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The Securities and Exchange Commission has decided not to pursue any action against the Broadway producers of “Rebecca,” the Gothic musical that was derailed last fall before performances began because of a fraud scheme involving phantom investors.

In a two-sentence letter on Monday to the lawyer for the “Rebecca” producers, the S.E.C. said its investigation of the producing team was complete and no enforcement actions would be pursued. No details about the investigation were disclosed in the letter. The lawyer for the producers, Ronald G. Russo, said the investigation lasted several months and included an interview with one of the producers, Ben Sprecher, and “countless documents being turned over about how the ‘Rebecca’ producers conducted their business.”

“Now that Ben and the producers don’t have this cloud over them, hopefully fundraising for the show will be somewhat easier and they can finally get ‘Rebecca’ to Broadway,” Mr. Russo said in an interview on Thursday.

Mr. Sprecher, in a separate interview, said he was continuing to raise money for the show, needing an additional $5 million to reach his capitalization target of $16 million. He said he was hoping to open “Rebecca” on Broadway in fall 2014, and that he had negotiated an extension of his rights agreement to “Rebecca,” giving him until the end of next year to open the musical.

If the producers do not open on Broadway by then, they would be liable for repaying several million dollars to their investors – money that has mostly been spent already on sets, costumes, and other production expenses.

The fraud scheme that sidelined the show was concocted by Mark C. Hotton, a Long Island stockbroker who had reached out to Mr. Sprecher and his producing partner, Louise Forlenza, promising to find investors for “Rebecca” in return for fees.

Mr. Hotton ended up creating several fictitious investors that the producers accepted as real, despite never meeting or talking to them.

After Mr. Hotton disclosed that one of these phantom investors had purportedly died suddenly of malaria, Mr. Sprecher and Ms. Forlenza scrambled to raise more money so the musical could open on Broadway last fall as planned. But a major new investor was scared off at the last minute – because of warnings sent via anonymous e-mail from the musical’s publicist at the time, it turned out.

As the fraud slowly came to light, after the Times reported that the malaria-stricken investor did not appear to exist, Mr. Hotton was arrested last fall; he pleaded guilty to federal fraud charges in July and is now awaiting sentencing.

Separately, the producers are pursuing legal action against the show’s former publicist, Marc Thibodeau; a New York State Supreme Court judge recently ruled that the producers’ claims of defamation and breach of contract against Mr. Thibodeau could proceed to the discovery phase. The producers’ claim against Mr. Thibodeau of breach of fiduciary responsibility was dismissed.