July 2016
DreamFunded Begins Operating
DreamFunded Marketplace, LLC begins operating as a FINRA-registered funding portal in San Francisco. It is one of the first platforms under Regulation Crowdfunding (Title III of the JOBS Act).
November 2017
DreamFunded Stops Operating
DreamFunded ceases operations. No investor losses are reported. No restitution is ever ordered.
February 28, 2018
FINRA Files Complaint
FINRA files its complaint against DreamFunded and Manuel Fernandez. This is the first-ever enforcement action under Regulation Crowdfunding.
Before the Hearing
The Doolittle Recording
A call between Fernandez’s attorney and lead FINRA investigator Josh Doolittle is recorded. Doolittle states the lifetime ban would issue regardless of document production. Only the wording of findings would differ.
In plain English: The investigator said the punishment was already decided. Nothing Fernandez did would change it.
June 5, 2019
FINRA Hearing Panel Decision
A FINRA Extended Hearing Panel issues a 148-page decision finding violations and ordering DreamFunded expelled from funding portal membership and Fernandez barred from associating with any FINRA funding portal member.
In plain English: FINRA’s internal panel ruled against Fernandez and gave him the harshest punishment available. No investor had lost any money.
September 27, 2021
FINRA NAC Decision
FINRA’s National Adjudicatory Council imposes three lifetime industry bars, three expulsions, and $15,889.03 in costs. No investor losses found. No restitution ordered.
In plain English: FINRA gave the harshest punishment possible. Nobody lost any money.
October 28, 2021
Application for SEC Review
Fernandez files an Application for Review with the Securities and Exchange Commission, asking the SEC to review FINRA’s sanctions.
June 9, 2022
Applicants’ Opening Brief
Applicants’ Opening Brief filed with the SEC. The Doolittle recording is discussed at pages 3–4.
August 9, 2022
FINRA’s Opposition Brief
FINRA files its opposition brief.
August 23, 2022
Briefing Closes
Applicants’ Response Brief filed. Merits briefing is now complete. The clock starts.
In plain English: Both sides finished their arguments. Now the SEC is supposed to decide.
June 23, 2023
Extension Order 3
SEC issues its third extension. Release No. 34-97796. 304 days since briefing closed.
September 21, 2023
Extension Order 4
Release No. 34-98470. 394 days.
December 20, 2023
Extension Order 5
Release No. 34-99212. 484 days.
March 19, 2024
Extension Order 6
Release No. 34-99768. 574 days.
June 17, 2024
Extension Order 7
Release No. 34-100353. 664 days.
June 2024
Supreme Court Decides Jarkesy
The Supreme Court rules in SEC v. Jarkesy, 144 S. Ct. 2117 (2024), that the Seventh Amendment right to a jury trial applies to SEC fraud proceedings.
In plain English: The Supreme Court said people accused of fraud by the SEC have the right to a jury trial.
August 26, 2024
Motion for Supplemental Briefing
Fernandez moves for supplemental briefing on the impact of Jarkesy.
September 16, 2024
Extension Order 8
Release No. 34-101026. 755 days.
October 25, 2024
Supplemental Briefing Granted
SEC grants the motion for supplemental briefing. Release No. 34-101438.
November 22, 2024
D.C. Circuit Decides Alpine
The D.C. Circuit rules in Alpine Securities v. FINRA, No. 23-5129, that FINRA cannot bar members before the SEC completes merits review. Private nondelegation doctrine.
In plain English: A federal court said FINRA can’t punish people while the SEC is still deciding.
November 11, 2024
Supplemental Constitutional Brief
Fernandez files supplemental constitutional brief addressing Jarkesy and related issues.
December 20, 2024
FINRA’s Supplemental Response
FINRA files supplemental response. Constitutional briefing closes.
August 20, 2025
Extension Order 9
Release No. 34-103745. 1,093 days since briefing closed.
January 12, 2026
Extension Order 10
Release No. 34-104574. 1,238 days. SEC sets deadline of April 13, 2026.
April 6, 2026
Fernandez Files Three Documents
Fernandez files: Objection to Further Extension and Motion for Immediate Ruling; Supplemental Statement of Preserved Constitutional Arguments; Motion for Leave re Smith v. SEC, No. 24-3907 (6th Cir. Mar. 27, 2026). eFAP Filing ID 13962.
April 8, 2026
FINRA Seeks Extension
FINRA files motion for a 10-day extension. Fernandez opposes.
April 9, 2026
Declaration of Prejudice
Fernandez files Declaration of Prejudice from Delay.
April 13, 2026
The Deadline Passes
SEC issues Release No. 105209. Grants FINRA’s extension request. No final decision. This is the eleventh deferral. 1,329 days since merits briefing closed. The case remains open.
In plain English: The SEC’s own deadline came and went. Instead of deciding, it pushed the date again. For the eleventh time. Fernandez remains barred.