UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 86733 / August 22, 2019

ADMINISTRATIVE PROCEEDING

File No. 3-18171

In the Matter of

Jeremy A. Licht d/b/a 

JL Capital Management,

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 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 monies 

paid in the above-captioned matters.

On September 12, 2017, the Commission issued an Order Instituting Administrative and 

Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, 

Sections 203(f) and 203(k) of the of the Investment Advisers Act of 1940, and Section 9(b) of 

the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and 

a Cease-and-Desist Order (the “Order”)1against Jeremy A. Licht d/b/a JL Capital Management 

(“Licht”). The Order required Licht to pay a total of $278,289.34 in disgorgement, prejudgment 

interest, and a civil money penalty to the Commission and created a Fair Fund, pursuant to 

Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended (the “Fair Fund”), so the penalty, 

along with the disgorgement and prejudgment interest, could be distributed to investors harmed 

by Licht’s conduct described in the Order.2

The Fair Fund is comprised of the $278,289.34 paid by Licht.

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.

 

1 Exchange Act Rel. No. 81584 (Sept. 12, 2017).

2

See id.
2

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 

Nancy Chase Burton, United States Securities and Exchange Commission, 100 F Street, NE, 

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 Number 3-18171” 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 Fund3is comprised of the $278,289.34 in disgorgement, prejudgment 

interest, and civil money penalties paid by the Respondent, minus the Reserve. The Plan 

proposes to make distributions from the Net Fair Fund to investors who were harmed as a result 

of Licht’s fraudulent allocation or “cherry-picking”" scheme and who suffered losses as 

calculated by the methodology described in paragraph 11 of the Plan.

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

Vanessa A. Countryman

Secretary 

 

3

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