UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 88963 / May 28, 2020

ADMINISTRATIVE PROCEEDING 

File No. 3-16852

 :

In the Matter of :

 :

 :

Focus Media Holding Limited and Jason Jiang, : ORDER DIRECTING

: DISBURSEMENT OF FAIR

: FUND

Respondents. :

:

On November 2, 2017, the Securities and Exchange Commission (“Commission”) 

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”),2for the distribution of the Fair Fund in this administrative proceeding. 

The Notice advised interested persons that they could obtain a copy of the Proposed Plan of 

Distribution (“Proposed Plan”) from the Commission’s public website or by submitting a written 

request to Adriene Mixon, Esq., Assistant Chief Litigation Counsel, United States Securities and 

Exchange Commission, 444 South Flower Street, Suite 900, Los Angeles, CA 90071. The 

Notice also advised that all persons desiring to comment on the Proposed Plan could submit their 

comments, in writing, no later than thirty (30) days from the date of the Notice: (1) to the Office 

of the Secretary, United States Securities and Exchange Commission, 100 F Street, NE, 

 

1

 Exchange Act Rel. No. 82002 (Nov. 2, 2017).

2

 17 C.F.R. § 201.1103.
2

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 rulecomments@sec.gov. The Commission received no comments on the Proposed Plan during the 

comment period. On December 27, 2017, the Secretary, pursuant to delegated authority, issued 

an order approving the Proposed Plan,3and simultaneously posted the approved Plan of 

Distribution (the “Plan”).

The Plan provides for the distribution of the Fair Fund to Eligible Investors,

4

and 

further provides for the Eligible Investors to receive monies from the Fair Fund that represent 

their proportionate share of the distributable amount of the Fair Fund. The distribution will be 

made from the disgorgement and penalty, but not the prejudgment interest of $1,647,865.43, 

which shall be sent to the U.S. Treasury. The prejudgment interest funds are not needed for 

the distribution to fully compensate investors or pay the administrative costs of the Fair Fund.

In accordance with the Plan, the Claims Bar Date has passed and all timely submitted 

Claim Forms have been processed by the Fund Administrator and all investors whose claims 

were rejected or disallowed, in whole or in part, have been notified and provided the opportunity 

to cure. In recommending the distributable amount, of $34,430,551.79, the Fund Administrator 

has retained a prudent reserve to pay any taxes, fees and expenses payable in connection with the 

Fair Fund. All remaining funds will be sent to the U.S. Treasury.

The Fund Administrator has submitted a payment file with payee information for a total

disbursement of $34,430,551.79 to 4,486 Eligible Investors. Commission staff have reviewed 

the payment file and request that, consistent with Rule 1101(b)(6) of the Commission’s Rules, 17 

C.F.R. § 201.1101(b)(6), the Commission authorize the transfer of $34,430,551.79 from the Fair 

 

3

 See Order Approving Plan of Distribution, Exchange Act Rel. No. 82411 (Dec. 27, 2017).

4

 All capitalized terms used but not herein defined shall have the same meanings ascribed to them in the Plan.
3

Fund to the Fair Fund’s escrow account at Alerus Financial, N.A. for distribution by the Fund 

Administrator to Eligible Investors in accordance with the Plan. 

Accordingly, it is ORDERED that pursuant to Rule 1101(b)(6) of the Commission’s 

Rules, 17 C.F.R. § 201.1101(b)(6), the Commission staff shall transfer $34,430,551.79 from the 

Fair Fund to the Fair Fund’s escrow account at Alerus Financial, N.A. for distribution by the 

Fund Administrator to Eligible Investors in accordance with the Plan.

By the Commission.

Vanessa A. Countryman

Secretary