v3482-431

UNITED STATES COURT OP APPEALS

FOR THE NINTH CIRCUIT

No. 22487

ROBERT W. NEES, ^^

Petitioner,

SECURITIES AND EXCHANGE COMMISSION,

Respondent.

On Petition For Review of an Order of the

Securities and Exchange Conmission

ANSWERING BRIEF OF THE

SECURITIES AND EXCHANGE COMMISSION, RESPONDENT

PHILIP A. LOOMIS, JR.

General Counsel

DAVID FERBER

Solicitor

DONALD M. FEUERSTEIN

Assistant General Counsel

RICHARD E. NATHAN

Attorney

Securities and Exchange

Conroission

Washington, D.C. 20549

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