April 19, 2001

ADVISER CHARGED WITH IMPROPER ADVERTISING AND PERFORMANCE FEE

The SEC brought an administrative proceeding against Jeremiah Hegarty and Michael Hegarty for violating the antifraud provisions of the Investment Advisers Act. The Hegarties had perviously been enjoined by a federal district court from violating the advertising and performance fee provisions of the Advisers Act.

Jeremiah Hegarty was ordered by the court to pay a civil fine of $125,000. Michael Hegarty was ordered to disgorge brokerage commissions obtained as a result of the fraud in the amount of $92,998.