UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
SECURITIES EXCHANGE ACT OF 1934
Release No. 72598 / July 11, 2014
ADMINISTRATIVE PROCEEDING
File No. 3-12868
In the Matter of
PACKETPORT.COM, INC.,
RONALD DURANDO,
MICROPHASE CORP.,
ROBERT H. JAFFE,
GUSTAVE DOTOLI,
M. CHRISTOPHER AGARWAL,
and THEODORE KUNZOG,
Respondents.
ORDER DIRECTING
DISBURSEMENT OF
DISGORGEMENT FUND
On October 6, 2011, the Commission published a Notice of Proposed Plan of Distribution
and Opportunity for Comment (“Notice”) in connection with this proceeding pursuant to Rule
1103 of the Commission’s Rules on Fair Fund and Disgorgement Plans, 17 CFR 201.1103.1 The
Notice advised parties that they could obtain a copy of the Proposed Plan of Distribution (“Plan”)
at www.sec.gov. The Notice also advised that all persons desiring to comment on the Plan could
submit their comments, in writing, within 30 days of the date of the Notice. No comments were
received in response to the Notice. On December 12, 2011, the Commission issued an Order
Approving Distribution Plan.2
The Plan provides for the distribution of the disgorgement paid by the Respondents, plus
any accumulated interest earned, less any taxes, fees, or expenses incurred in the administration
of the Plan (the “Disgorgement Fund”) to investors according to the methodology set forth in the
Plan. The Fund Administrator has submitted to the Commission staff a validated list of payees
and payment amounts. Commission staff has reviewed the validated list and requests that,
pursuant to Rule 1101(b)(6) of the Commission’s Rules on Fair Fund and Disgorgement Plans,
the Commission authorize the transfer of $906,127.26 from the Disgorgement Fund to U.S. Bank
for distribution in accordance with the Plan.
Accordingly, it is ORDERED that the Commission staff shall transfer $906,127.26 from
the Disgorgement Fund to U.S. Bank, and that the Fund Administrator shall distribute such
monies to investors as provided for in the Plan.
By the Commission.
Lynn M. Powalski
Deputy Secretary
1 Exchange Act Rel. No. 65490 (Oct. 6, 2011). |
