The Securities and Exchange Commission has approved a plan for returning US$5 million to investors taken in by dubious research.

The commission also appointed Laurence Storch to serve as the administrator of the disgorgement fund, and to identify persons who should receive reimbursement from the fund. The disgorgement fund includes both the disgorgement and the civil penalty paid by Robertson Stephens when it settled an administrative proceeding with the SEC.

Robertson Stephens was alleged to have issued materially misleading research reports and failed to maintain and produce promptly to the commission staff e-mail communications.

In Canada, the Ontario Securities Commission, which only got disgorgement power last year, has contemplated returning money to investors, too.