Priority in distribution ensures administration costs covered, investor refunds prioritized, then regulatory penalties under securities law. Proceeds from sale of a defaulter's properties are allocated first to Board administration costs and Administrator fees; second to disgorgement and refunds to investors, with the Board able to direct refunds as monies are realized and the Administrator able to call for claims in tranches; and third to any other penalties or fees due from the defaulter to the Board under applicable securities and depository law.