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U.S. Securities and Exchange Commission

Litigation Release No. 16608 / June 26, 2000

Securities and Exchange Commission v. Teresa V. Fernandez (S.D.N.Y.) 96 Civ. 8702 (JES) U.S. District Court, S.D.N.Y.

Claims Fund for Clients of Teresa V. Fernandez
and Wharton Investments, Inc.

The staff of the Securities and Exchange Commission seeks to identify individuals who lost money at the hands of Teresa V. Fernandez, who acted through Wharton Investments, Inc., a registered investment advisory firm, from approximately 1983 through approximately September 1995.

In 1996, the SEC sued Fernandez for defrauding her advisory clients, most of whom were residents of the Philippines, by misappropriating their funds and/or misrepresenting the status of their investments. As a result of consent judgments entered in the case in 1996 and 1999, Fernandez has deposited approximately $600,000.00 with the District Court for the Southern District of New York to compensate the victims of Fernandez's fraud (the "Disgorgement Fund").

You may be eligible to receive a portion of the Disgorgement Fund if you:

  • Were an investment advisory client of Fernandez and/or Wharton during some or all of the period beginning October 1983 through September 1995; and

  • Suffered an out-of-pocket loss on your investments with Fernandez.

If you wish to make a claim against the Disgorgement Fund, you should promptly contact Elizabeth Baier of the SEC's Northeast Regional Office to obtain a claim form. You may reach Ms. Baier at 212-748-8273, or by e-mail at BaierE@sec.gov. Claim forms must be completed and submitted by July 15, 2000.

For further information about the SEC's complaint against Fernandez, see Litigation Release No. 15159 (November 19, 1996).