UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 88963 / May 28, 2020

ADMINISTRATIVE PROCEEDING

File No. 3-16852

In the Matter of

Focus Media Holding Limited and Jason Jiang,

Respondents.

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ORDER DIRECTING

DISBURSEMENT OF FAIR

FUND

On November 2, 2017, the Securities and Exchange Commission (“Commission”)

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 for the distribution of the Fair Fund in this administrative proceeding.

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 Adriene Mixon, Esq., Assistant Chief Litigation Counsel, United States Securities and

Exchange Commission, 444 South Flower Street, Suite 900, Los Angeles, CA 90071. The

Notice also advised that all persons desiring to comment on the Proposed Plan could submit their

comments, in writing, no later than thirty (30) days from the date of the Notice: (1) to the Office

of the Secretary, United States Securities and Exchange Commission, 100 F Street, NE,

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Exchange Act Rel. No. 82002 (Nov. 2, 2017).

17 C.F.R. § 201.1103.

Washington, DC 20549-1090; (2) by using the Commission’s internet comment form

(http://www.sec.gov/litigation/admin.shtml); or (3) by sending an e-mail to rulecomments@sec.gov. The Commission received no comments on the Proposed Plan during the

comment period. On December 27, 2017, the Secretary, pursuant to delegated authority, issued

an order approving the Proposed Plan,3 and simultaneously posted the approved Plan of

Distribution (the “Plan”).

The Plan provides for the distribution of the Fair Fund to Eligible Investors,4 and

further provides for the Eligible Investors to receive monies from the Fair Fund that represent

their proportionate share of the distributable amount of the Fair Fund. The distribution will be

made from the disgorgement and penalty, but not the prejudgment interest of $1,647,865.43,

which shall be sent to the U.S. Treasury. The prejudgment interest funds are not needed for

the distribution to fully compensate investors or pay the administrative costs of the Fair Fund.

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

Claim Forms have been processed by the Fund Administrator and all investors whose claims

were rejected or disallowed, in whole or in part, have been notified and provided the opportunity

to cure. In recommending the distributable amount, of $34,430,551.79, the Fund Administrator

has retained a prudent reserve to pay any taxes, fees and expenses payable in connection with the

Fair Fund. All remaining funds will be sent to the U.S. Treasury.

The Fund Administrator has submitted a payment file with payee information for a total

disbursement of $34,430,551.79 to 4,486 Eligible Investors. Commission staff have reviewed

the payment file and request that, consistent with Rule 1101(b)(6) of the Commission’s Rules, 17

C.F.R. § 201.1101(b)(6), the Commission authorize the transfer of $34,430,551.79 from the Fair

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See Order Approving Plan of Distribution, Exchange Act Rel. No. 82411 (Dec. 27, 2017).

All capitalized terms used but not herein defined shall have the same meanings ascribed to them in the Plan.

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Fund to the Fair Fund’s escrow account at Alerus Financial, N.A. for distribution by the Fund

Administrator to Eligible Investors in accordance with the Plan.

Accordingly, it is ORDERED that pursuant to Rule 1101(b)(6) of the Commission’s

Rules, 17 C.F.R. § 201.1101(b)(6), the Commission staff shall transfer $34,430,551.79 from the

Fair Fund to the Fair Fund’s escrow account at Alerus Financial, N.A. for distribution by the

Fund Administrator to Eligible Investors in accordance with the Plan.

By the Commission.

Vanessa A. Countryman

Secretary

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