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# Other

# In the Matter of North East Capital, et al. Admin. Proc. File No. 3-15429

                            Oct. 14, 2022                       

On August 16, 2013, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings (the "Order") against North East Capital, LLC ("North East"), an unregistered investment adviser, and its founder and sole principal, Anthony T. Vicidomine ("Vicidomine") (collectively, the "Respondents"). In the Order, the Commission found that, from November 2011 through March 2012, Vicidomine misappropriated $189,415 of the North East's assets in the form of unearned "incentive fees." The Commission ordered the Respondents to pay a total of $346,132.04 in disgorgement, prejudgment interest, and civil money penalties to the Commission. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended, so the penalties, along with the disgorgement and interest, collected could be distributed to harmed investors (the "Fair Fund"). See the Commission's Order: Release No. 33-9442.

On June 6, 2014, the Commission issued an order appointing Damasco & Associates LLP ("Damasco") as the Tax Administrator of the Fair Fund. Damasco was acquired by Miller Kaplan Arase LLP and on June 30, 2017, the Commission issued a notice of name change for the Tax Administrator.

On December 23, 2014, 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 Proposed Plan proposed Nancy Chase Burton, a Commission employee, serve as the Fund Administrator to oversee the administration and distribution of the Fair Fund. The notice provided the public with 30 days to submit their comments on the Proposed Plan. See the Commission's Notice: Release No. 34-73921 and the Proposed Plan. 

Comments were received on the Proposed Plan, and on April 26, 2016, the Commission published a notice of the proposed amended plan of distribution and opportunity for comment and simultaneously published the proposed amended plan of distribution ("Proposed Amended Plan"). The notice provided the public with 30 days to submit their comments on the Proposed Amended Plan. See the Commission's Notice: Release No. 34-77712 and the Proposed Amended Plan. 

On June 17, 2016, the Commission issued an order approving the amended plan of distribution ("Amended Plan") which appointed Nancy Chase Burton, a Commission employee, as the Fund Administrator of the Fair Fund and published the Amended Plan. See the Commission's Order: Release No. 34-78100 and the Amended Plan.

The Amended Plan provides that the distribution of the Fair Fund shall be made to those harmed investors, identified by Commission staff during its investigation of this matter, in accordance with the methodology detailed in the Amended Plan.

On June 28, 2016, the Commission issued an order approving the disbursement of $340,870.00 from the Fair Fund for distribution to eligible investors. See the Commission's Order: Release No. 34-78173. 

For more information, please contact the Fund Administrator:

Office of DistributionsNancy Chase BurtonTelephone Number: 202-551-4425Email: burtonn@sec.gov

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