Market-Timing Judgment Against Deustche Bank Securities Broker

SEC OBTAINS FINAL JUDGMENT AGAINST FORMER REGISTERED REPRESENTATIVE AT
   DEUTSCHE BANK SECURITIES, INC. FOR DECEPTIVE MARKET TIMING  OF  MUTUAL
   FUNDS

The SEC announced  that  on  Jan.  26,  2007,  the  U.S. District Court for the Southern District of New York entered  a final judgment  against  Michael  G.  Velasco.  Velasco  was  a   registered representative at Deutsche Bank Securities, Inc., a registered broker-dealer and investment adviser. In the complaint in  this  action,  the Commission alleges that Velasco defrauded mutual funds by engaging  in deceptive practices to circumvent mutual funds'  restrictions  on  his market  timing  customers.  The  final  judgment  permanently  enjoins Velasco from violating Section 17(a) of the Securities  Act  of  1933, Section 10(b) of the Securities Exchange Act of 1934, and Rule  10b-5.  In addition, the final judgment directs Velasco to pay disgorgement of    $60,824.26 plus prejudgment interest of $8,063.17, and directs him  to pay a civil penalty of $60,824.26. Velasco consented to the  entry  of the final judgment without admitting or denying the allegations in the complaint. The Commission also announced today that  it  instituted  a settled administrative  proceeding  against  Velasco.  The  Commission entered an order based on the entry of the injunction barring  Velasco from association with any broker or dealer or investment adviser, with the right to reapply  for  association  after  2  years,  pursuant  to Section 15(b) of the Exchange Act and Section 203(f) of the Investment Advisers Act of 1940. Velasco consented to  the  entry  of  the  order without admitting or denying its findings except he admitted the entry of the injunction.