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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
COMMISSION ADVISERS ACT ACCOUNTS PRIVATELY MANAGED ACCOUNTS FUNDS SECURITIES BROKER-DEALERS PURSUANT CLIENTS INVESTMENT ADVISER EXCHANGE COMMISSION FOSTER EXECUTION TRANSACTIONS VIOLATION MONEY ORDER POLICY UNITED STATES RESPONDENTS COMMISSION RATE BANK INSTITUTING SUCCESSOR REGISTRANT ENTRY COLORADO TRADES FORM ADV PAYMENT |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1879 / June 15, 2000
ADMINISTRATIVE PROCEEDING
File No. 3-10232
In the Matter of
Founders Asset Management LLC and Bjorn K. Borgen
ORDER INSTITUTING
PROCEEDINGS PURSUANT TO
SECTIONS 203(e), 203(f) AND 203(k)
OF THE INVESTMENT ADVISERS ACT OF 1940, MAKING FINDINGS AND
IMPOSING REMEDIAL SANCTIONS
AND A CEASE-AND-DESIST ORDER
I.
The United States Securities and Exchange Commission (the
"Commission") deems it appropriate in the public interest and for the
protection of investors that administrative and cease-and-desist
proceedings be instituted pursuant to Sections 203(e) and 203(k) of
the Investment Advisers Act of 1940 (the "Advisers Act") against
Founders Asset Management LLC ("New Founders"), as successor to
Founders Asset Management, Inc. ("Old Founders"), and pursuant to
Sections 203(f) and 203(k) of the Advisers Act against Bjorn K. Borgen
("Borgen") (collectively "Respondents").
II.
In anticipation of the institution of these proceedings, Respondents
have submitted Offers of Settlement ("Offers") that the Commission has
determined to accept. Solely for the purpose of these proceedings and
any other proceedings brought by or on behalf of the Commission or in
which the Commission is a party, and without admitting or denying the
findings, except those findings pertaining to the jurisdiction of the
Commission over them and the subject matter of these proceedings,
Respondents consent to the entry of the findings and the imposition of
the remedial sanctions and cease-and-desist order as set forth herein.
Accordingly, IT IS ORDERED that proceedings pursuant to Sections
203(e), 203(f) and 203(k) of the Advisers Act be, and hereby are,
instituted.
SNIPPETS:
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