UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC ADMIN RELEASE 34-64098; IA RELEASE 3176, MARCH 18, 2011: THE SECURITIES AND EXCHANGE COMMISSION ("COMMISSION") DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE PROCEEDINGS BE INSTITUTED PURSUANT TO SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND SECTION 203(F) OF THE INVESTMENT ADVISERS ACT OF 1940 ("ADVISERS ACT") AGAINST JASON N. GINDER ("GINDER" OR "RESPONDENT"). THE COMMISSION FOUND THAT: ON MARCH 9, 2011, THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK ENTERED A FINAL JUDGMENT BY CONSENT AGAINST GINDER PERMANENTLY ENJOINING HIM FROM FUTURE VIOLATIONS OF SECTION 17(A) OF THE SECURITIES ACT OF 1933 ("SECURITIES ACT") AND SECTION 10(B) OF THE EXCHANGE ACT AND RULE 10B-5 THEREUNDER, IN THE CIVIL ACTION NUMBER 06-CV-6483.

Order

Suspension

ASSOCIATION WITH ANY BROKER, DEALER, INVESTMENT ADVISER, MUNICIPAL SECURITIES DEALER, OR TRANSFER AGENT

9 MONTHS

3/28/2011

12/27/2011

PARTICIPATING IN ANY OFFERING OF PENNY STOCK

9 MONTHS

3/28/2011

12/27/2011

Undertaking

WITHOUT ADMITTING OR DENYING THE ALLEGATIONS EXCEPT AS TO THE ABOVE FINDINGS, I CONSENTED TO THE ENTRY OF THE ORDER IN ORDER TO AVOID PROTRACTED LITIGATION RELATING TO THIS MATTER.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

SEC LITIGATION RELEASE 19813, AUGUST 28, 2006: THE SECURITIES AND EXCHANGE COMMISSION ("COMMISSION") ANNOUNCED A CIVIL FRAUD ACTION AGAINST JASON GINDER, A REGISTERED REPRESENTATIVE FORMERLY EMPLOYED BY A BROKER-DEALER, IN CONNECTION WITH HIS MARKET TIMING TRADES IN NUMEROUS MUTUAL FUNDS. THE COMMISSION ALLEGED THAT GINDER VIOLATED SECTION 17(A) OF THE SECURITIES ACT OF 1933 ("SECURITIES ACT") AND SECTION 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT") AND RULE 10B-5 THEREUNDER. THE COMMISSION ALLEGED THAT, FROM AT LEAST 2001 THROUGH SEPTEMBER 2003, GINDER DEFRAUDED MORE DOZENS OF MUTUAL FUND COMPANIES AND THEIR SHAREHOLDERS IN THOUSANDS OF MARKET TIMING TRADES WORTH MORE THAN $2.5 BILLION. GINDER ACCOMPLISHED THE FRAUD BY MISREPRESENTING HIS IDENTITY AND THE IDENTITIES OF HIS HEDGE FUND CUSTOMERS. GINDER KNEW THAT CERTAIN MUTUAL FUND COMPANIES MONITORED ACTIVITY IN HIS FUNDS FOR EXCESSIVE TRADING. TO MAKE THEIR MARKET TIMING HARDER TO DETECT, GINDER OPENED MORE THAN 750 ACCOUNTS FOR WHAT WERE, IN REALITY, ONLY A HANDFUL OF CUSTOMERS, AND SUBMITTED TRADES USING DOZENS OF BROKER IDENTIFICATION NUMBERS. WHEN A FUND COMPANY MANAGED TO IDENTIFY CERTAIN ACCOUNTS AND BROKER IDENTIFICATION NUMBERS AS ENGAGED IN MARKET TIMING, GINDER USED ACCOUNTS AND NUMBERS THAT HAD NOT YET BEEN BLOCKED TO EVADE THE RESTRICTIONS AND CONTINUE TRADING. GINDER'S USE OF MULTIPLE ACCOUNTS AND BROKER IDENTIFICATION NUMBERS CONCEALED HIS AND HIS CUSTOMERS' IDENTITIES AND THUS MISLED THE FUND COMPANIES INTO PROCESSING TRADES FROM BROKERS AND CUSTOMERS WHOSE BUSINESS THEY WANTED TO REJECT.

Judgment Rendered

Civil and Administrative Penalty(ies)/Fine(s)

Injunction

WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, I CONSENTED TO THE ENTRY OF THE JUDGMENT IN ORDER TO AVOID PROTRACTED LITIGATION RELATING TO THIS MATTER.

CLIENT ALLEGES THAT TOO MUCH RISK WAS TAKEN WITH THEIR PORTFOLIO CAUSING THEM LOSSES.

$110,000.00

SOON AFTER THE CLIENTS TRANSFERRED THEIR ACCOUNT TO PSI, FOLLOWING ME FROM OPPENHEIMER, THEY DECIDED NOT TO PAY THE FEES ASSOCIATED WITH A MANAGED ACCOUNT AND ASKED ME TO STOP MANAGING IT. THEY ALSO INDICATED THAT THEY WOULD BE TRANSFERRING. NO FURTHUR TRADES WERE DONE BY ME AFTER THAT. THEY CONTINUED TO TRADE IN THEIR OWN AND WITHDRAW MONEY FROM THEIR ACCOUNT.

[CUSTOMER] INTITIATED A CUSTOMER COMPLAINT AGAINST ME ALLEGING EXCESSIVE TRADING IN THE ACCOUNT, AS WELL AS QUESTIONING THE SUITABILITY OF PUTTING THE ACCOUNT ON MARGIN AND TRADING OPTIONS. WHILE THE CLIENT ADMITS THAT THE ACCOUNT MADE $7,000 OVER ITS LIFE AT OPPENHEIMER, SHE IS STILL ALLEGING DAMAGES OF $64,300

$64,300.00

$25,000.00

SETTLED FOR $25,000 WHICH WILL BE PAID HALF BY ME AND HALF BY PARTNER [OTHER FIRM EMPLOYEE]. WHILE I INITIATED THE RELATIONSHIP WITH [CUSTOMER], AND OPENED HER ACCOUNT AT OPPENHEIMER MY PARTNER PROVIDED ALL OF THE RECOMMENDATIONS AND TRADING WHICH TOOK PLACE IN THE ACCOUNT.