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.