The SEC stated: "Beginning in 2010, L-R Managers, LLC ("L-R Managers" or the "Manager") was the investment adviser to the Frontier Funds. Donald S. LaGuardia, Jr., through L-R Managers (collectively, the "Advisers"), defrauded the Frontier Funds and their investors, starting at least as early as 2013 through mid-2017. Among other things, the Advisers misappropriated money from the Frontier Funds and then directed that some of the misappropriated amounts be recorded as a promissory note and receivable "due from" L-R Managers to the Funds to conceal the misappropriation."

On September 18, 2020, the SEC announced: "Northern Trust Hedge Fund Services LLC and Northern Trust Global Fund Services Cayman Limited agreed to settle charges for their role in causing L-R Managers, LLC's and Donald S. LaGuardia, Jr.'s fraud against privately managed funds and their investors."

The Commission stated: "IT IS HEREBY ORDERED that the Division's request for an extension of time until November 30, 2021 to submit a Proposed Plan of Distribution is granted."

The SEC stated: "Notice is hereby given . . . that the Division of Enforcement has submitted to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of monies paid to the Commission by Northern Trust Hedge Fund Services, LLC and Northern Trust Global Fund Services Cayman Limited (collectively, the “Respondents”) in the above-captioned matter."

The SEC stated: "The Division of Enforcement (“Division”) proposes the following plan of distribution (“Proposed Plan”) to the Securities and Exchange Commission (“Commission”) . . . . If approved . . . the disgorgement, prejudgment interest, and civil penalties paid by Northern Trust Hedge Fund Services LLC and Northern Trust Global Fund Services Cayman Limited, plus accrued interest (the “Northern Trust Fair Fund”), will be transferred to the Court Registry Investment System account established in the related civil action, SEC v. Donald S. LaGuardia, Jr., No. 19-cv-05895 (S.D.N.Y.) (the “Civil Action”), for distribution to harmed investors in accordance with a plan to be approved by the district court (the “Distribution Fund”)."

The Commission ordered that: "the Proposed Plan is approved . . . and . . . the Commission staff shall transfer the Northern Trust Fair Fund, less investment fees incurred while held at the Commission, to the Distribution Fund established in the Civil Action for distribution to harmed investors in accordance with a distribution plan to be approved by the district court."

The SEC stated that: "The Plan is approved by the Commission, and the Commission retains jurisdiction over the implementation of the Plan."