Securities and Investments 21st Century Advisors Kenneth W. Brown Wendy E. Brown Michael S. Cimilluca, Jr K.W. Brown & Company K.W. Brown Investments Action Date: April 27, 2005 Location: Miami, FL On April 27, 2005, the SEC filed a civil action in federal court in the Southern District of Florida against two affiliated investment companies, K.W. Brown and Company and 21st Century Investment Advisors, their broker, K.W. Brown Investments, Inc., their principals, Kenneth W. Brown and Wendy E. Brown and against Michael S. Cimilluca, a registered representative of K.W. Brown Investments. The defendants are accused of improperly profiting from their clients’ trades. The defendants are also accused of making false statements regarding their assets under management and failing to provide the SEC staff with required books and records on a timely basis.