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."

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."

On June 9, 2016, the Commission ordered the appointment of Damasco & Associates LLP as the Tax Administrator for the Qualified Settlement Fund.

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.

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."

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.

"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."

"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."

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."

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."

The Commission ordered that: "OFM pay the Fund Administrator’s fees and expenses of $153,160.68 from the Fair Fund . . . . Further, OFM is authorized to pay, at the direction of an Assistant Director of the Office of Distributions, any fees and expenses of the Fund Administrator from the Fair Fund . . . , so long as the total amount paid to the Fund Administrator, including the invoice to be paid, does not exceed the total amount of an approved cost proposal submitted by the Fund Administrator."