UNITED STATES OF AMERICA

UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934

Release No. 104140 / September 30, 2025

ADMINISTRATIVE PROCEEDING

File No. 3-18561

In the Matter of

ALEXANDER CAPITAL, L.P.,

Respondent.

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ORDER DIRECTING DISBURSEMENT OF

FAIR FUND

ADMINISTRATIVE PROCEEDING

File No. 3-18562

In the Matter of

PHILIP A. NOTO II,

Respondent.

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ADMINISTRATIVE PROCEEDING

File No. 3-18563

In the Matter of

BARRY T. EISENBERG,

Respondent.

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On September 16, 2024, 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

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Exchange Act Rel. No. Exchange Act Rel. No. 101031 (Sept. 16, 2024).

17 C.F.R. § 201.1103.

“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

Jennifer Cardello, United States Securities and Exchange Commission, via email at

cardelloj@sec.gov. 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

November 13, 2024, the Division of 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 Fund Administrator 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 $592,957.15 from the Fair Fund, for distribution by the Fund Administrator in

accordance with the Plan. This payment is comprised of: (1) $591,665.38 for compensation to

nineteen harmed investors for 100% of their losses, plus reasonable interest; and (2) $1,291.75 to

be paid to Miller Kaplan Arase LLP, the tax administrator for the fund, for payment to the

Internal Revenue Service of taxes due on an Individual Retirement Account disbursement to an

individual harmed investor.

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4

See Exchange Act Rel. No. 101596 (Nov. 13, 2024).

17 C.F.R. § 201.1101(b)(6).

2

Accordingly, it is hereby ORDERED that the Commission staff shall direct the payment

of $592,957.15 from the Fair Fund for distribution in accordance with the Plan.

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

Vanessa A. Countryman

Secretary

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17 C.F.R. § 200.30-4(a)(21)(v).

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