Here's something you might be interested in.
Ask a Hipster — Advice you didn't know you needed
Big Screen — Movie commentary
Blurt — Music's inside track
Booze News — San Diego spirits
Classical Music — Immortal beauty
Classifieds — Free and easy
Cover Stories — Front-page features
Drinks All Around — Bartenders' drink recipes
Excerpts — Literary and spiritual excerpts
Feast! — Food & drink reviews
Feature Stories — Local news & stories
Fishing Report — What’s getting hooked from ship and shore
From the Archives — Spotlight on the past
Golden Dreams — Talk of the town
The Gonzo Report — Making the musical scene, or at least reporting from it
Letters — Our inbox
Movies@Home — Local movie buffs share favorites
Movie Reviews — Our critics' picks and pans
Musician Interviews — Up close with local artists
Neighborhood News from Stringers — Hyperlocal news
News Ticker — News & politics
Obermeyer — San Diego politics illustrated
Outdoors — Weekly changes in flora and fauna
Overheard in San Diego — Eavesdropping illustrated
Poetry — The old and the new
Reader Travel — Travel section built by travelers
Reading — The hunt for intellectuals
Roam-O-Rama — SoCal's best hiking/biking trails
San Diego Beer — Inside San Diego suds
SD on the QT — Almost factual news
Sheep and Goats — Places of worship
Special Issues — The best of
Street Style — San Diego streets have style
Surf Diego — Real stories from those braving the waves
Theater — On stage in San Diego this week
Tin Fork — Silver spoon alternative
Under the Radar — Matt Potter's undercover work
Unforgettable — Long-ago San Diego
Unreal Estate — San Diego's priciest pads
Your Week — Daily event picks
Open Book
The executive director of the state’s Fair Political Practices Commission has ordered San Diego retirement board member Herbert W. Morgan to disclose the identities of nine customers of his investment operation, Del Mar–based Efficient Market Advisors, LLC. An active Republican who backed John McCain during last year’s presidential campaign, Morgan was named in April to the board of the City’s troubled $3.1 billion retirement system by GOP mayor Jerry Sanders and confirmed by the city council on May 4. The job pays no salary, but members are required by state law to file a disclosure statement of their assets and income, including all single sources of income greater than $10,000. On June 9, Morgan filed his statement, valuing Efficient Market Advisors at over $1 million, with total income greater than $100,000. He included an attachment, titled “Explanation for Nondisclosure of Economic Interests,” maintaining that he was exempt from reporting the identities of nine of his investor clients due to regulations of the federal Securities and Exchange Commission “designed to protect the privacy of consumer financial information.” He added that “eight clients are individuals. To the best of my knowledge, none of the clients has any interest financial or otherwise related to [the retirement fund].” The other client was an institution, he said.
After a reporter’s inquiry, Fair Political Practices Commission executive director Roman Porter reviewed Morgan’s disclosure and wrote him a letter dated July 7 ordering him to disclose the client identities. “In explanation of the nondisclosure of customers of Efficient Market Advisors, you asserted a privilege under United States Securities Exchange Commission Regulation S-P,” Porter wrote. “However, SEC Regulation S-P clearly states that it does not apply to the disclosure of nonpublic personal information, including customer names, ‘[t]o comply with federal, State, or local laws, rules and other applicable legal requirements.’ In other words, SEC Regulation S-P does not prevent disclosure of customers’ names if that disclosure is required to comply with federal, State, or local laws.”
In an interview before Porter’s ruling last week, Morgan said he sought to protect the identity of his customers both for the sake of their privacy as well as to shield them from his competitors. He added that he would resign from the retirement board if required to make the disclosures. However, because Morgan has already taken office, he will have to reveal the clients’ names even if he departs the board, according to the order. “Please be advised that failure to comply with the reporting provisions of the Act can result in a fine by the Commission of up to five thousand dollars per violation.” Reached by phone this week, Morgan said he had no immediate comment regarding his next move.
Here's something you might be interested in.
Open Book
Open Book
The executive director of the state’s Fair Political Practices Commission has ordered San Diego retirement board member Herbert W. Morgan to disclose the identities of nine customers of his investment operation, Del Mar–based Efficient Market Advisors, LLC. An active Republican who backed John McCain during last year’s presidential campaign, Morgan was named in April to the board of the City’s troubled $3.1 billion retirement system by GOP mayor Jerry Sanders and confirmed by the city council on May 4. The job pays no salary, but members are required by state law to file a disclosure statement of their assets and income, including all single sources of income greater than $10,000. On June 9, Morgan filed his statement, valuing Efficient Market Advisors at over $1 million, with total income greater than $100,000. He included an attachment, titled “Explanation for Nondisclosure of Economic Interests,” maintaining that he was exempt from reporting the identities of nine of his investor clients due to regulations of the federal Securities and Exchange Commission “designed to protect the privacy of consumer financial information.” He added that “eight clients are individuals. To the best of my knowledge, none of the clients has any interest financial or otherwise related to [the retirement fund].” The other client was an institution, he said.
After a reporter’s inquiry, Fair Political Practices Commission executive director Roman Porter reviewed Morgan’s disclosure and wrote him a letter dated July 7 ordering him to disclose the client identities. “In explanation of the nondisclosure of customers of Efficient Market Advisors, you asserted a privilege under United States Securities Exchange Commission Regulation S-P,” Porter wrote. “However, SEC Regulation S-P clearly states that it does not apply to the disclosure of nonpublic personal information, including customer names, ‘[t]o comply with federal, State, or local laws, rules and other applicable legal requirements.’ In other words, SEC Regulation S-P does not prevent disclosure of customers’ names if that disclosure is required to comply with federal, State, or local laws.”
In an interview before Porter’s ruling last week, Morgan said he sought to protect the identity of his customers both for the sake of their privacy as well as to shield them from his competitors. He added that he would resign from the retirement board if required to make the disclosures. However, because Morgan has already taken office, he will have to reveal the clients’ names even if he departs the board, according to the order. “Please be advised that failure to comply with the reporting provisions of the Act can result in a fine by the Commission of up to five thousand dollars per violation.” Reached by phone this week, Morgan said he had no immediate comment regarding his next move.
Comments