Downey, Steven of Louisville, KY

Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Downey’s AICPA membership was suspended for three years, effective July 8, 2015, in connection with the disciplinary action taken by the Security Exchange Commissioner. Whereby, through an “Offer of Settlement”, and without admitting or denying the charges, the SEC denied Mr. Downey the privilege of appearing or practicing before the Commission as an accountant with the right to apply for reinstatement after three years from the effective date of the SEC’s Order for willfully violating Sections 206(2) and 2016(4) of the Advisers Act and Rule 206(4)-8 promulgated thereunder, which prohibit conduct by an investment adviser that operates as a fraud.