Annable Turner & Co., Inc. and Roger E. Turner Lillian A. McEwen, Administrative Law Judge

SECURITIES EXCHANGE ACT OF 1934
Release No. 41842 / September 8, 1999

INVESTMENT ADVISERS ACT OF 1940
Release No. 1820 / September 8, 1999

ADMINISTRATIVE PROCEEDING
File No. 3-10004

INVESTMENT ADVISER NAMED IN ADMINISTRATIVE PROCEEDINGS

The Securities and Exchange Commission today instituted public administrative proceedings against Annable Turner & Co., Inc. ("ATCO"), a registered investment adviser, and Roger E. Turner ("Turner"), ATCO's principal and a former registered representative with a registered broker-dealer. The Division of Enforcement alleges that ATCO and Turner conducted a ponzi scheme in which they defrauded 35 of ATCO's advisory clients and other investors who lost a total of approximately $5.46 million. More specifically, ATCO and Turner induced clients to liquidate their conservatively invested retirement savings to purchase other supposedly safe, but more profitable, securities through ATCO. These securities, however, either did not exist or involved investments in speculative ventures. Turner instead diverted client monies to fund various now-defunct businesses he controlled, to pay his personal expenses and to make ponzi payments to investors. To conceal his conduct and to induce further investments, Turner disseminated ATCO portfolio statements falsely reflecting substantial account values.

The Division alleges that ATCO and Turner committed violations of the antifraud provisions under the Securities Exchange Act of 1934, Securities Act of 1933 and the Investment Advisers Act of 1940 ("Advisers Act"). The Division further alleges that ATCO violated, and Turner aided and abetted violations of the filing and recordkeeping requirements of the Advisers Act. The Division seeks remedial sanctions based on the willful violations of these provisions and Turner's federal criminal conviction related to this scheme.

A hearing will be held before an administrative law judge to determine whether the staff's allegations against ATCO and Turner are true, and if so, what, if any, remedial action is appropriate and whether respondents should be ordered to pay disgorgement.