On February 20, 2015, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings against Sandra Dyche (“Respondent”). The Commission found that, from 2009 through 2010, the Respondent violated federal securities laws by misappropriating investor funds. As a result of her violations, the Commission ordered the Respondent to pay a total of $1,414,000.00 in disgorgement, prejudgment interest, and a civil money penalty. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended, so the penalty, along with the disgorgement and prejudgment interest, collected can be distributed to those harmed by the Respondent’s misconduct. See the Commission’s order:  Release No. 33-9729.

The Respondent has paid a total of $1,414,938.82 into the Fair Fund for distribution to harmed investors.

On February 12, 2016, the Commission issued an order appointing Damasco & Associates LLP (“Damasco”) as the Tax Administrator of the Fair Fund. Damasco was acquired by Miller Kaplan Arase LLP, and on June 30, 2017, the Commission issued a notice of the Tax Administrator’s name change.

On September 20, 2016, the Commission issued a notice of the proposed plan of distribution and opportunity for comment and simultaneously published the proposed plan of distribution (“Proposed Plan”). The Proposed Plan proposed Michael S. Lim, a Commission employee, as the Fund Administrator to oversee the administration and distribution of the Fair Fund. The notice provided the public with 30 days to submit their comments on the Proposed Plan. See the Commission’s notice:  Release No. 34-78889, and the Proposed Plan of Distribution. 

On January 24, 2017, the Commission issued an order approving the plan of distribution (“Plan”). See the Commission’s order: Release No. 34-79866, and the Plan.

The Plan provides that the distribution of the Fair Fund shall be made to the three investors harmed by the Respondent’s misconduct. The Fund Administrator will determine each Eligible Investor’s distribution payment by multiply the Eligible Investor’s Pro Rata Share by the Net Fair Fund as detailed in the Plan.

On January 26, 2017, the Commission issued an order approving the disbursement of $1,404,665.01 from the Fair Fund for distribution to eligible investors. See the Commission’s order: Release No. 34-79881. 

For more information, please contact the Fund Administrator:

Michael S. Lim
Office of Distributions
Telephone Number: 202-551-4659
Email: LimM@sec.gov