    Sentence’ 1:- Without. “admitting: or  ‘denying’ the S.E.C. :! 's allegations ©;  Mrs Markovitz’agreed to. a:permanent ban  from: associating. with an investment  adviser ‘or ‘mutual fund .    Sentence 2: He has. agreed-to'a tifetine  ban; from .association with ‘an investment  adviser or mutual.fund.