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With apologies to CopyRon, it may take slightly more than Malwarebytes to get rid of this rogue program (much as I admire Malwarebytes).
The removal issue is being discussed all over the place, but I've picked out two threads from other forums that websterslair should read through carefully. One is from VirusRemovalGuru - http://www.virusremovalguru.com/?p=5687
The other is from the Microsoft Security Essentials Forum -
Between the two of them, it should be possible to find a method to remove this menace from an infected system. Perhaps websterslair would like to give some feedback to help anyone else who gets infected (and they probably will).
C:\Users\Lee\AppData\Roaming\hotfix.exe is confirmed malicious.
Please reboot in safe mode and delete this file.
Thanks for the help. A quick note that this did come in looking like Java Update. I have since went to my firewall settings and adjusted the permissions for both Adobe and Java Updates, as it seems that both the Action Antivirus and Fake Microsoft Secrity Essentials Alert Trojan are slipping by using this method.