UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 72667 / July 24, 2014

ADMINISTRATIVE PROCEEDING

File No. 3-14641

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CHARLES L. RIZZO and

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GINA M. HORNBOGEN,

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Respondents.

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In the Matter of

ORDER APPROVING

AMENDED PLAN OF

DISTRIBUTION

On July 20, 2012, the Securities and Exchange Commission (“Commission”) issued an

Order Making Findings and Imposing Remedial Sanctions Pursuant to Section 203(f) of the

Investment Advisers Act of 1940 and Section 15(b)(6) of the Securities Exchange Act of

1934 against Charles L. Rizzo (“Rizzo”) and Gina M. Hornbogen (“Hornbogen”)

(collectively, “Respondents”) (the “Order”) (Exchange Act Rel. No. 67479 (July 20, 2012)).

The Order found that Respondents failed reasonably to supervise Steven Salutric (“Salutric”),

who, while acting as an investment adviser for Results One Financial, LLC, misappropriated

millions of dollars from his advisory clients at Results One.

In the Order, Rizzo was ordered to pay disgorgement of $35,079, prejudgment interest of

$7,731, and civil penalties of $130,000, and Hornbogen was ordered to pay disgorgement of

$15,592, prejudgment interest of $3,467, and civil penalties of $25,000. The Order created a

Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended. The Fair

Fund is comprised of the disgorgement, prejudgment interest and penalties ordered to be paid by

Respondents, for distribution to clients of Results One who suffered a net loss of funds as a

result of Salutric’s misappropriation of funds during the period of time, June 1, 2003 through

December 31, 2009, when the Respondents failed to reasonably supervise Salutric (collectively,

“Eligible Clients”).

On September 30, 2013, pursuant to Rule 1103 of the Commission’s Rules on Fair Fund

and Disgorgement Plans, 17 C.F.R. § 201.1103, the Commission issued a Notice of Proposed

Plan of Distribution and Opportunity for Comment (Exchange Act Rel. No. 70573 (Sept. 30,

2013)). The Notice provided all interested parties thirty (30) days to submit a comment on the

Proposed Plan of Distribution (“Proposed Plan”). The Notice advised interested parties that

they could obtain a copy of the Proposed Plan from the Commission’s public website or by

submitting a written request to Nancy Chase Burton, Esq., United States Securities and

Exchange Commission, 100 F Street, N.E., Washington, DC 20549-5631. All persons who

desired to comment on the Proposed Plan could submit their comments, in writing, no later

than thirty (30) days from the date of the Notice. Two comments were submitted. On June

18, 2014, the Commission issued a Notice of Amended Proposed Plan of Distribution and

Opportunity for Comment in order to respond to the comments received and include two

additional Eligible Fair Fund recipients (Exchange Act Rel. No. 72429 (June 18, 2014)). No

additional comments were submitted.

The Amended Proposed Plan of Distribution (“Amended Plan”) provides for a

distribution of the Fair Fund comprised of the amounts of disgorgement, prejudgment interest

and civil monetary penalties paid by Respondents, less any federal, state, or local taxes and

costs and expenses of distributing the Fair Fund. Rizzo has paid $172,810 in disgorgement,

prejudgment interest and civil monetary penalties, and Hornbogen has paid at least

$29,202.05 in disgorgement, prejudgment interest, and civil monetary penalties. The

remainder of Hornbogen’s payments, plus post-order interest, is to be paid in installments

through July 2015. It is anticipated that there will be two disbursements to the Eligible

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Clients, the latter of which is anticipated to occur after all scheduled payments have been

received.

The Amended Plan provides for distribution of the Fair Fund to Eligible Clients, and

further provides for all Eligible Clients to receive monies from the Fair Fund that represents

their proportionate share of the distributable amount of the Fair Fund. The Fair Fund is not

being distributed according to a claims-made process.

The Division of Enforcement now requests that the Commission approve the

Amended Plan.

Accordingly, it is hereby ORDERED, pursuant to Rule 1104, 17 C.F.R. § 201.1104,

that the Amended Plan is approved.

For the Commission, by its Secretary, pursuant to delegated authority.

Lynn M. Powalski

Deputy Secretary

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