UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
RELEASE NO. 1801 / June 10, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9916
In the Matter of
BOSTON INVESTMENT COUNSEL, INC.
and ROBERT E. CAMPANELLA,
ORDER INSTITUTING PROCEEDINGS PURSUANT TO SECTIONS 203(e), 203(f)
ADVISERS ACT OF 1940, MAKING FINDINGS, IMPOSING REMEDIAL
I.
The Securities and Exchange Commission deems it appropriate and in the
public interest that a public administrative and cease-and-desist
proceeding be, and hereby is, instituted pursuant to Sections 203(e),
203(f) and 203(k) of the Investment Advisers Act of 1940 ("Advisers
Act") against Respondents Boston Investment Counsel, Inc. ("BIC") and
Robert E. Campanella ("Campanella").
II.
In anticipation of the institution of these administrative
proceedings, BIC and Campanella 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, which they admit, BIC and
Campanella by their Offers consent to the entry of this Order
Instituting Proceedings, Making Findings, Imposing Remedial Sanctions
and Issuing Cease-and-Desist-Order (the "Order"), as set forth herein.
III.
On the basis of this Order and the Offers submitted by BIC and
Campanella, the Commission makes the following findings
A. Respondents
1. BIC (File No. 801-45894) is a Massachusetts corporation located in
Hingham, Massachusetts. BIC and its predecessor, a sole
proprietorship, were registered with the Commission as investment
SNIPPETS:
SECURITIES AND EXCHANGE COMMISSION
BOSTON INVESTMENT COUNSEL, INC. and ROBERT E. CAMPANELLA,
ORDER INSTITUTING PROCEEDINGS PURSUANT TO SECTIONS 203,
ADVISERS ACT OF 1940, MAKING FINDINGS, IMPOSING REMEDIAL
Respondents
BIC and its predecessor, a sole proprietorship, were registered with the Commission as
Since 1994, BIC has offered investment advisory services on a discretionary basis, primarily
BIC, through Campanella, provided false and misleading information about the firm to Nelson
Nelson obtains information for its publications by sending a standard questionnaire to money
Nelson uses the information it obtains from money managers to publish various reports,
In addition, BIC, through Campanella, reported to Nelson performance results without
BIC informed Nelson that it had five investment professionals on its staff.
Campanella has always been BIC's sole employee.
Violations
Section 204 of the Advisers Act by using the mails or means or instrumentalities of
BIC and Campanella shall, within 30 days of the entry of this Order, together pay a civil
BIC shall comply with its undertaking to mail a copy of this Order, together with a cover
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