UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 99720 / March 12, 2024

ADMINISTRATIVE PROCEEDING

File No. 3-20906

In the Matter of

Geluk Capital Management Ltd. 

and Douglas Gerald Fathers,

Respondents.

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NOTICE OF PROPOSED PLAN OF 

DISTRIBUTION AND 

OPPORTUNITY FOR COMMENT

Notice is hereby given, pursuant to Rule 1103 of the United States Securities and 

Exchange Commission’s (the “Commission”) Rules on Fair Fund and Disgorgement Plans (the 

“Commission’s Rules”), 17 C.F.R. § 201.1103, that the Division of Enforcement has submitted 

to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of 

monies paid in the above-captioned matter.

On June 24, 2022, the Commission issued an Order Instituting Administrative and Ceaseand-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Section 21C of the 

Securities Exchange Act of 1934, Sections 203(e), 203(f), and 203(k) of the Investment Advisers 

Act of 1940, and Section 9(b) of the Investment Company Act of 1940, Making Findings, and 

Imposing Remedial Sanctions and a Cease-and-Desist Order (the “Order”)1against Geluk 

Capital Management Ltd. (“Geluk Capital”) and Douglas Gerald Fathers (“Fathers”) 

(collectively, the “Respondents”). In the Order, the Commission found that from January 

through December 2018, Geluk Capital and Fathers represented to investors and prospective 

investors that the Geluk Global Fund Limited SAC (“Geluk Fund”) had its own proprietary 

trading strategy and risk controls that had resulted in a multi-year track record of positive 

performance. However, the Geluk Fund had none of these things and was instead sending 

investor money to a third-party manager. The Commission also found that Geluk Capital and 

Fathers charged the Geluk Fund fees in a manner that was inconsistent with fund governing 

documents. 

As a result of the conduct described therein, the Commission found Geluk Capital and 

Fathers willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 

1

 Securities Act Rel. No. 11077 (June 24, 2022).
2

thereunder, Section 17(a) of the Securities Act of 1933, and Sections 206(1), 206(2), and 206(4) 

of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder.

The Commission ordered the Respondents to pay $29,081.69 in disgorgement, $3,607.23

in prejudgment interest, and a $60,000 civil money penalty, for a total of $92,688, to the 

Commission, pursuant to a payment plan detailed therein. The Commission also created a Fair 

Fund (the “Fair Fund”), pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the 

penalty collected, along with the disgorgement and interest collected, can be distributed to 

harmed investors. 

The Fair Fund includes the $29,081.69 collected from the Respondents to date, and any 

additional funds collected, pursuant to the Order, will be added to the Fair Fund. The assets of 

the Fair Fund are subject to the continuing jurisdiction and control of the Commission. The Fair 

Fund has been deposited in a Commission-designed account at the U.S. Department of the 

Treasury, and any interest accrued will be added to the Fair Fund.

OPPORTUNITY FOR COMMENT

Pursuant to this Notice, all interested persons are advised that they may obtain a copy of 

the Plan from the Commission’s public website at http://www.sec.gov/litigation/fairfundlist.htm. 

Interested persons may also obtain a written copy of the Proposed Plan by submitting a written 

request to Noel Gittens, United States Securities and Exchange Commission, 100 F Street, NE, 

Washington, DC 20549-5876. All persons who desire to comment on the Proposed Plan may 

submit their comments, in writing, no later than thirty (30) days from the date of this Notice:

1. to the Office of the Secretary, United States Securities and Exchange Commission, 100 F 

Street, NE, Washington, DC 20549-1090;

2. by using the Commission’s Internet comment form 

(http://www.sec.gov/litigation/admin.shtml); or

3. by sending an e-mail to rule-comments@sec.gov.

Comments submitted by email or via the Commission’s website should include “Administrative 

Proceeding File No. 3-20906” in the subject line. Comments received will be publicly available. 

Persons should submit only information they wish to make publicly available.

THE PROPOSED PLAN

The Net Available Fair Fund2is comprised of the $29,081.69 in disgorgement paid by the 

Respondents to date, plus any interest and income earned thereon, less taxes, fees, and expenses. 

Any additional funds collected pursuant to the Order will be added to the Fair Fund. The 

Proposed Plan seeks to compensate investors harmed in connection with their payment of 

performance fees to the Respondents for the management of funds in the Geluk Global Fund 

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 All capitalized terms used herein but not defined shall have the same meanings ascribed to them in the Proposed 

Plan.
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Limited SAC, and related investment losses suffered as a result of the Respondents’ fraudulent 

conduct between January 1, 2018, and December 31, 2018, inclusive. Investors will be 

reimbursed the performance fees that they paid during the Relevant Period plus interest and then 

compensated for their related investment losses on a pro rata basis from the funds remaining 

after the allocation of funds for performance fees and interest. 

For the Commission, by the Division of Enforcement, pursuant to delegated authority.3

Vanessa A. Countryman

Secretary 

3

 17 C.F.R. § 200.30-4(a)(21)(iii).