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SIGNATURE JAVED LATEF
TITLE PRESIDENT
Hudson Investors Fund, Inc.
Attachment
77E. Adminstrative and cease and desist proceedings were instituted against the
Hudson Investors Fund along with its advisor and its president and Mr.
Larry Stockett, president of Neuropro, Inc., an alleged Nevada corporation
on August 26, 1997. It was alleged that Neuropro, Inc. entered into
undisclosed agreements with Hudson Advisors, Inc. and that the Fund
knowingly invested in stocks controlled and recommended by Neuropro's
president.
An initial decision was issued by an Administrative Law Judge on March 30,
1999.
The Fund was ordered to "cease and desist from committing or causing a
violation or any future violation of Section 17(a) of the Securities Act,
Section 10(b) of the Exchange Act, and Rule 10b-5 thereunder, Section 34(b)
of the Company Act."
The Adviser was ordered to "cease and desist from committing or causing a
violation or any future violation of Section 17(a) of the Securities Act,
Section 10(b) of the Exchange Act and Rule 10(b)-5 thereunder, Section
34(b) of the Company Act, and Section 204 and 207 of the Adviser Act and
rule 204-1(b) therunder."
Javed Anver Latef was ordered to "cease and desist from committing or
causing a violation or any future violation of Section 17(a) of Securities
Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, Section
34(b) of the Company Act, and Section 207 of the Adviser Act." The order
further stated that "Javed Anver Latef be, and hereby is, suspended from
being associated with an investment adviser or an investment company for a
period of three months."
The Hudson Investors Fund, Inc. and Hudson Advisors, Inc. decided not to
file a petition for review of the Initial Decision by the Administrative
Law Judge. Therefore, this decision has become final with regard to these
entities.
Mr. Latef petitioned for review of the Administrative Law Judge's decision.
This petition for review of the initial decision was granted on April 27,
1999. The final outcome of this petition is not known.
77K. Demian & Company, 72 Academy St., South Orange, NJ, successor to the
practice of M.R. Reis & Company, 87 Mountain View Ave., Nutley, NJ was
appointed auditor of Hudson Investors Fund, Inc. in May 1998.
