Frequently Asked Questions

Background

1. What is this matter about?

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.

2. Why did I receive a Plan Notice?

You received a Plan Notice as you have been identified by the Fund Administrator as a person or entity for whom Summit used its discretionary authority to buy and hold the iPath S&P VIX Short-Term Futures ETN (“VXX” or “Securities”) for extended time periods that were inconsistent with the intended use of the product from July 30, 2021, through December 1, 2021 (the “Relevant Period”).

3. What is the Relevant Period?

The Relevant Period is from July 30, 2021, through December 1, 2021, inclusive.

4. How much is in the Summit Planning Group Fund?

The Fair Fund consists of the $109,401.59 paid by the Respondents plus accrued interest.

Eligibility

5. Who is eligible for a potential payment from the Summit Planning Group Fund?

You may be eligible for a payment from the Summit Planning Group Fund if:

1. Summit used its discretionary authority to buy and hold the Securities for you during the Relevant Period;


2. Your Recognized Loss calculates to a distribution amount equal to or greater than the Minimum Distribution Amount of $20.00, as calculated under the Plan;


3. You are not an Excluded Party; and


4. You timely submitted a valid Certification Form.

In order to be considered for eligibility for a distribution payment from the Summit Planning Group Fund, you must complete and submit a Certification Form by March 31, 2026 (the “Certification Form Deadline”).

6. Who is excluded from payment from the Summit Planning Group Fund?

You are excluded from participation in the Summit Planning Group Fund if you are an Excluded Party as defined in the Plan, including:

1. The Respondents (Summit Planning Group, Inc. and Richard Urciuoli);


2. Any 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;


3. Any employee or former employee of the Respondents or any of their affiliates who have been terminated for cause or has otherwise resigned, in connection with the conduct described in the Order;


4. Any Person who, as of the Certification Date, has been the subject of criminal charges related to the conduct described in the Order or any related Commission action;


5. The Fund Administrator, their employees, and those Persons assisting the Fund Administrator in their role as the Fund Administrator; and


6. Any purchaser or assignee of another Person’s right to obtain a recovery from the Fair Fund for value; provided, however, that this provision will not be construed to exclude those Persons who obtained such a right by gift, inheritance or devise.

Plan of Allocation

7. What is the Plan of Allocation?

The Plan of Allocation, available for review as Exhibit A of the Plan, states how the Recognized Losses and Distribution Payments will be calculated.

The Plan of Allocation is designed to compensate clients for whom Summit used its discretionary authority to buy and hold the iPath S&P VIX Short-Term Futures ETN (“VXX” or “Securities”) for extended time periods that were inconsistent with the intended use of the product during the “Relevant Period”. A Preliminary Claimant who did not suffer a loss by paying excessive fees during the Relevant Period, or who is an Excluded Party, is ineligible to recover under the Plan. An Eligible Claimant is a Person who suffered a Recognized Loss as calculated by the Plan of Allocation; who submits a valid Certification Form by the Certification Form Deadline; and who is not an Excluded Party under paragraphs14(a)-(f) of the Plan. An Eligible Claimant whose distribution amount is less than the Minimum Distribution Amount will be deemed ineligible, and his, her, or its distribution amount will be reallocated on a pro-rata basis to Eligible Claimants whose distribution amounts are greater than or equal to the Minimum Distribution Amount. The Minimum Distribution Amount will be $20.00.

The Certification Process

8. What is the deadline to submit a Certification Form?

The deadline to submit a Certification Form, also referred to as the “Certification Form Deadline”, is March 31, 2026.

Certification Forms completed online must be submitted on or before 11:59 p.m. Eastern Standard Time on March 31, 2026.

Certification Forms submitted by mail must be sent to the address provided on the Certification Form and postmarked (or if not sent by U.S. Mail, received) by March 31, 2026.

9. How do I submit a Certification Form online?

Online submissions are encouraged.

To submit a Certification Form online, go to the Submit a Certification Form page, login with the User ID and PIN provided on your paper Certification Form, and follow the provided instructions.

Certification Forms completed online must be submitted on or before 11:59 p.m. Eastern Standard Time on March 31, 2026.

10. How do I submit a Certification Form via mail?

If you are unable to submit a Certification Form online, you may request a copy of the paper Certification Form from the Third-Party via email at info@SummitFairFund.com or by calling (833) 360-6814.

Certification Forms submitted by mail must be sent to the address provided on the Certification Form and postmarked (or if not sent by U.S. Mail, received) by March 31, 2026.

11. I think I might be eligible, but I did not receive a Plan Notice. What can I do?

Anyone who did not receive a Plan Notice but believes they should have, should contact the Fund Administrator by February 4, 2026, and should submit documentation to support their claim and their contact information. If the Fund Administrator, in consultation with the SEC, determines that the claimant should have received a Plan Notice, a Plan Notice will be sent to the claimant within 15 days of receipt of their documentation. The Fund Administrator can be reached by email at info@SummitFairFund.com, or by calling (833) 360-6814.

12. Where do I find my Recognized Loss?

Your Recognized Loss is provided on the first page of your Certification Form. You can also view your Recognized Loss by going to the Submit a Certification Form page and logging in using the User ID and PIN provided in your Certification Form. For further assistance locating your Recognized Loss, contact the Fund Administrator via email at info@SummitFairFund.com or by calling (833) 360-6814.

13. How do I dispute my Recognized Loss calculation?

If a Preliminary Claimant disagrees with the Recognized Loss listed in the Plan Notice, such dispute must be detailed on the Certification Form and returned to the Fund Administrator along with any supporting documentation by the Certification Date. The Fund Administrator will investigate the dispute, and such investigation will include a review of the written dispute as well as any supporting documentation.

14. How will I find out about the outcome of my Claim?

Within 45 days of the Certification Date to any Preliminary Claimant whose Certification Form is deficient, in whole or in part. The Determination Notice will provide the reason(s) for the deficiency and in the event the Preliminary Claimant is determined to be an Excluded Party, the 10 Determination Notice will state the reason(s) for such. The Determination Notice will also notify the Preliminary Claimant of the opportunity to cure any deficiency or request reconsideration of the determination made by the Fund Administrator and provide instructions regarding what is required to do so.

Within 180 days of the Plan approval, a Final Determination Notice will be sent to notify each Preliminary Claimant of their final eligibility determination. The Final Determination Notice will notify each Preliminary Claimant that they have been determined to be either (a) an Eligible Claimant and confirm their calculated Recognized Loss; or (b) an Unresponsive Preliminary Claimant or an Excluded Party and are not eligible to receive a Distribution Payment. The Final Determination Notice will constitute the Fund Administrator’s final ruling regarding the eligibility status and loss calculation and is not subject to appeal.

Distribution

15. When will Distribution Payments be disbursed?

There is no current estimate for when Distribution Payments will commence. Please visit this website often to get the most up-to-date information.

Additional Information

16. Who is the Tax Administrator?

On January 28. 2025, the Commission issued an order appointing Miller Kaplan Arase LLP, as the Tax Administrator of the Fair Fund. See the Commission’s Order: Release No. 34-102300.

17. Who is the Fund Administrator?

On September 3, 2025, the Commission issued an order appointing Simpluris, Inc. as the Fund Administrator to oversee the administration and distribution of the Fair Fund and set the administrator’s bond amount. See the Commission’s Order: Release No. 34-103838.

18. Where can I get additional information?

Copies of the Plan, the Notice, and other relevant documents are available for download on the Important Documents page of this website and through the SEC’s website for this matter.

If you would like to request a copy of the Plan, the Plan Notice, and/or the Certification Form, or if you have any other questions, you may contact the Fund Administrator via email at info@SummitFairFund.com, or by calling (833) 360-6814. The mailing address for the Fund Administrator is: Summit Planning Group Fund, Fund Administrator, P.O. Box 25043, Santa Ana, CA 92799.