Violations Alleged
•
Section 15(a) Exchange Act; Sections 206(1), 206(2), 206(4), 207 Advisers Act; Rule 206(4)-8 , Advisers Act
Additionally,
Michael Fralin is alleged to have aided and abetted Taberna Capital Management, LLC's violation of Sections 206(2), 206(4) Advisers Act; Rule 206(4)-8 Advisers Act (willfully/knowingly).
Michael Fralin is alleged to have caused Taberna Capital Management, LLC's violation of Sections 206(2), 206(4) Advisers Act; Rule 206(4)-8 Advisers Act (willfully/knowingly).
Raphael Licht is alleged to have aided and abetted Taberna Capital Management, LLC's violation of Sections 206(2), 207 Advisers Act (willfully/knowingly).
Raphael Licht is alleged to have caused Taberna Capital Management, LLC's violation of Sections 206(2), 207 Advisers Act (willfully/knowingly).
Related Documents:
34-75814
02-Sep-2015
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 4C, 15(b), and 21C of the Securities Exchange Act of 1934, Sections 203(e), 203(f) and 203(k) of the Investment Advisers Act of 1940, Section 9(b) of the Investment Company Act of 1940, and Rule 102(e) of the Commission's Rules of Practice, Making Findings, and Imposing Remedial Sanctions and Cease-and-Desist Orders
On September 2, 2015, the SEC issued an order against Taberna Capital Management, LLC Michael Fralin and Raphael Licht stating: "These proceedings arise out of Taberna's multi-year effort to charge and retain certain fees (known as "Exchange Fees") in connection with restructuring transactions undertaken between Taberna's collateralized debt obligation ("CDO") clients (the "Taberna CDOs") and the issuers of the underlying obligations in the Taberna CDOs' portfolios."
34-81244
27-Jul-2017
Administrative Proceeding
Order Appointing Tax Administrator
The SEC stated: "IT IS ORDERED that Miller Kaplan, pursuant to and in accordance with the Omnibus Order, is appointed the Tax Administrator for the QSF in the above-referenced proceeding."
34-81477
24-Aug-2017
Administrative Proceeding
Order Establishing a Fair Fund
The SEC stated: "IT IS HEREBY ORDERED, that pursuant to Section 308(a) of the Sarbanes-Oxley Act, as amended, a Fair Fund is established for the disgorgement, prejudgment interest, and civil penalties ordered from the Respondents in this matter, and any interest accrued on those funds."
34-82124
20-Nov-2017
Administrative Proceeding
Order Appointing Fund Administrator and Setting Administrator Bond Amount
The SEC stated: "[I]t is hereby ORDERED, that Rust is appointed as the fund administrator, pursuant to Rule 1105(a) of the Rules, 17 C.F.R. § 201.1105(a), and the administrator shall obtain a bond in the amount of $21.675 million, in accordance with Rule 1105(c) of the Rules, 17 C.F.R. § 201.1105(c)."
34-84329
01-Oct-2018
Administrative Proceeding
Order Approving Application of Fund Administrator for Payment of Fees and Expenses and Approval of Future Fees and Expenses
The SEC stated: "[I]t is hereby ORDERED, pursuant to Rule 1105(d) of the Commission's Rules, 17 C.F.R. § 201.1105(d), that OFM pay the Fund Administrator's current fees and expenses of $114,750.13 from the Fair Fund."
34-84725
06-Dec-2018
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given, pursuant to Rule 1103 of the United States Securities and Exchange Commission's ("Commission") Rules on Fair Fund and Disgorgement Plans ("Rules"), 17 C.F.R. § 201.1103, that the Division of Enforcement (the "Division") has submitted to the Commission a proposed plan of distribution (the "Plan") for the distribution of monies paid in the above-captioned matter."
Proposed Plan of Distribution
The SEC stated: "The Plan proposes a distribution of the funds collected in the above-referenced proceedings from Taberna Capital Management, LLC ("Taberna"), Michael Fralin ("Fralin"), and Raphael Licht ("Licht") (collectively, the "Respondents") to investors in certain Taberna collateralized debt obligation clients (the "Taberna CDOs") who suffered losses caused by Taberna's charging and retention of certain fees ("Exchange Fees") that should have been paid to the Taberna CDOs."
34-85092
11-Feb-2019
Administrative Proceeding
Order Extending Time to Enter An Order Approving or Disapproving Plan of Distribution
The Commission stated: Accordingly, IT IS ORDERED that pursuant to Rule 1104 of the Rules,2 for good cause shown, the time for entering an order approving or disapproving the Plan is extended to May 7, 2019."
34-85762
02-May-2019
Administrative Proceeding
Order Approving Modified Plan of Distribution
The Commission stated: "it is hereby ORDERED, pursuant to Rule 1104 of the Rules,9 that the Modified Plan is approved, and it shall be posted simultaneously with this Order on the Commission's website at www.sec.gov."
Modified Plan of Distribution
The Commission stated: "[This] Plan proposes a distribution of the funds collected in the above-referenced proceedings from Taberna Capital Management, LLC ("Taberna"), Michael Fralin ("Fralin"), and Raphael Licht ("Licht") (collectively, the "Respondents") to investors in certain Taberna collateralized debt obligation clients (the "Taberna CDOs") who suffered losses caused by Taberna's charging and retention of certain fees ("Exchange Fees") that should have been paid to the Taberna CDOs."
34-93026
16-Sep-2021
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission ordered that: "t Commission staff shall transfer $9,568,027.28
from the Fair Fund to the Fair Fund’s escrow account at The Huntington National Bank, and the
Fund Administrator shall distribute such monies to the eligible claimants in accordance with the
Plan."
34-93704
02-Dec-2021
Administrative Proceeding
Order Directing Second Disbursement of Fair Fund
The Commission ordered that: "Commission staff shall transfer $3,949,907.74 from the Fair Fund to the Fair Fund’s escrow account at The Huntington National Bank, and the Fund Administrator shall distribute such monies, along with $5,718.32 held by the Tax Administrator and $432,752.55 at The Huntington National Bank, for a total distribution of $4,388,378.61 to forty-one (41) additional Eligible Claimants in accordance with the Plan."
34-97388
27-Apr-2023
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of Funds Remaining in the Fair Fund and Any Funds Returned to the Fiar Fund in the Future, DIscharging the Fund Administrator, Canceling the Fund Administrator's Bond, and Terminating the Fair Fund
The Commission ordered that: "A. The remaining funds in the amount of $8,481,415.04, and any funds returned to
the Fair Fund in the future . . . ;
B. The Fund Administrator is discharged;
C. The Fund Administrator’s bond is canceled; and
D. The Fair Fund is terminated."
