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If Summit used its discretionary authority to buy and hold the Securities for you during the Relevant Period and you would like to be considered for eligibility to share in the Fair Fund distribution, you must complete and submit a Certification Form online on or before 11:59 p.m. Eastern Standard Time on March 31, 2026 (the “Certification Form Deadline”). You can also submit a Certification Form by mail, in which case the completed Certification Form must be postmarked (or if not sent by U.S. Mail, received) by the Certification Form Deadline.

Background

On September 18, 2023, the Commission issued the Order instituting and simultaneously settling administrative and cease-and-desist proceedings against the Respondents. In the Order, the Commission found that there were breaches of the fiduciary duty of care and compliance failures by Summit, a registered investment adviser, and Urciuoli, Summit’s sole owner and investment professional, who invested advisory client assets in a volatility linked exchange traded product—the iPath Series B S&P 500 VIX Short-Term Futures ETN (“VXX”)—for extended periods of time without having a reasonable basis to do so. Of the 457 client accounts that Summit advised from July 30, 2021, and December 1, 2021, Urciuoli invested 293 of those accounts in a 3% position in VXX on July 30, 2021. Summit sold approximately half of the VXX position in those accounts 34 trading days later on September 17, 2021, and the remaining VXX position in each account 86 trading days later on December 1, 2021. This conduct was inconsistent with VXX’s prospectus and pricing supplement, which stated that the product carried unique risks, was designed to be held for very short time periods, likely would incur costs if held for more than one trading session, and required frequent monitoring. The client accounts holding VXX collectively lost over $443,809 from those investments. Summit also failed to adopt and implement policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules adopted thereunder. As Summit’s sole owner and investment adviser representative, President, and Chief Compliance Officer, Urciuoli was responsible for Summit’s failures. Based on this conduct, Summit and Urciuoli willfully violated Section 206(2) of the Advisers Act. Summit also willfully violated, and Urciuoli caused Summit’s violations of Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder.

The Commission ordered the Respondents to pay $8,476.36 in disgorgement, $925.23 in prejudgment interest, and $100,000.000 in civil penalties, for a total of $109,401.59, to the Commission. The Commission also created the Fair Fund, pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, so the penalties paid, along with the disgorgement and interest paid, can be distributed to harmed investors.

The Respondents have paid in full. The Fair Fund has been deposited in a Commission-designated account at the U.S. Department of the Treasury (the “Treasury”), and any interest accrued will be added to the Fair Fund.