On November 5, 2021, the Commission filed a complaint (the “Complaint”) against Steven F. Muntin (“Defendant”).  The Complaint alleged that, from January 2016 to February 2020, the Defendant violated federal securities laws by misappropriating over $305,000 from one of his investment advisory clients and overcharged this client at least $9,000 in assets under management (“AUM”) fees.  See Complaint. 

The Defendant was ordered to pay a total of $619,477 in disgorgement, prejudgment interest, and penalties to the Commission. The Commission was ordered to hold all funds, together with interest and income earned thereon (collectively, the “Distribution Fund”), pending further order of the Court. See Defendant’s Final Judgment. 

The Distribution Fund consists of $76,680.22, and any future funds paid pursuant to the Defendant’s Final Judgment will be added to the Distribution Fund.

On May 16, 2023, the Commission filed an Omnibus Motion to Appoint a Distribution Agent, Appoint a Tax Administrator, Approve the Distribution Plan, and Authorize Payment of Taxes, Fees, and Expenses (the “Motion”).  See the Commission’s Motion. 

On June 1, 2023, the Court granted the Commission’s Motion and enter an order that approved the Distribution Plan (the “Plan”) as appended; appointed Allison J.P. Moon, Trial Counsel for the Commission, as the Distribution Agent to oversee the administration and distribution of the Distribution Fund; appointed Heffler, Radetich & Saitta LLP as the Tax Administrator to fulfill the tax obligations of the Distribution Fund; and authorized the Distribution Agent to approve and direct the payment of the Distribution Fund’s tax obligations and the Tax Administrator’s fees and expenses from the Distribution Fund without further order of the Court. See the Order and the approved Plan. 

The Plan provides that the distribution of the Distribution Fund shall be made to the sole investor harmed by the Defendant’s fraudulent conduct.

For more information, please contact the Distribution Agent:

Allison J.P. Moon

Office of Distributions

Telephone Number: 202-551-3015

Email: moona@sec.gov