On September 28, 2020, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings (the “Orders”) against Raymond Allan Fine and David Taylor (the “Respondents”).  In the Orders, the Commission found that between July 2014 and July 2017, Fine was one of the owners and managers of Crudefunders, LLC (“Crudefunders”), an unregistered, online equity crowdfunding portal, which conducted several securities offerings through telephone solicitations and its web site, www.crudefunders.com.  Between July 2014 and December 2017, Taylor was also one of the owners and managers of Crudefunders. 

Fine and Taylor violated Sections 17(a)(2) and 17(a)(3) of the Securities Act by making undisclosed withdrawals from investor funds in order to pay for Crudefunders’ business operations and provide compensation for themselves and other Crudefunders employees.  Fine and Taylor also violated Securities Act Sections 5(a) and 5(c) by offering and selling unregistered securities that did not qualify for an exemption, and violated Exchange Act Section 15(a) by acting as an unregistered broker-dealer. 

The Commission ordered Fine to pay $110,000.00 in disgorgement and $17,263.05 in prejudgment interest, but waived payment of all but $21,000 based upon Fine’s sworn representations in his Statement of Financial Condition.  The Commission ordered Taylor to pay $60,000.00 in disgorgement and $14,111.06 in prejudgment interest, but waived payment of all but $15,000 based upon Taylor’s sworn representations in his Statement of Financial Condition.  Together, the Commission ordered that a total of $36,000.00 be paid to the Commission. 

Both the Fine Order and the Taylor Order authorized the combination of the Find and Taylor distribution funds to be distributed to harmed investors affected by the Respondents’ violative conduct. 

The Commission holds $21,000.00 (the “Distribution Fund”) collected from Fine, who has paid in full.  The Distribution Fund has been deposited in a Commission-designated account at the U.S. Department of the Treasury, and any accrued interest, along with any monies collected in accordance with the Taylor Order, will be added to the Distribution Fund.  

On April 3, 2024 the Commission issued an order appointing Miller Kaplan Arase LLP, as the Tax Administrator of the Distribution Fund.  See the Commission’s Order:  Release No. 34-99898  

For more information, please contact the Commission:  

Office of Distributions 

Email: ENFOfficeofDistributions@sec.gov