Skip to main content    

Company Filings

U.S. Securities and Exchange Commission

                        -  About                            -  Careers 
                          -  Commissioners 
                          -  Contact 
                          -  Reports and Publications 
                          -  Securities Laws 
                          -  Mission 
                          -  Commission Votes 
                        -  Divisions & Offices                            -  Corporation Finance 
                          -  Enforcement 
                          -  Investment Management 
                          -  Economic and Risk Analysis 
                          -  Trading and Markets 
                          -  Office of Administrative Law Judges 
                          -  Examinations 
                        -  Enforcement                            -  Litigation Releases 
                          -  Administrative Proceedings 
                          -  Opinions and Adjudicatory Orders 
                          -  Accounting and Auditing 
                          -  Trading Suspensions 
                          -  How Investigations Work 
                          -  Receiverships 
                          -  Information for Harmed Investors 
                        -  Regulation                            -  Rulemaking Activity 
                          -  Proposed Rules 
                          -  Final Rules 
                          -  Interim Final Temporary Rules 
                          -  Other Orders and Notices 
                          -  Self-Regulatory Organizations 
                          -  Staff Interpretations 
                        -  Education                            -  Investor Education 
                          -  Glossaries 
                          -  Small Business Capital Raising 
                        -  Filings                            -  EDGAR – Search & Access 
                          -  EDGAR – Information for Filers 
                          -  Company Filing Search 
                          -  How to Search EDGAR 
                          -  Forms List 
                          -  About EDGAR 
                        -  News                            -  Press Releases 
                          -  Speeches and Statements 
                          -  Securities Topics 
                          -  Upcoming Events 
                          -  Webcasts 
                          -  SEC Videos 
                          -  Media Gallery 

                -  U.S. Securities and Exchange Commission                    -  Divisions & Offices 
                  -  Enforcement 
                  -  Regulation 
                  -  Education 
                  -  Filings 
                  -  Newsroom 
                -  Newsroom                    -  Press Releases 
                  -  Testimony 
                -  RSS Feeds                    -  Press Releases 
                  -  Public Statements 
                  -  Speeches 
                  -  Testimony 

## Enforcement

-  Enforcement 
-  About 
-  Enforcement Manual 
-  Public Alerts 
-  Federal Court Actions 
-  Administrative Proceedings 
-  ALJ Orders 
-  ALJ Decisions 
-  Commission Opinions 
-  Trading Suspensions 
-  Information for Harmed Investors 
-  Enforcement Cooperation Program 
-  Foreign Corrupt Practices Act (FCPA) 
-  Tips & Complaints 
-  Data Delivery Standards 
-  Divisions and Offices 

## Enforcement

-  Enforcement 
-  About 
-  Enforcement Manual 
-  Public Alerts 
-  Federal Court Actions 
-  Administrative Proceedings 
-  ALJ Orders 
-  ALJ Decisions 
-  Commission Opinions 
-  Trading Suspensions 
-  Information for Harmed Investors 
-  Enforcement Cooperation Program 
-  Foreign Corrupt Practices Act (FCPA) 
-  Tips & Complaints 
-  Data Delivery Standards 
-  Divisions and Offices 

# Other

# In the Matter of Fifth Street Management, LLC Admin. Proc. File No. 3-18909

                            Oct. 6, 2022                       

On December 3, 2018, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings (the “Order”) against Fifth Street Management, LLC (the “Respondent”). In the Order, the Commission found that in 2013 and 2014, the Respondent made improper allocations to its former business development company (“BDC”) clients and failed in the valuation of two portfolio company investment held by one of the BDCs. Further, the Respondent did not implement written policies and procedures reasonably designed to prevent violations of the Advisers Act concerning expense allocation until July 2016, did not implement them for the quality control review of its BDC clients’ quarterly valuation models, and did not have adequate policies and procedures concerning the prevention of the use of material, nonpublic information. The Commission ordered the Respondent to pay disgorgement of $1,999,115.86, prejudgment interest of $334,545.65, and a civil money penalty of $1,650,000.00 to the Commission. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalty, along with the disgorgement and prejudgment interest, collected can be distributed to those harmed by the Respondent’s conduct described in the Order (the “Fair Fund”).  *See* the Commission’s Order: Release No. 33-10581.

On April 18, 2019, the Commission issued an order appointing Epic Class Action & Claim Solutions, Inc. as the Fund Administrator of the Fair Fund and set the administrator’s bond at $3,983,661.31.  *See* the Commission’s Order: Release No. 34-85684. 

On April 29, 2019, the Commission issued an order appointing Miller Kaplan Arase LLP as the Tax Administrator for the Fair Fund.  *See* the Commission’s Order: Release No. 34-85742. 

On June 24, 2019, the Commission published a notice of the proposed plan of distribution and opportunity for comment and simultaneously published the proposed plan of distribution (“Proposed Plan”). The notice provided the public with 30 days to submit their comments on the Proposed Plan.  *See* the Commission’s Notice:  Release No. 34-86190 and the Proposed Plan. 

The Proposed Plan provides that the distribution of the Fair Fund shall be made to those investors in the common stock of the BDC clients during the relevant period for the Respondent’s misallocation of expenses.

On August 1, 2019, the Commission issued an order approving a plan of distribution and simultaneously posted the approved plan of distribution (the “Plan”).  *See* the Commission’s Order: Release No. 34-86551 and the Plan.

Claim forms can be found here. All claim forms must be postmarked by November 29, 2019.

On April 8, 2021, the Commission issued an order approving the disbursement of $573,350.57 from the Fair Fund for distribution to eligible investors in accordance with the Plan. See the Commission’s Order: Release No. 34-91509.

For more information, please contact the Fund Administrator:

Epiq Class Actions & Claims Solutions, Inc.Telephone Number: 1-855-424-7675 (Toll Free)Email: info@FifthStreetFairFund.comWebsite: www.FifthStreetFairFund.com

SOCIAL MEDIA1Twitter 2Facebook2Instagram3RSS4YouTube6LinkedIn8Email Updates

## About The SEC

-  Budget & Performance 
-  Careers 
-  Commission Votes 
-  Contact 
-  Contracts 
-  Data Resources 

## Transparency

-  Accessibility & Disability 
-  FOIA 
-  Inspector General 
-  No FEAR Act & EEO Data 
-  Ombuds 
-  Whistleblower Protection 

## Websites

-  Investor.gov 
-  Related Sites 
-  USA.gov 

## Site Information

-  Plain Writing 
-  Privacy & Security 
-  Site Map 

**Return to Top