This is the Primary Document downloaded from EDGAR on 12/11/2014 5:48:21 PM EST for EFDID 14594 and Accession Number 0001140361-10-037965.

Please note that this is not the current Accession Number for this EFDId.

SEC FORM D/A

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities
OMB APPROVAL
OMB Number: 3235-0076
Expires: August 31, 2015
Estimated average burden
hours per response: 4.00

1. Issuer's Identity

CIK (Filer ID Number) Previous Names
X None
Entity Type
0001471106
   Corporation
   Limited Partnership
X Limited Liability Company
   General Partnership
   Business Trust
   Other (Specify)

Name of Issuer
WNC Tax Credits 38, LLC
Jurisdiction of Incorporation/Organization
CALIFORNIA
Year of Incorporation/Organization
   Over Five Years Ago
X Within Last Five Years (Specify Year) 2008
   Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
WNC Tax Credits 38, LLC
Street Address 1 Street Address 2
17782 SKY PARK CIRCLE
City State/Province/Country ZIP/PostalCode Phone Number of Issuer
IRVINE CALIFORNIA 92614 714-662-5565

3. Related Persons

Last Name First Name Middle Name
WNC Housing Tax Credits Manager, LLC NA
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Manager of Issuer
Last Name First Name Middle Name
WNC & Associates, Inc. NA
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer    Director X Promoter

Clarification of Response (if Necessary):

Manager of Manager of Issuer
Last Name First Name Middle Name
Cooper, Sr. Wilfred N.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Cooper, Jr. Wilfred N.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship: X Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Shafer David N.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Gaber Michael J.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Wenk Melanie
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship: X Executive Officer    Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Cooper Kay L.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager
Last Name First Name Middle Name
Cooper Jennifer E.
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/PostalCode
Irvine CALIFORNIA 92614
Relationship:    Executive Officer X Director    Promoter

Clarification of Response (if Necessary):

Relationship is with Manager of Manager

4. Industry Group

   Agriculture
Banking & Financial Services
   Commercial Banking
   Insurance
   Investing
   Investment Banking
   Pooled Investment Fund
Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?
   Yes    No
   Other Banking & Financial Services
   Business Services
Energy
   Coal Mining
   Electric Utilities
   Energy Conservation
   Environmental Services
   Oil & Gas
   Other Energy
Health Care
   Biotechnology
   Health Insurance
   Hospitals & Physicians
   Pharmaceuticals
   Other Health Care
   Manufacturing
Real Estate
   Commercial
   Construction
   REITS & Finance
   Residential
X Other Real Estate
  
Retailing
  
Restaurants
Technology
   Computers
   Telecommunications
   Other Technology
Travel
   Airlines & Airports
   Lodging & Conventions
   Tourism & Travel Services
   Other Travel
  
Other

5. Issuer Size

Revenue Range OR Aggregate Net Asset Value Range
   No Revenues    No Aggregate Net Asset Value
   $1 - $1,000,000    $1 - $5,000,000
   $1,000,001 - $5,000,000    $5,000,001 - $25,000,000
   $5,000,001 - $25,000,000    $25,000,001 - $50,000,000
   $25,000,001 - $100,000,000    $50,000,001 - $100,000,000
   Over $100,000,000    Over $100,000,000
X Decline to Disclose    Decline to Disclose
   Not Applicable    Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

   Rule 504(b)(1) (not (i), (ii) or (iii))    Rule 505
   Rule 504 (b)(1)(i) X Rule 506
   Rule 504 (b)(1)(ii)    Securities Act Section 4(5)
   Rule 504 (b)(1)(iii)    Investment Company Act Section 3(c)
   Section 3(c)(1)    Section 3(c)(9)  
   Section 3(c)(2)    Section 3(c)(10)
   Section 3(c)(3)    Section 3(c)(11)
   Section 3(c)(4)    Section 3(c)(12)
   Section 3(c)(5)    Section 3(c)(13)
   Section 3(c)(6)    Section 3(c)(14)
   Section 3(c)(7)

7. Type of Filing

   New Notice Date of First Sale 2010-04-09    First Sale Yet to Occur
X Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?
X Yes    No

9. Type(s) of Securities Offered (select all that apply)

   Equity    Pooled Investment Fund Interests
   Debt    Tenant-in-Common Securities
   Option, Warrant or Other Right to Acquire Another Security    Mineral Property Securities
   Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security X Other (describe)
limited liability company interests

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?
   Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $25,000 USD

12. Sales Compensation

Recipient
Recipient CRD Number    None
WNC Capital Corporation 36174
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
WNC Capital Corporation 36174
Street Address 1 Street Address 2
17782 Sky Park Circle
City State/Province/Country ZIP/Postal Code
Irvine CALIFORNIA 92614
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
ALABAMA
CALIFORNIA
COLORADO
DISTRICT OF COLUMBIA
DELAWARE
FLORIDA
GEORGIA
HAWAII
IOWA
INDIANA
LOUISIANA
MARYLAND
MINNESOTA
NORTH CAROLINA
NORTH DAKOTA
NEBRASKA
NEW JERSEY
NEW YORK
OHIO
OREGON
PENNSYLVANIA
SOUTH CAROLINA
TEXAS
VIRGINIA
WASHINGTON
WISCONSIN
Recipient
Recipient CRD Number    None
Securities America, Inc. 10205
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Securities America, Inc. 10205
Street Address 1 Street Address 2
12325 Port Grace Blvd.
City State/Province/Country ZIP/Postal Code
Lavista NEBRASKA 68128
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
COLORADO
NEBRASKA
SOUTH CAROLINA
Recipient
Recipient CRD Number    None
Michael A. Sebald 1426782
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Landold Securities, Inc. 28352
Street Address 1 Street Address 2
701 Oregon Street
City State/Province/Country ZIP/Postal Code
Oshkosh WISCONSIN 54902
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
WISCONSIN
Recipient
Recipient CRD Number    None
William B. Elson 1808374
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
VSR Financial Services, Inc. 14503
Street Address 1 Street Address 2
3705 Grand Avenue
City State/Province/Country ZIP/Postal Code
Des Moines IOWA 50312
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
IOWA
Recipient
Recipient CRD Number    None
Robert D'Agosta 1903105
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Berthel, Fisher and Company Financial Services, Inc. 13609
Street Address 1 Street Address 2
2821 Spring Haven Place
City State/Province/Country ZIP/Postal Code
Macungie PENNSYLVANIA 18062
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW JERSEY
Recipient
Recipient CRD Number    None
John M. Weiss 1851547
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Ameritas Investment Corp. 14869
Street Address 1 Street Address 2
6422 Timber Walk Drive
City State/Province/Country ZIP/Postal Code
Indianapolis INDIANA 46236
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
Francis L. Woods IV 2726454
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Ameritas Investment Corp. 14869
Street Address 1 Street Address 2
10585 North Meridian St., Suite 205
City State/Province/Country ZIP/Postal Code
Indianapolis INDIANA 46290
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
INDIANA
Recipient
Recipient CRD Number    None
Richard D. VanParis II 2815624
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Ameritas Investment Corp. 14869
Street Address 1 Street Address 2
10858 North Meridian St., Suite 205
City State/Province/Country ZIP/Postal Code
Indianapolis INDIANA 46290
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
INDIANA
Recipient
Recipient CRD Number    None
Robert T. Tweed 2339324
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Capwest Securities, Inc. 30002
Street Address 1 Street Address 2
2060 Huntington Drive, Suite 1
City State/Province/Country ZIP/Postal Code
San Marino CALIFORNIA 91108
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
Albert B. Woodward, Jr. 705453
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
NPB Financial Group, LLC 137743
Street Address 1 Street Address 2
5445 DTC Parkway, Suite 415
City State/Province/Country ZIP/Postal Code
Greenwood Village COLORADO 80111
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
COLORADO
Recipient
Recipient CRD Number    None
Young S. Kim-Epstein 716606
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
NPB Financial Group, LLC 137743
Street Address 1 Street Address 2
1230 Rosecrans Avenue
City State/Province/Country ZIP/Postal Code
Manhattan Beach CALIFORNIA 90266
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Gregory S. DeCamp 4552078
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
VSR Financial Services, Inc. 14503
Street Address 1 Street Address 2
2103 Swift Avenue, Suite 201
City State/Province/Country ZIP/Postal Code
North Kansas City MISSOURI 64116
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CONNECTICUT
Recipient
Recipient CRD Number    None
Arlene R. Moore 2427590
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Intervest International Equities Corporation 20289
Street Address 1 Street Address 2
3205 South Gate Circle, Suite 20
City State/Province/Country ZIP/Postal Code
Sarasota FLORIDA 32439
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
FLORIDA
Recipient
Recipient CRD Number    None
Walter I. Miller 335720
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Capital Growth Resources 7779
Street Address 1 Street Address 2
2221 Camino Del Rio S., Suite 303
City State/Province/Country ZIP/Postal Code
San Diego CALIFORNIA 92108
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
OREGON
Recipient
Recipient CRD Number    None
Chad M. Tusa 4524325
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Crown Capital Securities, L.P. 6312
Street Address 1 Street Address 2
1601 Belle Chasse Hwy, Suite 200
City State/Province/Country ZIP/Postal Code
Gretna LOUISIANA 70056
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
LOUISIANA
Recipient
Recipient CRD Number    None
Edward T. Coda 1776811
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
National Planning Corporation 29604
Street Address 1 Street Address 2
1221 Kapiolani Blvd., Penthouse 30
City State/Province/Country ZIP/Postal Code
Honolulu HAWAII 96814
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
HAWAII
Recipient
Recipient CRD Number    None
Robert K. Calkins 825405
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
National Planning Corporation 29604
Street Address 1 Street Address 2
55 Commerce Drive
City State/Province/Country ZIP/Postal Code
Wyomissing PENNSYLVANIA 19610
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
PENNSYLVANIA
Recipient
Recipient CRD Number    None
Douglas J. Bauerband 2850269
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
SagePoint Financial, Inc. 133763
Street Address 1 Street Address 2
1184 Fischer Blvd., Suite 2-C
City State/Province/Country ZIP/Postal Code
Toms River NEW JERSEY 08753
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
NEW JERSEY
Recipient
Recipient CRD Number    None
James A. Werner 2254147
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
FSC Securities Corporation 7461
Street Address 1 Street Address 2
4810 Spicewood Springs Road, Suite 100
City State/Province/Country ZIP/Postal Code
Austin TEXAS 78759
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
TEXAS
Recipient
Recipient CRD Number    None
LIsa M. Lyons 2086482
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Royal Alliance Associates, Inc. 23131
Street Address 1 Street Address 2
21800 Burbank Blvd., Suite 325
City State/Province/Country ZIP/Postal Code
Woodland Hills CALIFORNIA 91367
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Vernon L. Albright 1346110
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Workman Securities Corporation 31898
Street Address 1 Street Address 2
2310 West Arthur Ave., No. 3
City State/Province/Country ZIP/Postal Code
Chicago ILLINOIS 60645
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
DELAWARE
Recipient
Recipient CRD Number    None
Timothy J. Folkers 4070120
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group, LLC 7717
Street Address 1 Street Address 2
18818 Teller Ave., Suite 109
City State/Province/Country ZIP/Postal Code
Irvine CALIFORNIA 92612
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Christopher M. Vizzi 5095868
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group, LLC 7717
Street Address 1 Street Address 2
4630 Campus Drive, Suite 104
City State/Province/Country ZIP/Postal Code
Newport Beach CALIFORNIA 92660
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Haynes L. Kendall, Jr. 1274737
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group, LLC 7717
Street Address 1 Street Address 2
31461 Rancho Viejo Rd., Suite 104
City State/Province/Country ZIP/Postal Code
San Juan Capistrano CALIFORNIA 92675
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
Richard G. Drisko 1355920
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Independent Financial Group, LLC 7717
Street Address 1 Street Address 2
6021 Ladero Way
City State/Province/Country ZIP/Postal Code
El Dorado Hills CALIFORNIA 95762
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
Recipient
Recipient CRD Number    None
H. Beck, Inc. 1763
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
H. Beck, Inc. 1763
Street Address 1 Street Address 2
11140 Rockville Pike, Suite 400
City State/Province/Country ZIP/Postal Code
Rockville MARYLAND 20852
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
CALIFORNIA
HAWAII
TEXAS
Recipient
Recipient CRD Number    None
David G. Gott 1915608
(Associated) Broker or Dealer    None
(Associated) Broker or Dealer CRD Number    None
Berthel, Fisher and Company FInancial Services, Inc. 13609
Street Address 1 Street Address 2
1732 Lininger Lane
City State/Province/Country ZIP/Postal Code
North Liberty IOWA 52317
State(s) of Solicitation (select all that apply)
Check “All States” or check individual States		    All States
   Foreign/non-US
IOWA

13. Offering and Sales Amounts

Total Offering Amount $7,000,000 USD
or    Indefinite
Total Amount Sold $2,193,750 USD
Total Remaining to be Sold $4,806,250 USD
or    Indefinite

Clarification of Response (if Necessary):

Offering may be increased to $15000000

14. Investors

  
Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.
Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:
42

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions $490,000 USD
X Estimate
Finders' Fees $0 USD
   Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$945,000 USD
X Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:
  • Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*
  • Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against it in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of:  (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.
  • Certifying that, if the issuer is claiming a Rule 505 exemption, the issuer is not disqualified from relying on Rule 505 for one of the reasons stated in Rule 505(b)(2)(iii).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer Signature Name of Signer Title Date
WNC Tax Credits 38, LLC /s/ Melanie Wenk Melanie Wenk Vice President - CFO of Managing Member of Manager of Issuer 2010-09-20

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.