UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934
Release No. 34-62106 / May 13, 2010
Administrative Proceeding File No. 3-13446
In the Matter of
American Skandia Investment Services, Inc.
NOTICE OF PROPOSED DISTRIBUTION PLAN AND OPPORTUNITY FOR COMMENT
Notice is hereby given, pursuant to Rule 1103 of the 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 filed with the Commission the proposed plan ("Distribution Plan") for the distribution of monies in In the Matter of American Skandia Investment Services, Inc. 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-and-Desist Order, on April 17, 2009 (Investment Advisers Act Release No. 2867) (the "Order").
OPPORTUNITY FOR COMMENT
Pursuant to this Notice, all interested parties are advised that they may obtain a copy of the Distribution Plan from the Commission's public website, http://www.sec.gov, or by submitting a written request to Christopher R. Conte, Associate Director, United States Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-5561. Further, all persons desiring to comment on the Distribution Plan may submit their comments, in writing, within thirty (30) days of the date of this Notice:
to the Office of the Secretary, United States Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090;
by using the Commission's Internet comment form (http://www.sec.gov/litigation/admin.shtml); or
by sending an e-mail to email@example.com.
Comments submitted by e-mail or via the Commission's website should include "Administrative Proceeding File No. 3-13446" in the subject line. Comments received will be available to the public. Persons should only submit information that they wish to make publicly available.
THE DISTRIBUTION PLAN
The Distribution Plan provides for distribution of $68 million in disgorgement and civil penalties, plus any accumulated interest, less any federal, state, or local taxes on the interest. The proposed plan provides for distribution of the Fair Fund to various American Skandia Life Assurance Corporation customers to compensate them for losses resulting from market timing. If the Distribution Plan is approved, eligible customers will receive a fair and proportionate share of the Fair Fund as calculated by the Independent Distribution Consultant. The distribution amount will be calculated from information in American Skandia's records and records obtained from third-party intermediaries. Eligible investors will not need to go through a claims process.
For the Commission, by its Secretary, pursuant to delegated authority.
Elizabeth M. Murphy
See Also: Proposed Plan of Distribution