UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 85473 / March 29, 2019 

ADMINISTRATIVE PROCEEDING

File No. 3-14893

In the Matter of 

QUANTEK ASSET MANAGEMENT, LLC, 

BULLTICK CAPITAL MARKETS 

HOLDINGS, LP, JAVIER GUERRA, and 

RALPH PATINO,

Respondents. 

NOTICE OF PROPOSED PLAN 

OF DISTRIBUTION AND 

OPPORTUNITY FOR 

COMMENT

Notice is hereby given, pursuant to Rule 1103 of the United States Securities and 

Exchange Commission’s (“Commission”) Rules on Fair Fund and Disgorgement Plans, 

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 monies paid in the above-captioned matter.

On May 29, 2012, the Commission issued a settled Order Instituting Administrative and 

Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Sections 

203(e), 203(f), and 203(k) 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 

Cease-and-Desist Orders (“Order”) 1against Quantek Asset Management, LLC (“Quantek”), 

Bulltick Capital Markets Holdings, LP (“Bulltick”), Javier Guerra (“Guerra”), and Ralph Patino 

(“Patino”) (collectively, the “Respondents”). The Commission found that, from 2006 through 

2008, Quantek, a Latin American-focused hedge fund adviser, misled investors about three 

important attributes of funds that it managed: (1) whether management had “skin in the game”;

(2) the funds’ investment process; and (3) certain related-party transactions.

As a result of the conduct described in the Order, the Commission ordered Quantek and 

Guerra to jointly and severally disgorge $2,056,446, and pay prejudgment interest in the amount 

of $219,585. The Commission also ordered that Quantek pay a civil money penalty of $375,000; 

Bulltick pay a civil money penalty of $300,000; Guerra pay a civil money penalty of $150,000; 

and Patino pay a $50,000 civil money penalty. The Commission also ordered that a Fair Fund 

(the “Fair Fund”) be created, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002 for 

the disgorgement, interest, and penalties paid by the Respondents. The Respondents made the 

 

1

Securities Act Rel. No. 9326 (May 29, 2012).
2

payments as required by the Order, with the exception of Patino, who has an outstanding balance 

of $58.33. 

The Fair Fund is subject to the continuing jurisdiction and control of the Commission and 

has been deposited at the United States Department of the Treasury’s Bureau of the Fiscal 

Service for investment.

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 

Keshia W. Ellis, Esq., 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 (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 should include “Administrative Proceeding File No. 3-14893” in the 

subject line. Comments received will be publicly available. Persons should submit only 

information they wish to make publicly available.

THE PLAN

The Fair Fund is comprised of the $3,151,031.00 in disgorgement, prejudgment interest, 

and civil money penalties paid by the Respondents plus accumulated interest and earnings 

thereon. The Plan proposes to transfer the funds to the United States Treasury and terminate the 

Fair Fund. Within (30) calendar days of Commission approval of the Distribution Plan, the 

funds will be paid to the general fund of the United States Treasury, subject to Exchange Act 

Section 21F(g)(3).

By the Commission.

Vanessa A. Countryman

Acting Secretary