment advisory firm.
I would like the SEC to withdraw the proposed rule exempting certain
broker-dealer activity from the Investment Advisers Act of 1940.  I believe
that without the appropriate existing regulations,  there will be wide
spread abuse resulting in consumer distrust of my industry.
I would like to build consumer confidence in my industry and in the markets
in general and believe that the present regulations should not be weakened
by deregulation.
Thank you,
Karl Smrekar
Allegheny Investments
Allegheny Financial Group


Karl
 










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