On March 30, 2004, the SEC instituted settled administrative and cease and desist proceedings against Fleet Specialist, Inc. ("FSI"). According to the SEC: "This matter involves violations by FSI of its basic obligation to serve public customer orders over its own proprietary interests. As a specialist firm on the NYSE, FSI had a general duty to match executable public customer or 'agency' buy and sell orders and not to fill customer orders through trades from the firm's own account when those customer orders could be matched with other customer orders. Through various forms of improper conduct, FSI violated this obligation by filling orders through proprietary trades rather than through other customer orders, thereby causing customer orders to be disadvantaged by approximately $38 million from 1999 through 2003."

The Commission stated: "In March and July 2004, the Commission entered into settlements with the seven specialist firms operating on the New York Stock Exchange...It is ordered that the fourth rolling distribution, and the corresponding disbursement, of $10,733,490.40, in accordance with the Distribution Report submitted by Heffler, are hereby approved and authorized."

The Commission stated: "(i) Heffler Radetich & Saitta L.L.P. ("Heffler"), the Fund Administrator in the above-captioned matters, has determined to close the Distribution Funds established with respect to the Respondents following a sixth and final distribution, and has recommended that the Commission seek public comments on the use of the remaining funds left after all the payments to injured customers and for administrative expenses have been made . . . and the Division of Enforcement has recommended that the Commission publish a Notice of Closing of the Distribution Funds and Opportunity for Comment as to Use of Remaining Funds."

The Commission stated: "In view of the foregoing, it is ORDERED that: 1. The audit reports issued by the Independent Auditor are hereby approved. 2. There shall be a sixth and final distribution in this matter in accordance with the procedures set forth in Sections I.6. and I.7. of this Order, following which distribution the matter, as pertains to identifying injured customers and making distributions, will be considered closed by the Commission, and Heffler will begin the process of closing out the Distribution Funds pursuant to the Plan."

According to the SEC: "In March and July 2004, the Commission entered into settlements with the seven specialist firms operating on the New York Stock Exchange. The Commission's orders (Securities Exchange Act Release Nos. 49498 -- 49502 and Nos. 50075 50076) (the "Settlement Orders") provided, among other things, for payment of disgorgement and civil penalties totaling, in the aggregate, over $247 million. The Settlement Orders further provided that the disgorgement and civil penalties were to be placed in seven Fair Funds (the 'Distribution Funds') to be distributed pursuant to a distribution plan (the 'Plan') drawn up by a fund administrator. Heffler, Radetich & Saitta L.L.P. ('Heffler') was appointed the fund administrator in October 2004." On December 17, 2009, the SEC ordered, among other things, that: "The sixth and final rolling distribution, and the corresponding disbursement, of $8,016,066.99 in accordance with the Distribution Report submitted by Heffler, are hereby approved and authorized."

According to the SEC: "In this order, we consider the use to be made of the money remaining the seven Fair Funds ('the distribution funds') created in connection with orders instituting and settling procedures ('the settlement orders') against seven specialist firms ('the specialist firms') operating on the New York Stock Exchange ('NYSE'). Pursuant to the settlement orders, the specialist firms paid over $247 million in disgorgement and civil penalties into the distribution funds. After six distributions, $159.8 million remains in the funds ('the remaining funds'). The seven specialist firms involved are: Bear Wagner Specialists LLC, Fleet Specialist, Inc., LaBranche & Co. LLC, Spear, Leeds & Kellog Specialists LLC, Van der Moolen Specialists USA, LLC, Performance Specialist Group LLC, and SIG Specialists, Inc. The SEC ordered that: "Following payment of any outstanding taxes, administrative fees and costs, the remaining funds in the distribution funds established in this matter shall be paid to the Securities and Exchange Commission for transfer to the U.S. Treasury."

According to the SEC: "As part of settlements that resolve proceedings against the seven specialist firms then operating on the New York Stock Exchange, the specialist firms agreed to disgorge ill-gotten gains and pay civil penalties, together totaling over $247 million. This money was placed into seven funds for distribution to investors injured by the transactions covered by the settlements. After distributing this money to investors over the course of several years, $159.8 million remained in the seven funds.... On May 26, 2011, we issued an order approving the transfer of the remaining distribution funds to the U.S. Treasury (the 'Transfer Order')." On September 10, 2012, the SEC ordered the denial of the request for review and repeal of the Transfer Order filed by Robert J. Peacock. The seven specialist firms are: Bear Wagner Specialists LLC, Fleet Specialists, Inc., LaBranche & Co. LLC, Spear, Leads & Kellogg Specialists LLC, Van der Moolen Specialists USA, LLC, Performance Specialist Group LLC, and SIG Specialists, Inc.