In the Matter of Bethany Liou, et al., Securities and Exchange Commission Administrative Proceeding No. 3-19597 (the “Cease-And-Desist Proceeding”)
WELCOME TO THE CUPERTINO DISTRIBUTION FUND WEBSITE
If you purchased a limited partnership interest in the GCRC Cupertino Fund and suffered a loss as a result of the conduct described in the Cease-And-Desist Proceeding, you may be eligible for a distribution from the Cupertino Distribution Fund. You do not need to submit a claim form; eligible investors will be identified, and distribution payments calculated, based on the records obtained by the Securities and Exchange Commission (“SEC”) staff during the investigation of this matter and otherwise.
The information contained on this website is a summary of the information presented in more detail in, among other things, the Cease-And-Desist Plan Notice, and the Distribution Plan approved by the SEC, both of which you can review through the “Important Documents” tab on this website.
You should visit this website often to get the most up-to-date information on the Cupertino Distribution Fund.
The Cease-and-Desist Proceeding
On November 4, 2019, the SEC instituted the Cease-and-Desist Proceeding by issuing an Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Making Findings, and Imposing a Cease-and-Desist Order (Securities Act Rel. No. 10725) against Bethany Liou (“Liou”) and Golden California Regional Center, LLC (“GCRC” and collectively with Liou, the “Respondents”). In the Order, the SEC found that beginning in July 2016, the Respondents raised at least $45,000,000 from at least 90 investors through an offering of limited partnership interests in the Cupertino Distribution Fund (the “Fund”). The SEC further found that Liou transferred investor funds from the Fund to a securities investment account in Liou’s name, and pledged that investment account as collateral for a line of credit for purposes other than the project identified in the Fund offering documents.
The SEC found that the Respondents violated Section 17(a)(2) of the Securities Act of 1933 and ordered them to pay, jointly and severally, disgorgement of $49,306,893, and prejudgment interest of $988,339 to the SEC.
The Cupertino Distribution Fund and the Fund Administrator
The SEC has collected $48,340,835.64 pursuant to the Order. The Fund is deposited in an interest-bearing account at the United States Treasury Department’s Bureau of the Fiscal Service. Accrued interest and any additional funds received pursuant to the Order will be added to the Fund.
By Order issued on March 20, 2020 (Exchange Act Rel. No. 88442), the SEC appointed JND Legal Administration as the Fund Administrator (the “Fund Administrator”) to administer the Fund and implement an SEC-approved distribution plan. You can view and download a copy of this Order through the “Important Documents” tab on this website.
The Distribution Plan
On December 10, 2020, the SEC approved a plan for the distribution of the Fund (the “Plan”). Investors who purchased limited partnership interests in the Fund as described in the Cease-and-Desist Proceeding, and who suffered losses due to the conduct of the Respondents, may be eligible for a distribution under the Plan. You do not need to submit a claim form; eligible investors will be identified, and distribution payments calculated, based on the records obtained by the SEC staff during the investigation of this matter and otherwise.
How do I obtain more information?
Additional information can be found by visiting the “Important Documents” tab or the “Frequently Asked Questions” tab visible at the top of this webpage. You can obtain additional information by contacting the Fund Administrator toll free at 1-877-545-0234; by sending an email to info@CupertinoDistributionFund.com or by mailing a letter to:
Cupertino Distribution Fund
c/o JND Legal Administration
PO Box 91354
Seattle, WA 98111