United States Securities and Exchange Commission

Securities Act of 1933
Release No. 8137 / October 8, 2002

Securities Exchange Act of 1934
Release No. 46621 / October 8, 2002

Administrative Proceeding
File No. 3-10911

In the Matter of John Christopher McCamey and Sierra Equity Partners, LP.

The Securities and Exchange Commission today instituted public administrative proceedings, pursuant to Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934, against: (1) John Christopher McCamey, a principal and registered representative of Sierra Brokerage Services, Inc., a broker-dealer based in Columbus, Ohio ("Sierra Brokerage"); and (2) Sierra Equity Partners LP, a hedge fund based in Columbus, Ohio (the "Hedge Fund").

In the Order Instituting Proceedings ("Order"), the Division of Enforcement ("Division") alleges that in November and December 2001, the Respondents engaged in a fraudulent, unregistered offering of securities in the Hedge Fund, which was established by McCamey. The Division alleges that in solicitations through letters to Sierra Brokerage's clients, through spam e-mails and through Sierra Brokerage's website, Respondents willfully made false and misleading statements about the safety and return investors could expect from an investment in the Hedge Fund. According to the Division, McCamey raised $10,000 for the Hedge Fund from one investor on November 28. The Division alleges that in mid-December 2001, Respondents terminated the Hedge Fund offering and returned the $10,000 invested.

Violations

The Division alleges that McCamey willfully violated and committed violations of Sections 5(a), 5(c) and 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and willfully aided and abetted and caused Sierra Brokerage's violations of Section 15(c) of the Exchange Act and Rule 15c1-2 thereunder, and the Hedge Fund committed violations of Sections 5(a), 5(c) and 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and caused Sierra Brokerage's violations of Section 15(c) of the Exchange Act and Rule 15c1-2 thereunder.

A hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide McCamey and the Hedge Fund an opportunity to dispute these allegations, and to determine what sanctions, if any, are appropriate and in the public interest.

http://www.sec.gov/litigation/admin/33-8137.htm