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1
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SEC ADMINISTRATIVE PROCEEDING
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EXTRACTED KEY WORDS
COMMISSION PROCEEDING INVESTMENT ADVISERS ACT FORM ADV-Y2K HUBER HOGAN SECURITIES EXCHANGE COMMISSION FAILING RUSSON SEARS ALLEGES RESPONDENTS DISCLOSURE CEASE-AND-DESIST PROCEEDING PURSUANT PREPAREDNESS HUBER HOGAN CONSULTING RED BANK JERSEY RUSSON FINANCIAL SERVICES WOODLAND HILLS CALIFORNIA ROBERT NORTHAMPTON MASSACHUSETTS REPORTED ASSETS MANAGEMENT ALLEGATIONS CIVIL PENALTIES SANCTIONS |
SECURITIES AND EXCHANGE COMMISSION
INVESTMENT ADVISERS ACT OF 1940
RELEASE NO. 1816 \ August 26, 1999
ADMINISTRATIVE PROCEEDING
File No. 3-9985
COMMISSION INSTITUTES PROCEEDING AGAINST THREE INVESTMENT ADVISERS FOR
FAILING TO MAKE TIMELY YEAR 2000-RELATED DISCLOSURE
The Securities and Exchange Commission ("Commission") announced that
it issued an Order Instituting Public Administrative and
Cease-and-Desist Proceeding Pursuant to Sections 203(e) and 203(k) of
the Investment Advisers Act of 1940 against three investment advisers
for failing to timely file an updated Form ADV-Y2K. Form ADV-Y2K was
designed to enable the Commission to evaluate the preparedness of
investment advisers for the Year 2000. The advisers named in the
proceeding are Huber Hogan Consulting, Inc. ("Huber Hogan") of Red
Bank, New Jersey; Russon Financial Services, Inc. ("Russon") of
Woodland Hills, California; and Robert C. Sears ("Sears") of
Northampton, Massachusetts. The Order alleges that Huber Hogan, Russon
and Sears, each of which reported assets under management of not less
than $25 million, were required to and failed to file Part I of Form
ADV-Y2K by June 7, 1999. The Order further alleges that the
respondents violated Section 204 of the Investment Advisers Act of
1940 and Rule 204-5. A hearing will be scheduled to determine whether
the allegations are true and whether cease-and-desist orders, civil
penalties and other sanctions are appropriate against these
respondents.
_________________________________________________________________
Modified 08/30/1999
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