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ENFORCEMENT PROCEEDINGS - In the Matter of David D. Hepworth
[June 28, 2010]

ENFORCEMENT PROCEEDINGS - In the Matter of David D. Hepworth


Jun 28, 2010 (SECURITIES AND EXCHANGE COMMISSION RELEASE/ContentWorks via COMTEX) -- On June 28, 2010, the Commission issued an Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Sections 203(f) and 203(k) of the Investment Advisers Act of 1940, and Section 9(b) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (Order) against David D. Hepworth (Hepworth).



The Order finds that Hepworth, the former Chief Compliance Officer of Interfund Capital Corp. (Interfund), formerly a registered investment adviser located in Ketchum, Idaho, misappropriated approximately $650,000 from investors in a private fund that Interfund managed. According to the Order, Hepworth used the funds to pay personal and business expenses. The Order also finds that Hepworth aided and abetted and caused Interfund's failure to maintain proper custody of client funds and securities.

Based on the above, the Order directs Hepworth to cease and desist from committing or causing any violations and any future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act and Rule 206(4)-2 thereunder, bars Hepworth from association with any investment adviser, and prohibits him from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person of such investment adviser, depositor, or principal underwriter. Hepworth consented to the issuance of the Order without admitting or denying the findings in the Order. (Rel. 34-62390; Rel. IA-3042; IC-29334; File No. 3-13951)

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