On February 22nd, the SEC instituted settled administrative proceedings against Axiom Capital Management, Inc. for failing reasonably to supervise Gary J. Gross, a former Axiom registered representative. Without admitting or denying the allegations, Axiom consented to the entry of an order finding that Gross made unsuitable investment recommendations of private placements and other investments to a portion of his customers, who were elderly, retired with limited annual income, and risk-averse. The order censures Axiom, requires Axiom to hire an independent consultant, and orders Axiom to pay a civil penalty of $60,000. In the Matter of Axiom Capital Management, Inc., SEC Release No. 34-61563. Contested administrative proceedings were also filed against David V. Siegel, a former Axiom branch manager. In the Matter of David V. Siegel, SEC Release No. 34-61564.