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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
GRIGGS BROWN INVESTMENT ACT MITCHELL HUTCHINS FUND PURCHASE PRICES COMMISSION PORTFOLIO NON-PAC IOS INVESTMENT ADVISERS EXCHANGE MANAGEMENT SUPERVISION VOLATILITY CUSTODIAN-PROVIDED PRICES POS PROCEEDING PROSPECTUS NAV RESPONDENT ASSET INVESTMENT COMPANY DISCLOSURES VIOLATIONS OVERRODE CUSTODIAN-PROVIDED PRICES ADMINISTRATIVE PROCEEDING GOVERNMENT INCOME FUND |
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
Release No. 1836 / September 27, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9703
In the Matter of
ELLEN GRIGGS
Respondent.
ORDER MAKING FINDINGS AND
IMPOSING REMEDIAL SANCTION
I.
On September 14, 1998, the Securities and Exchange Commission (the
"Commission") deemed it appropriate and in the public interest to
institute this public administrative proceeding pursuant to Section
203(f) of the Investment Advisers Act of 1940 (the "Advisers Act")
against Respondent Ellen Griggs ("Griggs").
In response to the institution of this administrative proceeding,
Griggs has submitted an Offer of Settlement (the "Offer"), which the
Commission has determined to accept. Solely for the purpose of this
proceeding, and any other proceeding brought by or on behalf of the
Commission, or to which the Commission is a party, and prior to a
hearing pursuant to the Commission's Rules of Practice, 17 C.F.R.
201.100, ., and without admitting or denying the findings set forth in
this order, except as to the Commission's jurisdiction over her and
the subject matter of this proceeding, which Griggs admits, Griggs
consents to the entry of this Order Making Findings and Imposing
Remedial Sanctions (the "Order").
II.
On the basis of this Order and the Offer of Settlement submitted by
Griggs, the Commission finds that
A. Respondent
ELLEN GRIGGS, 44, a resident of Milwaukee, Wisconsin, formerly served
as a chief investment officer of Mitchell Hutchins Asset Management,
Inc. ("Mitchell Hutchins"). She served as the co-portfolio manager of
the PaineWebber Short-Term U.S. Government Income Fund from its
inception in March 1993 until her resignation from Mitchell Hutchins
in July 1994. In addition, during her tenure at the firm, Griggs had
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