# UNITED STATES OF AMERICA

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URL: https://www.frixlaw.com/law-library/documents/agency%3Asec%3Ae087723f2c847371

## 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. 97000 / March 1, 2023
ADMINISTRATIVE PROCEEDING
File No. 3-19266
:
In the Matter of
:
:
Foundations Asset Management,
:
LLC, Michael W. Shamburger, and :
Rob E. Wedel,
:
:
Respondents.
:

ORDER DIRECTING
DISBURSEMENT OF FAIR FUND

On May 9, 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 (“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 no
comments on the Proposed Plan during the comment period. On July 12, 2022, the Division of

1
2

Exchange Act Rel. No. 94877 (May 9, 2022).
17 C.F.R. § 201.1103.

Enforcement, 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 the harmed investors according to the methodology set forth in the
Plan.
In accordance with the Plan, the Commission staff, in consultation with Krista L. Freitag,
by and through E3 Realty Advisors, Inc. dba E3 Advisors (the “Third-Party”), has compiled the
payee information and prepared a payment file in a Commission-approved format. The
Commission staff has reviewed and accepted the payment file and requests, pursuant to Rule
1101(b)(6) of the Commission’s Rules on Fair Fund and Disgorgement Plans,4 that the
Commission direct the payment of $298,273.61 from the Fair Fund to the account established at
Western Alliance Bank (the “Bank”), in accordance with paragraph 48 of the Plan, for
distribution by the Third-Party in accordance with the Plan.
Accordingly, it is hereby ORDERED that the Commission staff shall direct the payment
of $298,273.61 from the Fair Fund to the Bank for distribution by the Third-Party in accordance
with the Plan.
For the Commission, by the Division of Enforcement, pursuant to delegated authority.5

Vanessa A. Countryman
Secretary

3

See Order Approving Plan of Distribution, Exchange Act Rel. No. 95255 (July 12, 2022).
17 C.F.R. § 201.1101(b)(6).
5
17 C.F.R. § 200.30-4(a)(21)(v).
4

2

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/agency%3Asec%3Ae087723f2c847371. Public record. Not legal advice.