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News May 30, 2005 Issue

SEC Order Scuttles Acquisition Deal

Imagine this: you form an advisory firm in your twenties, grow it, and as you approach retirement, put a plan in place to sell the firm to a successor. The multi-million dollar deal is contingent on your firm maintaining its registration with the SEC as an investment adviser.

And then, the SEC revokes your firmís registration.

You can read the painful details in a May 24 ALJ decision involving Schield Management Company and founder Marshall Schield. Among the alleged acts that got Schield in trouble: refusing to turn over documents to SEC examiners and instructing employees to delete e-mails during the course of an SEC exam.