Securities and Exchange Commission v. Ng et al, No. 3:2013cv00895 - Document 47 (N.D. Cal. 2014)
Court Description: ORDER regarding consent to entry of final judgment (sclc1, COURT STAFF) (Filed on 7/31/2014)
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Securities and Exchange Commission v. Ng et al Doc. 47 1 2 3 4 5 6 IN THE UNITED STATES DISTRICT COURT 7 FOR THE NORTHERN DISTRICT OF CALIFORNIA United States District Court For the Northern District of California 8 9 10 11 12 13 14 15 16 SECURITIES AND EXCHANGE COMMISSION, ) Case No. 13-cv-00895-SC ) ) ORDER Plaintiff, ) ) v. ) ) ) WALTER NG; KELLY NG; BRUCE ) HORWITZ; and THE MORTGAGE FUND, ) LLC, ) ) Defendants. ) ) ) ) 17 18 19 This is a securities fraud case brought by Plaintiff 20 Securities and Exchange Commission ("SEC") against Defendants 21 Walter Ng, Kelly Ng, Bruce Horwitz, and The Mortgage Fund, LLC 22 ("The Mortgage Fund"). 23 estate fund called Mortgage Fund '08, LLC ("MF08") in late 2007. 24 ECF No. 1 ("Compl.") ¶ 1. 25 MF08 as an investment opportunity that would produce returns 26 through investment in commercial real estate loans. 27 the SEC, the Ngs and Dr. Horwitz actually used the money invested 28 in MF08 to fund their existing real estate fund, R.E. Loans, LLC The Ngs and Dr. Horwitz created a real The SEC alleges that Defendants pitched According to Dockets.Justia.com 1 ("R.E. Loans"). The SEC also alleges that Defendants lied to 2 investors about the financial performance of MF08 and R.E. Loans 3 until both went bankrupt. Id. ¶¶ 2-3. All four defendants have now apparently consented to final 4 accusations. 7 Consent"), 42 ("Horwitz Consent"), 44 ("Mortgage Fund Consent"). 8 United States District Court judgment against them, without admitting or denying the 6 For the Northern District of California 5 The proposed judgments include a combination of injunctions 9 prohibiting Defendants from engaging in future violations of 10 securities laws and disgorgement of profits from the conduct 11 alleged in the Complaint. 12 consent declarations and finds that Defendants Bruce Horwitz and 13 The Mortgage Fund have consented to the proposed judgments against 14 them. 15 against those two defendants. 16 /// 17 /// 18 /// 19 /// 20 /// 21 /// 22 /// 23 /// 24 /// 25 /// 26 /// 27 /// 28 /// ECF Nos. 38 ("Walter Ng Consent"), 40 ("Kelly Ng The Court has reviewed Defendants' Accordingly, the Court will enter the proposed judgments 2 1 However, the consent declarations of Kelly Ng and Walter Ng and Kelly Ng's declaration is missing pages 2 and 3. 4 Significantly, those are the pages upon which the Ngs presumably 5 consent to the injunction, disgorgement, and civil penalties 6 included in the judgments. 7 judgment against Defendants Walter Ng or Kelly Ng until the SEC 8 United States District Court are incomplete. 3 For the Northern District of California 2 produces the complete consent declarations. 9 complete documents with the Court within seven (7) days of the 10 Walter Ng's consent declaration is missing page 2, Therefore, the Court will not enter The SEC shall file the signature date of this order. 11 12 IT IS SO ORDERED. 13 14 Dated: July 31, 2014 15 UNITED STATES DISTRICT JUDGE 16 17 18 19 20 21 22 23 24 25 26 27 28 3
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