UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 104915 / March 2, 2026

ADMINISTRATIVE PROCEEDING

File No. 3-20954

In the Matter of

Richard Keith Robertson,

Respondent.

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ORDER DIRECTING

DISBURSEMENT OF FAIR FUND

ADMINISTRATIVE PROCEEDING

File No. 3-20955

In the Matter of

IFP Advisors, LLC,

Respondent.

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On August 30, 2024, 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 and

simultaneously posted the Proposed Plan of Distribution (the “Proposed Plan”). The Notice

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

Commission’s public website or by submitting a written request to Michael Lim, United States

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Exchange Act Rel. No. 100886 (Aug. 30, 2024).

17 C.F.R. § 201.1103.

Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-5876. 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 December 20, 2024, the Secretary, pursuant

to delegated authority, 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 investors as calculated by the methodology used in the Plan of

Allocation attached as Exhibit A to the Proposed Plan.

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

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

contained therein. The Commission staff has reviewed and accepted 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 $1,298,407.59 from the Fair Fund to the Fair

Fund’s escrow account at UMB Bank, N.A. for distribution by the Fund Administrator in

accordance with the Plan.

Accordingly, it is hereby ORDERED, that Commission staff shall transfer $1,298,407.59

from the Fair Fund to the Fair Fund’s escrow account, for a total distribution of $1,298,407.59 by

the Fund Administrator 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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Exchange Act Rel. No. 102019 (Dec. 20, 2024).

17 C.F.R. § 200.30-4(a)(21)(v).

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