SUMMIT TRUST CO. v. PAUL ELLIS INVESTMENT ASSOCIATES, LLC et al
Filing
19
JUDGMENT in favor of SUMMIT TRUST CO. against PAUL ELLIS INVESTMENT ASSOCIATES, LLC, ANDREW PAUL, JOHN ELLIS IN THE AMOUNT OF $761,426.16. SIGNED BY HONORABLE LEGROME D. DAVIS ON 8/2/2013. 8/2/2013 ENTERED AND COPIES MAILED TO UNREPS, E-MAILED.(kk, )
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IN THE UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF PENNSYLVANIA
SUMMIT TRUST CO.
:
:
:
:
:
:
v.
PAUL ELLIS INVESTMENT ASSOCIATES,
LLC, et al.
CIVIL ACTION
NO. 2:12-cv-6672
JUDGMENT ORDER
AND NOW, this 2nd day of August 2013, upon consideration of Plaintiff’s Request to
Enter Default Judgment (Doc. No. 17) and the attached exhibits, it is hereby ORDERED that the
request is GRANTED and judgment is entered in favor of the Plaintiff and against Defendants
Andrew Paul, John Ellis, and Paul Ellis Investment Associates for the following obligations and
amounts:
Net Principal Due for the Strategic Growth Portfolio Fund
$393,516.141
Net Principal Due for the Quantitative Growth Portfolio Fund
$366,944.02
Costs
$
966.00
________________________________________________________________
$761,426.162
Total Amounts Due
1
As noted in this Court’s opinion accompanying this judgment order, some amounts
provided in the Complaint differ slightly from those in Kevin Brown’s affidavit provided in
support of the instant motion. As Kevin Brown’s affidavit constitutes evidence of damages and
this Court need not take factual allegations of damages in the Complaint as true, see Doe v.
Simone, No. 12-5825, 2013 WL 3772532, at *2 (D.N.J. July 17, 2013); Comdyne I, Inc. v.
Corbin, 908 F.2d 1142, 1149 (3d Cir. 1990), this Court utilizes the amounts referenced in the
affidavit in the event of any conflict.
Further, although Kevin Brown’s affidavit lists this sum as $393,516.59, this appears
merely to be a typo or slight error in calculation. Based upon the amounts listed in that affidavit,
(see Aff. Brown ¶ 5, Doc. No. 17-1), the correct amount is $393,516.14.
2
As noted supra note 1, there appears to be a typo or slight error in calculation. The
correct amount appears to be $761,426.16 based upon the amounts listed in Kevin Brown’s
affidavit. (See Aff. Brown ¶ 5, Doc. No. 17-1).
1
Therefore, judgment is hereby entered against Defendants Andrew Paul, John Ellis, and
Paul Ellis Investment Associates in the amount of $761,426.16. Plaintiff is also granted interest
on this judgment amount at the judgment rate from the date of this judgment until paid. See 28
U.S.C. § 1961 (2012).
Because, as discussed in our opinion accompanying this judgment order, this Court
specifically finds that Defendants Andrew Paul and John Ellis knowingly committed a violation
of Section 10(b) of the Securities Exchange Act and Rule 10b-5, and that their conduct may be
imputed to Defendant Paul Ellis Investment Associates under Pennsylvania law, all defendants
are jointly and severally liable for these damages. See 15 U.S.C. §78u-4(f)(2)(A) (2012).
BY THE COURT:
/s/ Legrome D. Davis
Legrome D. Davis, J.
2
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