Bethany Liou and Golden California Regional Center, LLC
Cupertino Distribution Fund SEC Admin. Proc.
No. 3-19597

Frequently Asked Questions

(Capitalized terms used below and not otherwise defined are defined in the approved plan of distribution, available on the "Important Documents" tab of this website)


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  • On November 4, 2019, the SEC issued 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 (the "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 GCRC Cupertino 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.

  • A total of $48,315,833.25 has been collected pursuant to the Order (the “Distribution Fund”). Accrued interest and any additional funds received pursuant to the Order, will be added to the Distribution Fund.  The Distribution Fund, less taxes, investment fees, and fees and expenses of tax and fund administration (the “Net Available Distribution Fund”) will be available to distribute to Eligible Investors.

  • By Order dated March 20, 2020, the SEC appointed JND Legal Administration, as the fund administrator for the Distribution Fund (the “Fund Administrator”).  You can review and download the Fund Administrator order from the "Important Documents" tab of this website or request a copy from the Fund Administrator.

  • On December 10, 2020 the SEC approved a plan for the distribution of the Distribution Fund (the “Plan”).  You can download a copy of the Plan from the “Important Documents” tab of this website, or request a copy from the Fund Administrator.

  • The Security is defined in the Plan as “limited partnership interests in the GCRC Cupertino Fund".

  • Any individual or entity, or their lawful successors, who purchased the Security, who is not an Excluded Party, and who is determined by the Fund Administrator to be eligible for a distribution under the Plan.

  • (i) The Respondents and any assigns, heirs, spouses, parents, dependents, or controlled entities of the Respondents; (ii) a Potential Claimant whose Prior Recovery equals or is greater than their Investment Expenditure, as those terms are defined in the Plan; (iii) a Potential Claimant whose Distribution Payment is less than $25.00; and (iv) the Fund Administrator, its employees, and those persons assisting the Fund Administrator in its role as Fund Administrator.

  • Because it is likely that the Net Available Distribution Fund will not be sufficient to fully compensate all Eligible Investors for their respective Net Losses, the Net Available Distribution Fund will be divided among Eligible Investors using the methodology set forth in the Plan.

  • There will be no claims process.  Investors do not need to submit anything to be considered for eligibility.  Rather, the Fund Administrator, working with the SEC, will identify Eligible Investors and determine distribution payments from information obtained by the SEC staff during its investigation and otherwise.

  • Any person who does not receive a Plan Notice as described in ¶ 12(e) of the Plan, but who is aware of this Plan (e.g., through other Potential Claimants or and believes they should be included as a Potential Claimant, should contact the Fund Administrator within sixty (60) days of the approval of the Plan to establish that they are a Potential Claimant.

  • Additional information can be found by visiting the “Important Documents” tab at the top of this webpage and by contacting the Fund Administrator toll free at 1-877-545-0234, by sending an email to, or by mailing a letter to:

    Cupertino Distribution Fund
    c/o JND Legal Administration
    PO Box 91354
    Seattle, WA 98111

  • All Potentially Eligible Investors will be sent a separate email, with instructions on how to upload and/or securely send the requested information, contemporaneously with the Plan Notice.

For More Information

Visit this website often to get the most up-to-date information.


Cupertino Distribution Fund
c/o JND Legal Administration
PO Box 91354
Seattle, WA 98111