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# Other

# SEC v. Swapnil J. Rege, et al.  Case No. 2:21-CV-19313-ZNQ-TJB (DNJ)

                            Jan. 5, 2023                       

On October 26, 2021, the Commission filed a complaint (the “Complaint”) against Swapnil J. Rege (“Mr. Rege”) and Swapstar Capital, LLC (“Swapstar”) (collectively, the “Defendants”), and named Reema Rege (“Mrs. Rege”), as a relief defendant. The Complaint alleged that, from mid 2019 through October 2021, Mr. Rege continued to act as an investment adviser in violation of the bar imposed by the 2019 Commission Order. In addition, Mr. Rege and SwapStar engaged in a scheme to misappropriate assets from clients they advised, the Defendants violated Sections 206(1) and 206(2) of the Advisers Act, and thereby was also in violation of the cease-and-desist order in the 2019 Commission Order. Additionally, Mr. Rege violated Section 203(f) of the Advisers Act by continuing to act as an associate with an investment adviser after being barred from such association by the Commission in the 2019 Commission Order. See Complaint.

The court entered final judgments against the Defendants on August 23, 2022 ordering the Defendants to pay a total of $5,469,926 in disgorgement, prejudgment interest, and penalty to the Commission. Also on August 23, 2022, the court entered a final judgment against Mrs. Rege ordering for the transfer of frozen assets.

The Commission was ordered to hold all funds, together with interest and income earned thereon (collectively, the “Fund”), pending further order of the Court. The final judgments (“Final Judgments”) established that the Commission may propose a plan to distribute the Fund subject to the Court’s approval and such a plan may provide that the Fund shall be distributed pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 2002. See Mr. Rege’s Final Judgment , Swapstar’s Final Judgment and Mrs. Rege’s Final Judgment.

The Distribution Fund consists of funds paid to date. Any additional funds received pursuant to the Final Judgments will be added to the Distribution Fund.

On January 11, 2024 the Commission filed a Motion for an Order Establishing a Fair Fund, Appointing a Tax Administrator, and Authorizing the SEC to Approve Payment of the Tax Obligations of the Fair Fund and the Related Fees and Expenses of the Tax Administrator Without Further Court Order. The motion seeks to establish a Fair Fund for $1,237,532.60 paid by the Defendants to date and seeks the appointment of Miller Kaplan Arase LLP as Tax Administrator. Additional funds received pursuant to the Final Judgments will be added to the Fair Fund. . *See*Motion Establishing Fair Fund, Appointing Tax Administrator, and Authorizing the SEC to Approve Payment of the Tax Obligations of the Fair Fund and the Related Fees and Expenses of the Tax Administrator Without Further Court Order, and *See*Proposed Order.

On January 17, 2024, the Court issued an Order establishing a Fair Fund (the "Fair Fund") for the $1,237,532.60 paid by the Defendants to date and appointing Miller Kaplan Arase LLP as Tax Administrator. Additional funds received pursuant to the Final Judgments will be added to the Fair Fund. *See*Order.

For more information, please contact the Commission:

Office of DistributionsEmail: ENFOfficeofDistributions@sec.gov

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