UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 99586 / February 22, 2024

ADMINISTRATIVE PROCEEDING

File No. 3-11987

In the Matter of

Canadian Imperial Holdings Inc. 

and CIBC World Markets Corp.,

Respondents.

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ORDER AUTHORIZING THE TRANSFER 

TO THE U.S. TREASURY OF THE 

REMAINING FUNDS AND ANY FUNDS 

RETURNED TO THE FAIR FUND IN THE 

FUTURE, DISCHARGING THE FUND 

ADMINISTRATOR, AND TERMINATING 

THE FAIR FUND

On July 20, 2005, the Commission issued an Order Instituting Administrative and Ceaseand-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-andDesist Order Pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the 

Securities Exchange Act of 1934, Section 203(e) of the Investment Advisers Act of 1940, and 

Sections 9(b) and 9(f) of the Investment Company Act of 19401 against Canadian Imperial 

Holdings Inc. and CIBC World Markets Corp. (collectively, the “Respondents”) for their alleged 

participation in a scheme to defraud numerous mutual funds (the “CIBC Order”). The 

Commission ordered the Respondents to jointly and severally pay disgorgement and 

prejudgment interest in the amount of $100 million and pay civil money penalties in the amount 

of $25 million, for a total payment of $125 million to the Commission. In the Order, the 

Commission established a Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 

2002 (the “CIBC Fair Fund”), so the collected civil penalties, along with collected disgorgement

and prejudgment interest, could be distributed to the mutual funds harmed by the Respondents’ 

conduct described in the Order (the “Affected Funds”). The CIBC Order also provided that the 

Respondents would undertake to retain an Independent Distribution Consultant (“IDC”) to 

develop a distribution plan for the distribution of the CIBC Fair Fund. The Respondents retained 

Bernard A. Katz as the IDC, who developed a proposed distribution plan in consultation with the 

Division of Enforcement and Respondents. 

The CIBC Fair Fund was comprised of $126,258,200.60 in collections on the CIBC 

Order and an additional $1,258,200.60 collected in two related administrative and cease-anddesist proceedings.2 The Fair Fund was deposited in a Commission-designated account at the 

1

 Securities Act Rel. No. 8592 (July 20, 2005). 2 In the Matter of Marshall Dornfeld, Exchange Act Rel. No. 55209 (Jan. 31, 2007), Admin. Proc. File No. 3-

12555; In the Matter of Michael Sassano, et al., Securities Act Rel. No. 8778 (Jan. 31, 2007), Admin. Proc. File No. 
2

U.S. Department of the Treasury, and accrued interest was added to, and became a part of, the 

CIBC Fair Fund.

On December 10, 2009, the Secretary, pursuant to delegated authority, published a Notice 

of Proposed Plan of Distribution and Opportunity for Comment (“Notice”),3 pursuant to Rule 

1103 of the Commission’s Rules on Fair Fund and Disgorgement Plans (“Commission’s 

Rules”);4 and 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 William Finkel, Senior 

Counsel, United States Securities and Exchange Commission, 3 World Financial Center, New 

York, NY 10281. 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 no comments on the Proposed Plan during the comment period, and on February 23, 

2010, the Secretary, pursuant to delegated authority, issued an order that approved a Corrected 

Plan of Distribution (the “Plan”), appointed J.H. Cohn LLP as the Fund Administrator, and 

waived the administrator’s bond requirement.5

Pursuant to the Plan, the Respondents were obligated pay all fees and costs associated 

with the administration of the Plan. Taxes, investment costs, and tax related bond expenses were 

paid by the CIBC Fair Fund. The Plan allocated the net CIBC Fair Fund to the Affected Funds 

based on calculations of the amount of enrichment received by market timers through illegal 

transactions in each Affected Fund as an estimated measure of the relative harm. Each Affected 

Fund’s allocation was quantified as a percentage of the net CIBC Fair Fund’s assets. Any 

remaining funds following distribution to Affected Funds are to be transferred to the U.S. 

Treasury and the Fair Fund terminated, subject to the Commission’s approval of the Fund 

Administrator’s final accounting.

As ordered by the Commission, the Fund Administrator distributed the Fair Fund 

pursuant to the Plan in four tranches for a total of $134,628,946.26.6 Of this amount 

$134,558,369.21 (99.9%) was successfully disbursed and cashed by the Affected Funds. 

The Fair Fund earned $12,985,835.99 in interest; and paid state and federal taxes of 

$4,519,573.52, investment/bank fees of $76,836.91, and tax related bond expenses of $4,861.90. 

The Fair Fund currently holds $84,395.05, which is comprised of $70,577.05 in undeliverable 

and uncashed checks and $13,818 in accumulated interest.

The Plan provides that the Fair Fund is eligible for termination and the Fund 

Administrator discharged after all of the following have occurred: (a) the final accounting has 

been submitted by the Fund Administrator for approval and has been approved by the 

3-12554. In these settled administrative and cease-and-desist proceedings, the Commission pursued five individuals 

who participated in the misconduct underlying the CIBC Order.

3

 Exchange Act Rel. No. 61142 (Dec. 10, 2009). 4

 17 C.F.R. § 201.1103. 5

 Order Approving Plan, Appointing a Fund Administrator, and Waiving Bond, Exchange Act Rel. No. 61568 (Feb. 

23, 2010).

6

 See Orders Directing Disbursement of Fair Fund, Exchange Act Rel. Nos. 65697 (Nov. 7, 2011), 65798 (Nov. 21, 

2011), 65892 (Dec. 5, 2011), and 85017 (Jan. 31, 2019).
3

Commission; (b) all taxes, fees, and expenses have been paid; and (c) any amount remaining in 

the Fair Fund has been received by the Commission. 

The Commission staff has confirmed that the Fund Administrator has completed the 

distribution process in accordance with the Commission’s orders, that all taxes and fees owed by 

the Fair Fund have been paid, and that all monies remaining in the Fair Fund have been received 

by the Commission.7

 The final accounting, which was submitted to the Commission for 

approval, as required by Rule 1105(f) of the Commission’s Rules, 17 C.F.R. § 201.1105(f), and 

as set forth in the Plan, has been approved. 

Accordingly, it is ORDERED that:

A. the Fair Fund’s remaining funds, and any funds returned to the Fair Fund in the 

future, shall be transferred to the U.S. Treasury, subject to Section 21F(g)(3) of 

the Securities Exchange Act of 1934, 15 U.S. Code § 78u-6(g)(3);

B. the Fund Administrator, J.H. Cohn LLP,is discharged; and

C. the Fair Fund is terminated.

By the Commission.

Vanessa A. Countryman

Secretary 

7

 Pursuant to the Plan, the Respondents were responsible for all Fund Administration and Tax Administration fees 

and expenses.