UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 91509 / April 8, 2021

ADMINISTRATIVE PROCEEDING

File No. 3-18909

In the Matter of

Fifth Street Management, LLC,

Respondent.

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ORDER DIRECTING

DISBURSEMENT OF FAIR

FUND

On June 24, 2019, the Secretary, pursuant to delegated authority, published a Notice of

Proposed Plan of Distribution and Opportunity for Comment (“Notice”),1 pursuant to Rule 1103

of the Commission’s Rules on Fair Fund and Disgorgement Plans (“Commission’s Rules”). 2

The Notice advised interested persons that they could obtain a copy of the Proposed Plan of

Distribution (“Proposed Plan”) from the Commission’s public website or by submitting a written

request to Catherine E. Pappas, United States Securities and Exchange Commission, One Penn

Center, 1617 JFK Blvd., Ste. 520, Philadelphia, PA 19103. The Notice also advised that all

persons desiring to comment on the Proposed Plan could submit their comments, in writing,

within 30 days of the Notice. The Commission received no comments on the Proposed Plan

during the comment period. On August 1, 2019, the Secretary, pursuant to delegated authority,

1

2

Exchange Act Rel. No. 86190 (June 24, 2019).

17 C.F.R. § 201.1103.

issued an order approving the Proposed Plan,3 and posted the approved Plan of Distribution (the

“Plan”).

The Plan provides for the distribution of the Fair Fund, plus accumulated interest, less

taxes, fees, and expenses, to the harmed investors according to the methodology set forth in the

Plan. In accordance with the Plan, the Claims Bar Date has passed and all timely submitted

claims have been processed by the Fund Administrator. All investors whose claims have been

determined ineligible, in whole or in part, have been notified and provided the opportunity to

cure.

Pursuant to the Plan, the Fund Administrator has submitted a payment file to Commission

staff with a reasonable assurance letter as to the completeness and accuracy of the information

contained therein. The Commission staff has reviewed the payment file and requests, pursuant to

Rule 1101(b)(6) of the Commission’s Rules, 17 C.F.R. § 201.1101(b)(6), that the Commission

authorize the transfer of $573,350.57 from the Fair Fund to the Fair Fund’s escrow account at

The Huntington National Bank for distribution by the Fund Administrator to the eligible

claimants in accordance with the Plan.

Accordingly, it is hereby ORDERED, that Commission staff shall transfer $573,350.57

from the Fair Fund to the Fair Fund’s escrow account at The Huntington National Bank, and the

Fund Administrator shall distribute such monies to the eligible claimants in accordance with the

Plan.

For the Commission, by the Division of Enforcement, pursuant to delegated authority. 4

Vanessa A. Countryman

Secretary

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4

See Order Approving Plan of Distribution, Exchange Act Rel. No. 86551 (Aug. 1, 2019).

17 C.F.R. § 200.30-4(a)(21)(v).

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