UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 94360 / March 3, 2022

ADMINISTRATIVE PROCEEDING

File No. 3-20150

In the Matter of

Securities America Advisors, Inc.,

Respondent.

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ORDER APPROVING 

PLAN OF DISTRIBUTION

On November 13, 2020, the Commission issued an Order Instituting Administrative and 

Cease-and-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-andDesist Order (the “Order”)1

against Securities America Advisors, Inc. (“SAA” or the 

“Respondent”). In the Order, the Commission found that from January 1, 2016 through February 

28, 2018, SAA failed to adopt and implement policies and procedures reasonably designed to 

prevent investments in two volatility-linked exchange-traded products that were not suitable for 

SAA clients. The Commission ordered the Respondent to pay $3,399.42 in disgorgement, 

$377.40 in prejudgment interest, and a $600,000.00 civil money penalty, for a total of 

$603,776.82, 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 paid, along with the disgorgement and 

interest paid, can be distributed to harmed investors (the “Fair Fund”).

The Fair Fund includes the $603,776.82 paid by the Respondent.

The assets of the Fair Fund are subject to the continuing jurisdiction and control of the 

Commission. The Fair Fund and has been deposited in an interest-bearing account at the U.S. 

Department of the Treasury’s Bureau of the Fiscal Service, and any interest accrued will be 

added to the Fair Fund.

On January 3, 2022, the Division of Enforcement, pursuant to delegated authority, 

published a Notice of Proposed Plan of Distribution and Opportunity for Comment (“Notice”),2

pursuant to Rule 1103 of the Commission’s Rules on Fair Fund and Disgorgement Plans 

 

1

 Advisers Act Rel. No. 5627 (Nov. 13, 2020).

2

 Exchange Act Rel. No. 93892 (Jan. 3, 2022).
2

(“Commission’s Rules”);3and 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 Amy 

Sumner, United States Securities and Exchange Commission, Byron Rogers Federal Office 

Building, 1961 Stout Street, Suite 1700, Denver, CO 80294-1961. 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. 

The Proposed Plan provides for the distribution of the Net Available Fair Fund4to who 

purchased eligible Securities during the Relevant Period and suffered a Recognized Loss as 

calculated by the methodology used in the Plan of Allocation in the Proposed Plan. 

The Division of Enforcement now requests that the Commission approve the Proposed 

Plan. 

Accordingly, it is hereby ORDERED, pursuant to Rule 1104 of the Commission’s Rules,5

that the Proposed Plan is approved, and the approved Plan of Distribution shall be posted 

simultaneously with this order on the Commission’s website at www.sec.gov.

For the Commission, by the Division of Enforcement, pursuant to delegated authority.6

Vanessa A. Countryman

Secretary 

 

3

 17 C.F.R. § 201.1103.

4

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

Plan.

5

 17 C.F.R. § 201.1104. 

6

 17 C.F.R. § 200.30-4(a)(21)(iv).