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Matthias Knab, Opalesque for New Managers:

The long-running enforcement saga involving fund promoter Evan H. Katz has taken another turn.

On September 27, 2024, the SEC issued a cease-and-desist order against Katz, co-founder of Crawford Ventures Absolute Return Fund LP, after allegations of fraudulent misrepresentations in fund marketing materials. Katz was fined $202,000 for his role in misleading investors into a fund that raised over $16 million with falsified documents and unverified performance claims.

In a November 19 order, the U.S. Securities and Exchange Commission granted the Division of Enforcement's request for more time to respond to Katz's latest motion - an attempt to vacate the original cease-and-desist order and associated sanctions.

Katz had failed to pay monetary obligations imposed under the September 2024 settled SEC order, prompting the SEC to secure a monetary judgment against him in federal court on April 25, 2025. He continued to miss payments even after agreeing to an "informal payment plan" in August 2025. Under that arrangement, Katz was supposed to make monthly payments through August 2026, and the SEC agreed not to take additional enforcement steps so long as he complied.

That arrangement now appears at risk. In a new filing, Katz has claimed he believes it is "appropriate under the circumstances" to stop making payments until the SEC rules on his motion to vacate the order - and says he will resume payments if his motion is not granted. The Commission, however, has not endorsed that interpretation and explicitly stated that it expresses no view on Katz's ongoing obligations under the informal payment plan.

In its latest order, the SEC has set fresh briefing deadlines in the matter:

• December 3, 2025: Division of Enforcement brief in response to Katz's motion to vacate the settled order.
• December 19, 2025: Katz's reply brief.

The outcome of this briefing schedule will determine whether the enforcement process escalates further or whether Katz manages, once again, to delay or reshape the sanctions he faces.

Context: A Pattern of Controversial Behavior

This latest procedural maneuver follows a series of industry shockwaves highlighted in Opalesque's prior coverage:

• Seven days after SEC action, Evan Katz promotes new fund - detailing Katz's attempt to promote a fund just days after SEC action, raising concerns across the hedge fund community.
• Opalesque Roundup: Evan Katz stuns industry promoting new vehicle - covering his public promotional efforts despite ongoing regulatory restrictions.
• Evan Katz's troubled hedge fund past resurfaces with SEC case - revisiting his earlier history and how it resurfaced in the current proceedings.

Across all these touchpoints, a consistent theme emerges: Katz continues to engage in aggressive self-promotion and procedural tactics in the face of formal SEC enforcement actions.

What Comes Next

• If Katz does not resume payments, the SEC may take further steps to enforce the district court judgment.
• If the motion to vacate is rejected, his monetary liabilities under the settled order remain intact, and continued non-payment could escalate the matter.
• The case raises broader questions about the effectiveness of regulatory deterrence and how far sanctioned individuals can go in challenging or delaying enforcement outcomes.

Opalesque will continue to monitor this case as the December deadlines approach and report on any significant developments for hedge fund managers and allocators following the enforcement landscape.