In the Matter of MVP Manager LLC
Admin. Proc. File No. 3-19334
On August 13, 2019, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings (the "Order") against MVP Manager LLC ("MVP" or the "Respondent"). In the Order, the Commission found that MVP failed to adequately disclose to MVP clients or to investors in the client funds the potential or actual conflict of interest arising from MVP personnel's receipt of brokerage commissions from counterparties to certain transactions with MVP's advisory-client funds. The Order required the Respondent to pay a total of $249,740.30 in disgorgement, prejudgment interest, and a civil money penalty to the Commission. The Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the civil money penalty, along with the disgorgement and interest, can be distributed to harmed investors. See the Commission's Order: Release No. IA-5319.
The Fair Fund consists of the $249,740.30 paid by the Respondent.
On October 15, 2020, the Commission issued an order appointing Miller Kaplan Arase LLP as the Tax Administrator of the Fair Fund. See the Commission’s Order: Release No. 34-90187.
For more information, please contact the Commission:
Office of Distributions