UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 93664 / November 23, 2021

ADMINISTRATIVE PROCEEDING

File No. 3-16877

In the Matter of

HOWARD RICHARDS,

Respondent.

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NOTICE OF PROPOSED PLAN OF

DISTRIBUTION AND

OPPORTUNITY FOR COMMENT

ADMINISTRATIVE PROCEEDING

File No. 3-16878

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In the Matter of

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JAMES GOODLAND, AND SECURUS :

WEALTH MANAGEMENT, LLC ,

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Respondents.

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Notice is hereby given, pursuant to Rule 1103 of the United States Securities and

Exchange Commission’s (“Commission”) Rules on Fair Fund and Disgorgement Plans

(“Commission’s Rules”), 17 C.F.R. § 201.1103, that the Division of Enforcement has submitted

to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of a

Fair Fund (the “Fair Fund”), comprised of disgorgement, prejudgment interest, and civil money

penalties paid by Howard Richards (“Richards”)1 and the civil money penalty paid by James

Goodland (“Goodland”)2 in the above-captioned matters.3

On September 30, 2015, the Commission issued the Order instituting and simultaneously

settling administrative and cease-and-desist proceedings against Richards. In the Order, the

Commission found that from January 2010 through July 2013, Richards, an investment advisory

representative associated with Securus, engaged in a manipulative scheme to support the market

price of the common stock of Gatekeeper in order to help Gatekeeper to obtain financing. The

Commission also found that Richards failed to disclose to his clients his significant conflict of

interest arising from his ownership of Gatekeeper shares, in breach of his fiduciary duty as an

investment adviser. The Commission ordered Richards to pay a total of $144,000 in

disgorgement, prejudgment interest, and a civil money penalty over the period of one year. The

Commission also created a Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of

2002, for the monies received pursuant to the Order.

In a related action, also on September 30, 2015, the Commission issued the Company

Order instituting and simultaneously settling administrative and cease-and-desist proceedings

against Goodland and Securus. In the Company Order, the Commission found that, from

January 2010 through July 2013, Securus, an investment adviser registered with the

Commission, and Goodland, its President and Chief Compliance Officer, failed to reasonably

supervise Richards. Securus and Goodland also failed to adopt and implement an adequate

system of internal controls that would have prevented and detected violations of the Investment

Advisers Act of 1940. In the Company Order, the Commission ordered Goodland to pay a

$30,000 civil money penalty. The Commission also created a Fair Fund, pursuant to Section

308(a) of the Sarbanes-Oxley Act of 2002, so the penalty could be distributed to harmed

investors. The Company Order also provided that the funds could be distributed by the Fair

Fund established in the Order.

The Respondents have paid in full. The Fair Fund, consisting of the $174,000.00 paid by

the Respondents in accordance with the Orders, has been deposited at the United States

Department of the Treasury’s Bureau of the Fiscal Service for investment.

OPPORTUNITY FOR COMMENT

Pursuant to this Notice, all interested Persons are advised that they may obtain a copy of

the Plan from the Commission’s public website at http://www.sec.gov/litigation/fairfundlist.htm.

1

See Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b)2 and 21C of

the Securities Exchange Act of 1934, Sections 203(f) and 203(k) of the Investment Advisers Act of 1940, and

Section 9(b) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a

Cease-and-Desist Order, Exchange Act Rel. No. 76058 (Sept. 30, 2015) (the “Order”).

2

Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e), 203(f) and

203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Ceaseand-Desist Order, Advisers Act Rel. No. 4213 (Sept. 30, 2015) (the “Company Order” and together with the Order,

the “Orders”).

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Securus Wealth Management, LLC (“Securus,” together with Richards and Goodland, “Respondents”), an

investment advisor formerly registered with the Commission, was also named as a respondent in this action. No

monetary relief was ordered against Securus.

Interested persons may also obtain a written copy of the Proposed Plan by submitting a written

request to Amy A. Sumner, United States Securities and Exchange Commission, 1961 Stout

Street, Suite 1700, Denver, CO 80294. All Persons who desire to comment on the Proposed Plan

may submit their comments, in writing, no later than thirty (30) days from the date of this

Notice:

1.

to the Office of the Secretary, United States Securities and Exchange

Commission, 100 F Street, NE, 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 rule-comments@sec.gov.

Comments submitted by email or via the Commission’s website should include “Administrative

Proceeding File Nos. 3-16877 and 3-16878” in the subject line. Comments received will be

publicly available. Persons should submit only information they wish to make publicly

available.

THE PROPOSED PLAN

The Net Available Fair Fund4 is comprised of the $174,000.00 in disgorgement,

prejudgment interest, and civil money penalties paid by the Respondents, plus interest and

income earned thereon, less taxes, fees, and expenses. The Proposed Plan provides for the

distribution of the Net Available Fair Fund to investors who paid management fees on holdings

in Gatekeeper common stock (“GKTP”) and/or who suffered a loss on transactions in GKTP

accounts managed by Richards during the Relevant Period, as calculated by the methodology

used in the Plan of Allocation, attached as Exhibit A to the Proposed Plan.

For the Commission, by the Division of Enforcement, pursuant to delegated authority.5

Vanessa A. Countryman

Secretary

4

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

Plan.

5

17 C.F.R. § 200.30-4(a)(21)(iii).