SEC Administrative Proceedings

SEC Orders Second Disbursement of $17,266 to Poloniex Investors

The SEC has ordered the transfer of $17,266.07 from the Poloniex Fair Fund to the escrow account at The Huntington National Bank for distribution to investors. This is the second disbursement; a prior order distributed $4,584,409.75. The remaining balance in the Fair Fund is $6,533,379.53, with a reserve of $319,034.38 for taxes and administrative costs. The disbursement will compensate claimants not included in the initial distribution who have since cured or filed their claims.

Third Extension Order, Fair Fund Distribution

The SEC issued a third extension order granting the Division of Enforcement until July 31, 2026, to submit a Proposed Plan of Distribution for the $105,481,755.94 Fair Fund established in connection with settled cease-and-desist orders against VTB Capital plc and Credit Suisse Group AG. The extension is needed to complete development of the distribution methodology. The underlying 2021 orders resolved FCPA violations involving an offering fraud with Mozambican state-owned entities from 2013-2016.

Francis Decker CPA - SEC Administrative Proceeding

The SEC instituted public administrative proceedings and imposed sanctions against Francis Decker CPA for engaging in unethical and improper professional conduct while serving as lead engagement partner on FTX audits conducted by Prager Metis CPAs. Decker failed to conduct audits in accordance with GAAS, lacked sufficient understanding of crypto asset markets and FTX operations, and assembled an engagement team that collectively lacked the requisite competence and knowledge. The SEC censured Decker and permanently denied his privilege to appear or practice before the Commission.

Salinas, Nguyen Barred from Brokerage for Investment Fraud

The SEC issued an order barring Danny M. Salinas and Mai T. Nguyen from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. The respondents, a married couple age 69 residing in Huntington Beach, California, operated as salespersons for CHS Trust, a purported church that sold fraudulent investment products to investors from 2017 to April 2019.

SEC Sanctions Vestech Partners LLC for $90M Investment Fraud

The SEC issued an administrative order sanctioning Vestech Partners LLC, Marita Partners LLC, MI 15 LLC, and Riadh Fakhoury for conducting a $90 million fraud scheme. The respondents made materially misleading statements about co-investments by institutional investors and overstated investment performance in unregistered investment funds from 2019-2023. The respondents consented to the order without admitting or denying the findings.

SEC Approves Aon Distribution Plan, Extends Recovery Period

The SEC issued an order approving the Fair Fund distribution plan for $1,572,187.79 collected from Aon Investments USA Inc. and Claire P. Shaughnessy following January 2024 enforcement orders. The Commission amended the plan to extend the Relevant Period for calculating eligible investor losses after considering comments from Morgan Lewis on behalf of PSERS regarding loss limitations and fee calculations.

SEC bars Vean P. Nguyen from broker-dealer association

The SEC issued an order barring Vean P. Nguyen from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization pursuant to Section 15(b) of the Securities Exchange Act of 1934. The bar follows a June 2025 civil judgment permanently enjoining Nguyen from violating Sections 10(b) and 15(a) of the Exchange Act, Rule 10b-5, and Sections 5(a), 5(c), and 17(a) of the Securities Act. Nguyen, a 42-year-old from Huntington Beach, California, sold fraudulent investments through a purported church (The Church for the Healthy Self) from 2017 to April 2019 without being registered as a broker.

Mendia-Alcaraz - Investment Adviser Fraud ($3.3M Unregistered Securities)

The SEC instituted administrative proceedings under Section 203(f) of the Investment Advisers Act against Bernardo Mendia-Alcaraz for securities fraud. From December 2019 through September 2023, Mendia-Alcaraz raised approximately $3.3 million from at least 41 investors through six private investment funds managed by Toltec Capital LLC via fraudulent misrepresentations about proprietary S&P 500 analytics. A permanent injunction was entered against Mendia-Alcaraz on December 16, 2025 in SEC v. Mendia-Alcaraz (N.D. Cal., No. 3:24-cv-05823-RS).

AEP Fund Administrator Appointment and $19M Penalty Distribution

The SEC issued an order appointing Epiq Class Action and Claims Solutions, Inc. as fund administrator for the $19,000,000 Fair Fund created from the civil penalty assessed against American Electric Power Company, Inc. The administrator's bond is set at $19,000,000, and the Office of Financial Management is authorized to pay administrator fees from the Fair Fund. The Fair Fund will be distributed to harmed investors pursuant to Section 308(a) of the Sarbanes-Oxley Act.

SEC Administrative Proceeding: Fair Fund Distribution Order

The SEC has ordered the transfer of $72,268.46 from a Fair Fund to its escrow account for distribution to harmed investors. This follows a proposed plan of distribution for which no comments were received, and a subsequent approval of the plan. The fund administrator will now distribute the funds according to the approved plan.