Why this record matters.
SEC Administrative Proceeding No. 3-20639 involves DreamFunded Marketplace, LLC and Manuel Fernandez. This was the first-ever enforcement action under Regulation Crowdfunding, established by Title III of the JOBS Act.
FINRA imposed three lifetime industry bars and three expulsions. No investor losses were found. No restitution was ordered. The total amount raised across all offerings was $15,000.
In plain language: This case was the very first of its kind. FINRA gave the harshest punishment possible. No one lost any money.
The public record of this proceeding raises serious constitutional questions about due process, predetermined outcomes, and indefinite delay.
A recorded call between the lead FINRA investigator and Fernandez's attorney suggests the outcome was decided before the hearing took place.
The Supreme Court's decision in SEC v. Jarkesy, 144 S. Ct. 2117 (2024), and the D.C. Circuit's decision in Alpine Securities v. FINRA, No. 23-5129 (D.C. Cir. 2024), have changed the legal landscape for cases like this.
This site exists to make the public record accessible. Every fact cited here comes from official filings available through the SEC.
In plain language: This site takes information that is already public and puts it in one place where anyone can read it. We don't make things up. We use the official record.
This site is not a law firm. It does not provide legal advice.
This site does not represent any party in the proceeding.
The information presented is drawn entirely from the public record of SEC Administrative Proceeding No. 3-20639.
In plain language: We are not lawyers. We don't give legal advice. Everything here comes from public records that anyone can look up.
All content on this site reflects the public record through April 13, 2026. No events, filings, or actions after that date are included.
The Updates page will be maintained as the case develops.
In plain language: This site covers events through April 13, 2026. When something new happens, we will add it to the Updates page.