In addition, the SEC finds that Merrill Lynch made misleading statements to the clients served by its Ponte Vedra South, Fla. office regarding the process used to identify new money managers to present to its clients. The SEC also charged Michael Callaway and Jeffrey Swanson, who were formerly employed in Merrill Lynch's Ponte Vedra South office. In a settled enforcement action against Swanson, the SEC finds that he made misleading statements to some of the firm's pension consulting clients regarding the process by which Merrill Lynch assisted them in identifying new managers. As a result, the SEC charged Swanson with aiding and abetting and causing Merrill Lynch's violation of the Investment Advisers Act of 1940. Without admitting or denying the SEC's allegations, Swanson has agreed to a censure, and to cease and desist from committing or causing violations of Section 206(2) of the Advisers Act.