# UNITED STATES OF AMERICA

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3Ab37b88c2919f0a14

## Record

- **Collection:** Agency decision
- **Document type:** Agency decision

## Text

UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934
Release No. 102906 / April 22, 2025
ADMINISTRATIVE PROCEEDING
File No. 3-17956

In the Matter of
MagnaChip Semiconductor
Corporation and Margaret HyeRyoung Sakai, CPA,
Respondents.

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ORDER DIRECTING DISBURSEMENT
OF FAIR FUND

On August 17, 2022, the Division of Enforcement, 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 (the
“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
Allison Moon, United States 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 a comment on the Proposed Plan during the comment period. On May 10,
2023, after thorough review and substantial consideration, the Commission issued an order

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Exchange Act Rel. No. 95511 (Aug. 17, 2022).
17 C.F.R. § 201.1103.

approving the Proposed Plan without modification,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
denied, 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 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 $3,180,778.12 from the Fair Fund to the Fair
Fund’s escrow account at The Huntington National Bank for distribution by the Fund
Administrator in accordance with the Plan.
Accordingly, it is hereby ORDERED, that Commission staff shall transfer $3,180,778.12
from the Fair Fund to the Fair Fund’s escrow account at The Huntington National Bank for
distribution 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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See Order Approving Plan of Distribution, Exchange Act Rel. No. 97470 (May 10, 2023).
17 C.F.R. § 200.30-4(a)(21)(v).

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3Ab37b88c2919f0a14. Public record. Not legal advice.