UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 98041 / August 2, 2023

ADMINISTRATIVE PROCEEDING

File No. 3-20381

In the Matter of

Securities America Advisors, Inc.,

Respondent.

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ORDER DIRECTING 

DISBURSEMENT OF FAIR FUND

On May 26, 2022, the Division of Enforcement, pursuant to delegated authority, 

published a Notice of Proposed Plan of Distribution and Opportunity for Comment (“Notice”)1

pursuant to Rule 1103 of the Commission’s Rules on Fair Fund and Disgorgement Plans 

(“Commission’s Rules”);2and simultaneously posted the Proposed Plan of Distribution (the 

“Proposed Plan”). The Notice advised interested persons that they could obtain a copy of the 

Proposed Plan from the Commission’s public website or by submitting a written request to 

Catherine Pappas, United States Securities and Exchange Commission, One Penn Center, 1617 

JFK Blvd., Ste. 520, Philadelphia, PA 19103. The Notice also advised that all persons desiring 

to comment on the Proposed Plan could submit their comments, in writing, within 30 days of the 

Notice. The Commission received two comments on the Proposed Plan during the comment 

period.

 

1

 Exchange Act Rel. No. 94995 (May 26, 2022).

2

 17 C.F.R. § 201.1103.
2

On November 22, 2022, after review and consideration, the Commission published a 

Notice of Amended Proposed Plan of Distribution and Opportunity for Comment (the “Notice of 

Amended Plan”)3pursuant to Rule 1103 of the Commission’s Rules4and simultaneously posted 

the Amended Proposed Plan of Distribution (the “Amended Proposed Plan”). The Commission 

received no comments on the Amended Proposed Plan during the comment period.

On January 23, 2023, the Division of Enforcement, pursuant to delegated authority, 

issued an order approving the Amended Proposed Plan,5and posted the approved Amended Plan 

of Distribution (the “Plan”).

The Plan provides for the distribution of the Fair Fund, plus accumulated interest, less 

taxes, fees, and expenses, to the harmed investors according to the methodology set forth in the 

Plan.

In accordance with the Plan, the Fund Administrator has compiled the Payee6information 

and prepared a payment file in a Commission-approved format. The Commission staff has 

reviewed and accepted the payment file and requests, pursuant to Rule 1101(b)(6) of the 

Commission’s Rules,7that the Commission direct the payment of $744,695.00 from the Fair 

Fund for distribution by the Fund Administrator to the Payees in accordance with the Plan.

 

3

 Exchange Act Rel. No. 96379 (Nov. 22, 2022).

4

 17 C.F.R. § 201.1103.

5

 See Order Approving Amended Plan of Distribution, Exchange Act Rel. No. 96738 (Jan. 23, 2023).

6

 Capitalized terms not defined in this Order are used as defined in the Plan. 

7

 17 C.F.R. § 201.1101(b)(6).
3

Accordingly, it is hereby ORDERED that the Commission staff shall direct the payment 

of $744,695.00 from the Fair Fund for distribution by the Fund Administrator to Payees in 

accordance with the Plan.

For the Commission, by the Division of Enforcement, pursuant to delegated authority.8

Vanessa A. Countryman

Secretary 

 

8

 17 C.F.R. § 200.30-4(a)(21)(v).