UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 89755 / September 2, 2020

ADMINISTRATIVE PROCEEDING 

File No. 3-19597

In the Matter of

Bethany Liou and Golden California 

Regional Center, LLC 

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 State Securities and 

Exchange Commission’s (“Commission”) 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 the funds 

collected in the above-captioned matter.

On November 4, 2019, the Commission issued an Order Instituting Cease-and-Desist 

Proceedings Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and 

Imposing a Cease-and-Desist Order (the “Order”)1against Bethany Liou (“Liou”) and Golden 

California Regional Center, LLC (“GCRC”) (collectively, the “Respondents”). In the Order, the 

Commission found that beginning in July 2016, the Respondents raised at least $45,000 from at 

least 90 investors through an offering of limited partnership interests in the GCRC Cupertino 

Fund (the “Cupertino Fund”). The Commission further found that Liou transferred investor 

funds from the Cupertino Fund to a securities investment account in Liou’s name, and pledged 

that investment account as collateral for a line of credit for purposes other than the project 

identified in the Cupertino Fund offering documents. The Commission found that the 

Respondents violated Section 17(a)(2) of the Securities Act of 1933 and ordered them to pay, 

jointly and severally, disgorgement of $49,306,893, and prejudgment interest of $988,339 to the 

Commission pursuant to a payment plan, with the last payment due 360 days from the entry of 

the Order. 

A total of $48,340,835.64 has been collected pursuant to the Order (the “Distribution 

Fund”), and accrued interest and earnings, as well as additional funds received pursuant to the 

Order, will be added to the Distribution Fund.

 

1

 Securities Act Rel. No. 10725 (Nov. 4, 2019).
The Distribution Fund2

is subject to the continuing jurisdiction and control of the 

Commission and has been deposited at 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 

Catherine E. Pappas, Esq., United States Securities and Exchange Commission, One Penn 

Center, 1617 JFK Blvd., Ste. 520, Philadelphia, PA 19103. 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. 3-19597” 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 Available Distribution Fund is comprised of the $48,340,835.64 in disgorgement 

and prejudgment interest collected pursuant to the Order, plus any accrued interest and earnings 

thereon and any additional funds collected pursuant to the Order, minus all taxes, investment 

fees, and fees and expenses of tax and fund administration. The Plan proposes to distribute the 

Net Available Distribution Fund to investors who purchased limited partnership interests in the 

Cupertino Fund, and who suffered losses due to the Respondents’ conduct described in the 

Order.

For the Commission, by its Secretary, pursuant to delegated authority.

Vanessa A. Countryman

Secretary 

 

2

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