Defendant Name: Focus Media Holding Limited

Defendant Type: Public Company
SIC Code: 7311
CUSIP: 34415V10

Initial Case Details

Legal Case Name In the Matter of Focus Media Holding Limited and Jason Jiang
First Document Date 30-Sep-2015
Initial Filing Format Administrative Action
File Number 3-16852
Allegation Type Issuer Reporting and Disclosure

Violations Alleged

Exchange Act
Sec 13(b)(2)(A)
Securities Act
Sec 17(a)(2)

Resolutions

First Resolution Date 30-Sep-2015

Related Documents:

33-9933 30-Sep-2015 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On September 30, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against Focus Media Holding and Jason Jiang (the founder and CEO of Focus Media Holding). According to the SEC: "These proceedings concern Focus Media's and its founder and Chief Executive Officer Jiang's negligent failure to disclose accurate information concerning Focus Media's partial sale of securities in its wholly-owned subsidiary Allyes Online Media Holdings Ltd. ('Allyes') to certain Allyes and Focus Media insiders at a favorable price, months before both the insiders and Focus Media sold their interests in Allyes to a private equity firm at nearly six times the price the Allyes and Focus Media insiders had paid."
34-78006 07-Jun-2016 Administrative Proceeding
Extension Order
On June 7, 2016, the Commission granted the Division of Enforcement's request for an extension of time until October 30, 2106 to submit a Proposed Plan of Distribution. The SEC stated that "the Division requires additional time to develop a methodology for distribution of the Fair Fund."
34-78028 09-Jun-2016 Administrative Proceeding
Order Appointing Tax Administrator
On June 9, 2016, the Commission ordered the appointment of Damasco & Associates LLP as the Tax Administrator for the Qualified Settlement Fund.
34-80436 11-Apr-2017 Administrative Proceeding
Order Appointing Fund Plan Administrator and Setting Bond Amount
On April 11, 2017 the SEC issued an order appointing Analytics as the fund plan administrator and setting the bond amount at $55,627,865.43. This order was in relation to an order instituted on September 30, 2015 finding Focus and Jason Jiang liable for violations of federal securities laws. The Fair Fund created in that order consists of $34,600,000 civil money penalty paid by Focus and $21,027,865.43 disgorgement, prejudgment interest and civil penalty paid by Jiang.
34-80544 27-Apr-2017 Administrative Proceeding
Third Extension Order
The Commission stated: "For good cause shown, IT IS HEREBY ORDERED that the Division's request for an extension of time until October 31, 2017 to submit a Proposed Plan of Distribution is granted."
34-81064_3-16852 30-Jun-2017 Administrative Proceeding
Notice of Name Change of Appointed Tax Administrator
On June 30, 2017, the SEC announced a Name Change of Appointed Tax Administrator, and amended the Omnibus Order, beginning June 2017 and for calendar year 2018, to replace all references to Damasco with "Miller Kaplan Arase LLP which acquired Damasco & Associates LLP" in order to reflect Damasco's name change.
34-82002 02-Nov-2017 Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
"The Fair Fund is currently comprised of the disgorgement, prejudgment interest, and civil penalties totaling $55,627,865.43 paid by the Respondents, plus any accumulated interest, less any federal, state, or local taxes paid to date. The Plan provides for distribution of the Fair Fund to investors, who suffered a net loss. The Plan proposes to distribute the Net Fair Fund in accordance with the methodology described in the Plan."
34-82002-dp 02-Nov-2017 Administrative Proceeding
Proposed Plan of Distribution
"The Division of Enforcement submits this proposed plan of distribution (the "Plan") pursuant to Rule 1101 of the Commission's Rules on Fair Fund and Disgorgement Plans ("Rules"), 17 C.F.R. § 201.1101. As described more specifically below, the Plan provides for distribution of funds collected in the above-captioned matter to compensate investors harmed by securities violations of Focus Media Holding Limited ("Focus Media") and Jason Jiang ("Jiang") (collectively, the "Respondents") as described in the Order."
34-82411 27-Dec-2017 Administrative Proceeding
Order Approving Plan of Distribution
According to the SEC: "The Fair Fund is comprised of the disgorgement, prejudgment interest, and civil penalties totaling $55,627,865.43 paid by the Respondents. The Plan provides for distribution of the Net Fair Fund in accordance with the methodology described in the Plan. The Division of Enforcement now requests that the Commission approve the Plan. Accordingly, it is hereby ORDERED that, pursuant to Rule 1104 of the Commission's Rules on Fair Fund and Disgorgement Plans,5 the Plan is approved. For the Commission, by its Secretary, pursuant to delegated authority."
34-82411-dp 27-Dec-2017 Administrative Proceeding
Plan of Distribution
According to the SEC: "The Division of Enforcement has prepared this plan of distribution (the "Plan") pursuant to Rule 1101 of the Commission's Rules on Fair Fund and Disgorgement Plans ("Rules"), 17 C.F.R. § 201.1101. As described more specifically below, the Plan provides for distribution of funds collected in the above-captioned matter to compensate investors harmed by securities violations of Focus Media Holding Limited ("Focus Media") and Jason Jiang ("Jiang") (collectively, the "Respondents") as described in the Order."
34-88963 28-May-2020 Administrative Proceeding
Order Directing Disbursement of Fair Fund
The SEC stated that: "pursuant to Rule 1101(b)(6) of the Commission's Rules, 17 C.F.R. § 201.1101(b)(6), the Commission staff shall transfer $34,430,551.79 from the Fair Fund to the Fair Fund's escrow account at Alerus Financial, N.A. for distribution by the Fund Administrator to Eligible Investors in accordance with the Plan."

Other Defendants in Action: