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SEC v. Gary R. Marks Case No. 12-cv-04486-WHA (N.D. Cal.)

Oct. 7, 2022

On August 27, 2012, the Commission filed a complaint against Gary R. Marks (“Defendant”). The complaint alleged that, from at least 2005 through 2008, the Defendant, through Sky Bell Asset Management, Inc., an investment advisor formerly registered with the Commission, made negligent misrepresentations and failed to disclose information to investors. See Complaint.

The Defendant was ordered, and has paid a total of $504,902.00 in disgorgement, prejudgment interest, and penalties. The Commission was ordered to hold all funds paid, pending further order of the Court. See Defendant’s Final Judgment.

On May 2, 2014, the Court entered an order that established a Fair Fund for the $504,902.00 paid by the Defendant (the “Fair Fund”), so the funds could be distributed to harmed investors, and appointed Damasco & Associates LLP, as the Tax Administrator to fulfill the tax obligations of the Fair Fund. See Order to Establish a Fair Fund and Appoint a Tax Administrator.

On July 9, 2014, the Court appointed Gilardi & Co., LLP, as the Distribution Agent to oversee the administration and distribution of the Fair Fund to harmed investors. See Order Appointing Distribution Agent.

On May 27, 2015, the Commission filed a motion to approve a distribution plan, together with the distribution plan (“Plan”). See the Commission’s Motion and Distribution Plan

On June 15, 2015, the Court entered an order approving the Plan. See Order Approving Distribution Plan.

The Distribution Plan provides that the distribution of the Fair Fund shall be made on a pro rata basis to 141 investor accounts that were harmed by the Defendant’s misconduct.

On January 12, 2017, the Commission filed a motion to distribute the Fair Fund, plus interest, less fees and expenses, to eligible investors. See the Commission’s Motion to Distribute.

On January 12, 2017, the Court granted the Commission’s motion and entered an order to disburse $504,902.00 plus interest, less fees and expenses, from the Fair Fund for distribution to eligible investors. See the Court’s Order.

For more information, please contact the Distribution Agent:

Distribution Agent: Gilardi & Co., LLC
Telephone Number: 415-458-3054

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