In the Matter of Summit Planning Group, Inc, et al.

Admin. Proc. File No. 3-21673

On September 18, 2023, the Commission instituted and simultaneously settled administrative and cease-and-desist proceedings (the “Order”) against Summit Planning Group, Inc (“Summit”) and Richard Urciuoli (“Urciuoli”) (collectively, the “Respondents”). In the Order, the Commission found that Urciuoli, the sole owner and investment professional of Summit, a registered investment adviser, invested advisory client assets in a volatility linked exchange traded product — the iPath Series B S&P 500 VIX Short-Term Futures ETN (“VXX”) — for extended periods without having a reasonable basis to do so. These investments were inconsistent with VXX’s prospectus and pricing supplement, which stated that the product carried unique risks, was designed to be held for very short time periods, likely would incur costs if held for more than one trading session, and required frequent monitoring. The client accounts holding VXX collectively lost over $443,809 from those investments. the Commission further found that Summit also failed to adopt and implement policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules adopted thereunder. The Commission ordered the Respondents to pay $8,476.36 in disgorgement, $925.23 in prejudgment interest, and a $100,000.00 civil money penalty, for a total of $109,401.59, 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 collected, along with the disgorgement and interest collected, can be distributed to harmed investors (the “Fair Fund”). See the Commission’s Order: Release No. IA-6423.

The Fair Fund includes the $109,401.59 paid by the Respondents. The Fair Fund and has been deposited in a Commission-designated account at the U.S. Department of the Treasury, and any accrued interest will be added to the Fair Fund.

On January 28. 2025, 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. 34-102300.

On September 3, 2025, the Commission issued an order appointing Simpluris, Inc. as the Fund Administrator to oversee the administration and distribution of the Fair Fund, and set the administrator’s bond amount. See the Commission’s Order: Release No. 34-103838.

On September 23, 2025, the Commission published a notice of the proposed plan of distribution and opportunity for comment and simultaneously published the proposed plan of distribution (“Proposed Plan”). The notice provides the public with 30 days to submit their comments on the Proposed Plan. See the Commission’s Notice: Release No. 34-104022 and the Proposed Plan.

On November 21, 2025, the Commission issued an order approving the Proposed Plan and simultaneously posted the approved plan of distribution (the “Plan”).  See the Commission’s Order:  Release No. 34-104238 and the Plan.

The Plan provides for the distribution of the Net Available Fair Fund to clients for whom Summit used its discretionary authority to buy and hold the iPath S&P VIX Short-Term Futures ETN for extended time periods that were inconsistent with the intended use of the product from July 30, 2021 through December 1, 2021.

For more information, please contact the Commission:

Office of Distributions
Email: ENFOfficeofDistributions@sec.gov