UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 72429 / June 18, 2014

ADMINISTRATIVE PROCEEDING

File No. 3-14641

____________________________________

:

:

:

CHARLES L. RIZZO and

:

GINA M. HORNBOGEN,

:

:

:

Respondents.

:

____________________________________:

In the Matter of

NOTICE OF AMENDED

PROPOSED PLAN OF

DISTRIBUTION AND

OPPORTUNITY FOR

COMMENT

Notice is hereby given, pursuant to Rule 1103 of the Securities and Exchange

Commission’s (“Commission”) Rules on Fair Fund and Disgorgement Plans, 17 C.F.R.

§ 201.1103, that the Division of Enforcement has submitted to the Commission an

amended proposed plan for the distribution of monies placed into a Fair Fund established

in the above-captioned matter. On September 30, 2013, the Commission issued a Notice

of Proposed Plan of Distribution and Opportunity for Comment (Exchange Act Rel. No.

70573 (Sept. 30, 2013)). The Plan has been amended from the Proposed Distribution

Plan previously noticed on September 30, 2013 in order to respond to the comments

received and include two additional Eligible Fair Fund recipients

On July 20, 2012, the 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”).

OPPORTUNITY FOR COMMENT

Pursuant to this Notice, all interested parties are advised that they may obtain a

copy of the Amended Proposed Plan of Distribution (the “Amended Plan”) from the

Commission’s public website, http://www.sec.gov. Interested parties may also obtain

a written copy of the Amended Plan 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 desire to comment on the Plan may

submit their comments, in writing, no later than thirty (30) days from the date of this

Notice:

1. To the Office of the Secretary, United States Securities and Exchange

Commission, 100 F Street, N.E., Washington, DC 20549-1090;

2. By using the Commission’s Internet comment form

(http://www.sec.gov/litigation/admin.shtml); or

3. By sending an e-mail to rule-comments@sec.gov.

Comments submitted by email or via the Commission’s website should include

“Administrative Proceeding File Number 3-14641” in the subject line. Comments

received will be publicly available. Persons should submit only information that they

wish to make publicly available.

THE DISTRIBUTION PLAN

The Fair Fund is comprised of the amounts of disgorgement, prejudgment

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

local taxes and fees and expenses. Rizzo has paid $172,810 in disgorgement,

prejudgment interest and civil monetary penalties, and Hornbogen has paid

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

remainder of Hornbogen’s payments in the amount of $14,856.95, 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 Clients, the latter of which is anticipated to

occur after all scheduled payments have been received.

The Amended Plan adds two Eligible Clients and 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. Eligible Clients will not need to go

through a claims process; rather, they will be determined from available records. The

Eligible Clients will not be required to make claims or submit documentation to

establish their eligibility. The Amended Plan provides that on the basis of

information obtained by the Commission staff through review and analysis of

applicable records, the Fund Administrator will identify the Eligible Clients. Within

thirty (30) days of the Commission’s approval of the Amended Plan, the Fund

Administrator will send each Eligible Client a notice by United States Postal Service

regarding the Commission’s approval of the Amended Plan, including as appropriate,

a statement characterizing the distribution, a link to the Amended Plan posted on the

Commission’s website and instructions for requesting a copy of the Amended Plan, a

Net Loss Amount calculation and a preliminary Gross Distribution Amount, a

2

description of the tax information reporting and other related tax matters, the

procedure for the distribution as set forth in the Amended Plan, and the name of the

Fund Administrator to contact with questions regarding the distribution. The Fund

Administrator will coordinate with the appointed Tax Administrator to request

information from each Eligible Client that is needed to accomplish the distribution in

accordance with applicable tax requirements relating to the Fair Fund.

The Amended Plan provides procedures for Eligible Clients to dispute the

amounts received. Disputes will be limited to calculations of disbursement amounts

to Eligible Clients. Should an Eligible Client wish to dispute the amount received, an

Eligible Client must submit a written communication to the Fund Administrator,

Nancy Chase Burton, Esq., United States Securities and Exchange Commission, 100

F Street, N.E., Washington, DC 20549-5631. The Fund Administrator must receive

the written communication detailing the dispute along with any supporting

documentation within thirty days of the date that an Eligible Client’s disbursement is

made. The Fund Administrator will investigate the dispute, and such investigation

will include a review of the written dispute as well as any supporting documentation.

Within thirty days of receipt of the written dispute, the Fund Administrator will notify

the Eligible Client of the resolution of the dispute, which shall be final.

By the Commission.

Lynn M. Powalski

Deputy Secretary

3