Open Meeting Agenda
Monday, September 8, 2008

Agenda as of September 5, 2008. Note that Open Meeting agendas are subject to last-minute changes.

Item 1: Brendan E. Murray

The Commission will hear oral argument in an appeal by Brendan E. Murray from the decision of an administrative law judge. The law judge found that Murray, formerly a managing director of registered investment adviser Cornerstone Equity Advisers, Inc. ("Cornerstone") and secretary to Cornerstone's advisory clients the Cornerstone Funds, Inc. (the "Funds"), willfully aided and abetted and caused Cornerstone to violate antifraud provisions of the Investment Advisers Act of 1940, and that Murray converted assets of the Funds in violation of the Investment Company Act of 1940. The law judge barred Murray from associating with any investment adviser and from working for any registered investment company, assessed a civil money penalty, imposed a cease-and-desist order, and ordered disgorgement plus prejudgment interest.

Among the issues likely to be argued are whether Murray is liable as charged, whether Murray acted with scienter, and whether there is merit to Murray's contention that he was denied a fair hearing. The parties may also address whether and to what extent Murray should be sanctioned if he is found to have committed the alleged violations.

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