The SEC issued an Order finding that GTV, Saraca, and VOG violated the federal securities laws by engaging in two unregistered offerings of securities.  The SEC ordered GTV, Saraca, and VOG to pay a total $539,433,428 in disgorgement plus prejudgment interest and civil penalties.  To date, GTV, Saraca, and VOG have paid $455,439,194.49.  The SEC established a Fair Fund and has proposed a plan to distribute the monies collected.  As described more specifically in the documents, the Proposed Plan seeks to compensate investors who were harmed by the Respondents’ conduct described in the Order in connection with their acquisitions or purchases of two unregistered securities – “GTV Stock”) and the Digital Asset.  As described in the Plan of Allocation (attached as Exhibit A to the Proposed Plan), investors will be compensated for their losses on investments in the Securities that were purchased between April 2020 and June 2020.

To date, the Respondents have paid a total of $455,439,194.49.  Any additional funds collected from the Respondents, pursuant to the Order will be added to the Fair Fund.  The Fair Fund has been deposited at the United States Department of the Treasury’s Bureau of the Fiscal Service (“BFS”) for investment.

On October 14, 2021, the SEC appointed Miller Kaplan Arase LLP as the tax administrator (the “Tax Administrator”) for the Fair Fund to handle the tax obligations of the Fair Fund.  The Tax Administrator will be compensated for reasonable fees and expenses from the Fair Fund in accordance with its 2019-2021 Engagement Letter Agreement with the SEC.

On November 23, 2021, the SEC issued an order appointing JND Legal Administration (“JND”) as the fund administrator (the “Fund Administrator”) for the Fair Fund. You can review and download the Fund Administrator Order from the "Important Documents" tab of this website or request a copy from the Fund Administrator.

The Approved Plan seeks to compensate investors who were harmed, by the Respondents’ conduct described in the Order, in connection with their acquisitions or purchases of two unregistered securities - GTV common stock and the Digital Asset.  As described in the Plan of Allocation (attached as Exhibit A to the Proposed Plan), investors will be compensated for their losses on investments in the Securities that were purchased between April 2020 and June 2020.

GTV common stock purchased between April 20, 2020 through June 2, 2020, inclusive; and the Digital Asset that were purchased or acquired by investors between April 1, 2020, through June 30, 2020, inclusive.

A Potential Claimant, who is determined to have suffered a Recognized Loss, pursuant to the Plan of Allocation, and who is not an Excluded Party. The Minimum Distribution Amount will be $10.00.  If an Eligible Claimant’s distribution amount is less than the Minimum Distribution Amount, that Eligible Claimant will be deemed ineligible to receive a Distribution Payment and their distribution amount will be reallocated on a pro-rata basis to Eligible Claimants that have distribution amounts that are greater than or equal to the Minimum Distribution Amount.

(a) The Respondents; (b) Present or former officers or directors of the Respondents or any assigns, creditors, heirs, distributees, spouses, parents, dependent children or controlled entities of any of the foregoing persons or entities; (c) Any employee or former employee of the Respondents or any of its affiliates who has been terminated for cause or has otherwise resigned, in connection with the conduct described in the Order; (d) Any Person who, as of the Claims Bar Date, has been the subject of criminal charges related to the conduct described in the Order or any related Commission action; (e) Any firm, trust, corporation, officer, or other entity in which Respondents have or had a controlling interest; (f) The Fund Administrator, its employees, and those persons assisting the Fund Administrator in its role as the Fund Administrator; or (g) Any purchaser or assignee of another Person’s right to obtain a recovery from the Fair Fund for value; provided, however, that this provision shall not be construed to exclude those Persons who obtained such a right by gift, inheritance or devise.

The Fund Administrator will review all claim submissions and determine the eligibility of each Potential Claimant to participate in the Fair Fund by reviewing claim data and supporting documentation (or the lack thereof), verifying the claim, and calculating each Potential Claimant’s Recognized Loss pursuant to the Plan of Allocation.  Each Potential Claimant will have the burden of proof to establish the validity and amount of his, her or its claim, and qualification as an Eligible Claimant.  The Fund Administrator will have the right to request, and the Potential Claimant will have the burden of providing to the Fund Administrator, any additional information and/or documentation deemed relevant by the Fund Administrator. The Fund Administrator will calculate each Potential Claimant’s loss in accordance with the Plan of Allocation.  All Potential Claimants who are determined to have a Recognized Loss, and who are not an Excluded Party will be deemed an Eligible Claimant.  All Eligible Claimants who are determined to receive a Distribution Payment will be deemed a Payee, subject to the Minimum Distribution Amount.

Yes.  In order to be considered for eligibility for a distribution from the GTV Media Group Fair Fund, a Potential Claimant must submit a completed and signed Claim Form to the Fund Administrator, with adequate documentation of their transactions: online no later than 11:59 p.m. PST on June 6, 2022; by First Class Mail, postmarked by the June 6, 2022; if not by First Class Mail, received by the Fund Administrator by the June 6, 2022.

On an on-going basis, after the first Notices are mailed but before the Claims Bar Date, the Fund Administrator shall continue to supply the Notices and Proof of Claim Forms to persons who contact the Fund Administrator requesting a copy via mail, phone, or email.

Additional information can be found by visiting the “Important Documents” tab at the top of this webpage and by contacting the Fund Administrator toll free at 1-866-853-5013, by sending an email to info@GTVMediaGroupFairFund.com, or by mailing a letter to:

GTV Media Group Fair Fund
c/o JND Legal Administration
PO Box 91403
Seattle, WA 98111

Pursuant to the terms of the Plan, the money invested in the Escrow Account is invested in US backed Securities. The interest rate is a variable rate that can vary on a daily basis.