Open Meeting Agenda
Monday, November 14, 2005, 11:00 a.m.

Agenda as of November 10, 2005. Note that Open Meeting agendas are subject to last-minute changes.

Item 1: IFG Network Securities, Inc., David Ledbetter, and William Kissinger

The Commission will hear oral argument on an appeal by the Division of Enforcement from the decision of an administrative law judge. The law judge dismissed the Division’s charges against William Kissinger, who was formerly a registered representative and office of supervisory jurisdiction principal of registered broker-dealer IFG Network Securities, Inc. (“IFG”), and who was associated with Kissinger Advisory, formerly a registered investment adviser. The Division alleged that Kissinger violated Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and that he aided and abetted Kissinger Advisory’s violations of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940. The Division maintains that Kissinger failed to disclose material information in connection with his sale of Class B shares of certain mutual funds to six customers in 1999 and 2000. The law judge also dismissed the Division’s charges that IFG and David Ledbetter, IFG’s president from 1989 to 2000, had failed reasonably to supervise Kissinger with a view to preventing his violations of the antifraud provisions, as required by Sections 15(b)(4)(E) and 15(b)(6) of the Exchange Act.

Among the issues likely to be argued are whether Kissinger violated the antifraud provisions of the federal securities laws, whether IFG and Ledbetter failed reasonably to supervise Kissinger and, if violations are found, whether it is in the public interest to impose sanctions.

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