UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 88452 / March 23, 2020 

ADMINISTRATIVE PROCEEDING

File No. 3-18527 

In the Matter of

DeVere USA, Inc.,

Respondent.

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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 Rules on Fair Fund and Disgorgement Plans (“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 “Plan”) for the distribution of monies paid in the abovecaptioned matter.

On June 4, 2018, the Commission issued an Order Instituting Administrative and Ceaseand-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act 

of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order 

(“Order”)1against DeVere USA, Inc. (the “Respondent”). The Commission ordered the 

Respondent to pay $8,000,000.00 in 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, so the 

penalty can be distributed to harmed investors (the “Fair Fund”).

The Fair Fund consists of the $8,000,000.00 in civil monetary penalties paid by the 

Respondent.

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

has been deposited at the United States Department of Treasury's Bureau of the Fiscal Service in 

an interest-bearing account.

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 Plan by submitting a written request to 

Susan Pecaro, United States Securities and Exchange Commission, 100 F Street, NE, 

 

1 Advisers Act of 1940 Rel. No. 4933 (June 4, 2018).
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Washington, DC 20549-5876. All persons who desire to comment on the 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. 3-18527” in the subject line. Comments received will be publicly available. 

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

THE PLAN

The Net Fair Fund2is comprised of the $8,000,000.00 civil money penalty paid by the 

Respondent, plus interest and income earned thereon, minus all taxes, fees, and other expenses of 

distributing the Net Fair Fund. The Plan proposes to distribute the Net Fair Fund to those 

harmed investors previously identified by Commission staff in accordance with the Plan of 

Allocation (Exhibit A) of the Plan.

By the Commission.

Vanessa A. Countryman

Secretary 

 

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