
[Federal Register Volume 80, Number 109 (Monday, June 8, 2015)]
[Notices]
[Page 32424]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-13984]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting

    Notice is hereby given, pursuant to the provisions of the 
Government in the Sunshine Act, Public Law 94-409, that the Securities 
and Exchange Commission will hold an Open Meeting on June 8, 2015, at 
1:00 p.m., in Room 10800 at the Commission's headquarters building, to 
hear oral argument in cross-appeals by Timbervest, LLC, Joel Barth 
Shapiro, Walter William Anthony Boden, III, Donald David Zell, Jr., 
Gordon Jones II (collectively, Respondents), and the Division of 
Enforcement from an initial decision of an administrative law judge.
    On August 20, 2014, the law judge found that Timbervest violated 
Sections 206(1) and 206(2) of the Investment Advisers Act in connection 
with a repurchase arrangement and real estate commissions. The law 
judge also found that each of the individual Respondents aided, 
abetted, and caused the Section 206 violations that were connected to 
the repurchase agreement. But the law judge concluded that only Shapiro 
and Boden acted with scienter in furthering Timbervest's violations 
related to the real estate commissions; the law judge concluded that 
Zell and Jones were merely negligent. The law judge accordingly found 
that Shapiro and Jones aided, abetted, and caused Timbervest's Sections 
206(1) and 206(2) violations, but found that Jones and Zell aided, 
abetted, and caused only Timbervest's Section 206(2) violation. The law 
judge imposed cease-and-desist orders on Respondents and ordered 
disgorgement.
    The issues likely to considered at oral argument include whether 
Respondents violated Advisers Act Sections 206(1) and 206(2) as alleged 
and, if so, the extent to which they should be sanctioned for those 
violations. Also likely to be considered at oral argument is whether 
these administrative proceedings violate the U.S. Constitution.
    The General Counsel of the Commission, or her designee, has 
certified that, in her opinion, one or more of the exemptions set forth 
in 5 U.S.C. 552b(c)(3), (5), (7), 9(B) and (10) and 17 CFR 
200.402(a)(3), (5), (7), 9(ii) and (10), permit consideration of the 
scheduled matter at the Closed Meeting.
    Chair White, as duty officer, voted to consider the item listed for 
the Closed Meeting in closed session, and determined that Commission 
business required consideration earlier than one week from today. No 
earlier notice of this Meeting was practicable.
    The subject matter of June 8, 2015 Closed Meeting will be:

Post argument discussion

    For further information, please contact the Office of the Secretary 
at (202) 551-5400.

    Dated: June 2, 2015.
Brent J. Fields,
Secretary.
[FR Doc. 2015-13984 Filed 6-4-15; 11:15 am]
 BILLING CODE 8011-01-P


