Securities and Exchange Commission v. David N. Osegueda et al, No. 2:2019cv04348 - Document 56 (C.D. Cal. 2021)
Court Description: CORRECTED FINAL JUDGMENT AS TO JESSICA SNYDER by Judge Philip S. Gutierrez, in favor of Securities and Exchange Commission against Jessica Snyder: IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") [15 U.S.C. Section 78j(b)] and Rule 10b-5 promulgated thereunder [17 C.F.R. Section 240.10b-5], by using any means or instrument ality of interstate commerce, or of the mails, or of any facility of any national securities exchange, in connection with the purchase or sale of any security. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is liable for a civil penalty in the amount of $100,000. (see document for further details) Related to: Amendment 55 (bm)
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Securities and Exchange Commission v. David N. Osegueda et al Doc. 56 1 2 4/28/21 3 4 link 55 5 6 7 8 9 UNITED STATES DISTRICT COURT 10 CENTRAL DISTRICT OF CALIFORNIA 11 WESTERN DIVISION 12 13 14 15 SECURITIES AND EXCHANGE COMMISSION, Plaintiff, 16 17 18 19 20 21 Case No. 2:19-cv-04348-PSG-AGR [PROPOSED] CORRECTED FINAL JUDGMENT AS TO JESSICA SNYDER vs. DAVID N. OSEGUEDA, ISHMAIL CALVIN ROSS, aka CALVIN ROSS, ZACHARY R. LOGAN, and JESSICA SNYDER, fka JESSICA GUTIERREZ, Defendants. 22 23 24 25 26 27 28 Dockets.Justia.com 1 This matter came before the Court upon Plaintiff Securities and Exchange 2 Commission’s (“SEC”) Motion for Final Judgment against defendant Jessica Snyder. 3 The Court, having considered the memoranda and evidence filed by the parties, and 4 all other argument and evidence presented to it, and good cause appearing therefore, 5 grants the SEC’s Motion and enters this Final Judgment as to Jessica Snyder 6 (“Defendant”). I. 7 8 9 IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant is permanently restrained and enjoined from violating, directly or indirectly, Section 10 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. 11 § 78j(b)] and Rule 10b-5 promulgated thereunder [17 C.F.R. § 240.10b-5], by using 12 any means or instrumentality of interstate commerce, or of the mails, or of any 13 facility of any national securities exchange, in connection with the purchase or sale of 14 any security: 15 (a) to employ any device, scheme, or artifice to defraud; 16 (b) to make any untrue statement of a material fact or to omit to state a 17 material fact necessary in order to make the statements made, in the light of the 18 circumstances under which they were made, not misleading; or 19 (c) 20 would operate as a fraud or deceit upon any person. 21 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as 22 provided in Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also 23 binds the following who receive actual notice of this Judgment by personal service or 24 otherwise: (a) Defendant’s officers, agents, servants, employees, and attorneys; and 25 (b) other persons in active concert or participation with Defendant or with anyone 26 described in (a). 27 28 to engage in any act, practice, or course of business which operates or II. IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that 1 1 Defendant is permanently restrained and enjoined from violating Section 17(a) of the 2 Securities Act of 1933 (the “Securities Act”) [15 U.S.C. § 77q(a)] in the offer or sale 3 of any security by the use of any means or instruments of transportation or 4 communication in interstate commerce or by use of the mails, directly or indirectly: 5 (a) to employ any device, scheme, or artifice to defraud; 6 (b) to obtain money or property by means of any untrue statement of a 7 material fact or any omission of a material fact necessary in order to make the 8 statements made, in light of the circumstances under which they were made, 9 not misleading; or 10 (c) 11 operates or would operate as a fraud or deceit upon the purchaser. 12 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as 13 provided in Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also 14 binds the following who receive actual notice of this Judgment by personal service or 15 otherwise: (a) Defendant’s officers, agents, servants, employees, and attorneys; and 16 (b) other persons in active concert or participation with Defendant or with anyone 17 described in (a). 18 19 to engage in any transaction, practice, or course of business which III. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, pursuant 20 to Section 21(d)(2) of the Exchange Act [15 U.S.C. § 78u(d)(2)] and/or Section 20(e) 21 of the Securities Act [15 U.S.C. § 77t(e)], Defendant is prohibited permanently from 22 acting as an officer or director of any issuer that has a class of securities registered 23 pursuant to Section 12 of the Exchange Act [15 U.S.C. § 78l] or that is required to 24 file reports pursuant to Section 15(d) of the Exchange Act [15 U.S.C. § 78o(d)]. 25 26 IV. IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that 27 Defendant is permanently barred from participating in an offering of penny stock, 28 including engaging in activities with a broker, dealer, or issuer for purposes of 2 1 issuing, trading, or inducing or attempting to induce the purchase or sale of any penny 2 stock. A penny stock is any equity security that has a price of less than five dollars, 3 except as provided in Rule 3a51-1 under the Exchange Act [17 C.F.R. § 240.3a51-1]. 4 V. 5 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant 6 is liable for a civil penalty in the amount of $100,000 pursuant to Section 20(d) of the 7 Securities Act [15 U.S.C. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15 8 U.S.C. § 78u(d)(3)]. Defendant shall satisfy this obligation by paying $100,000 to 9 the Securities and Exchange Commission within 30 days after entry of this Final 10 11 Judgment. Defendant may transmit payment electronically to the Commission, which will 12 provide detailed ACH transfer/Fedwire instructions upon request. Payment may also 13 be made directly from a bank account via Pay.gov through the SEC website at 14 http://www.sec.gov/about/offices/ofm.htm. Defendant may also pay by certified 15 check, bank cashier’s check, or United States postal money order payable to the 16 Securities and Exchange Commission, which shall be delivered or mailed to 17 18 19 Enterprise Services Center Accounts Receivable Branch 6500 South MacArthur Boulevard Oklahoma City, OK 73169 20 and shall be accompanied by a letter identifying the case title, civil action number, 21 and name of this Court; Jessica Snyder as a defendant in this action; and specifying 22 that payment is made pursuant to this Final Judgment. 23 Defendant shall simultaneously transmit photocopies of evidence of payment 24 and case identifying information to the Commission’s counsel in this action. By 25 making this payment, Defendant relinquishes all legal and equitable right, title, and 26 interest in such funds and no part of the funds shall be returned to Defendant. The 27 Commission shall send the funds paid pursuant to this Final Judgment to the United 28 States Treasury. 3 1 The Commission may enforce the Court’s judgment for penalties by the use of 2 all collection procedures authorized by law, including the Federal Debt Collection 3 Procedures Act, 28 U.S.C. § 3001 et seq., and moving for civil contempt for the 4 violation of any Court orders issued in this action. Defendant shall pay post 5 judgment interest on any amounts due after 30 days of the entry of this Final 6 Judgment pursuant to 28 U.S.C. § 1961. The Commission shall hold the funds, 7 together with any interest and income earned thereon (collectively, the “Fund”), 8 pending further order of the Court. 9 The Commission may propose a plan to distribute the Fund subject to the 10 Court’s approval. Such a plan may provide that the Fund shall be distributed 11 pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 12 2002. The Court shall retain jurisdiction over the administration of any distribution 13 of the Fund and the Fund may only be disbursed pursuant to an Order of the Court. 14 Regardless of whether any such Fair Fund distribution is made, amounts ordered to 15 be paid as civil penalties pursuant to this Judgment shall be treated as penalties paid 16 to the government for all purposes, including all tax purposes. To preserve the 17 deterrent effect of the civil penalty, Defendant shall not, after offset or reduction of 18 any award of compensatory damages in any Related Investor Action based on 19 Defendant’s payment of disgorgement in this action, argue that [it, he, she] is entitled 20 to, nor shall he further benefit by, offset or reduction of such compensatory damages 21 award by the amount of any part of Defendant’s payment of a civil penalty in this 22 action (“Penalty Offset”). If the court in any Related Investor Action grants such a 23 Penalty Offset, Defendant shall, within 30 days after entry of a final order granting 24 the Penalty Offset, notify the Commission’s counsel in this action and pay the amount 25 of the Penalty Offset to the United States Treasury or to a Fair Fund, as the 26 Commission directs. Such a payment shall not be deemed an additional civil penalty 27 and shall not be deemed to change the amount of the civil penalty imposed in this 28 Judgment. For purposes of this paragraph, a “Related Investor Action” means a 4 1 private damages action brought against Defendant by or on behalf of one or more 2 investors based on substantially the same facts as alleged in the Complaint in this 3 action. VI. 4 5 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, solely for 6 purposes of exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 7 11 U.S.C. § 523, the allegations in the complaint are true and admitted by Defendant, 8 and further, any debt for disgorgement, prejudgment interest, civil penalty or other 9 amounts due by Defendant under this Judgment or any other judgment, order, consent 10 order, decree or settlement agreement entered in connection with this proceeding, is a 11 debt for the violation by Defendant of the federal securities laws or any regulation or 12 order issued under such laws, as set forth in Section 523(a)(19) of the Bankruptcy 13 Code, 11 U.S.C. § 523(a)(19). VII. 14 15 IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court 16 shall retain jurisdiction of this matter for the purposes of enforcing the terms of this 17 Judgment. 18 VIII. 19 There being no just reason for delay, pursuant to Rule 54(b) of the Federal 20 Rules of Civil Procedure, the Clerk is ordered to enter this Judgment forthwith and 21 without further notice. 22 23 24 25 April 28 2021 Dated: ______________, _____ ____________________________________ PHILIP S. GUTIERREZ UNITED STATES DISTRICT JUDGE 26 27 28 5 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 PROOF OF SERVICE I am over the age of 18 years and not a party to this action. My business address is: U.S. SECURITIES AND EXCHANGE COMMISSION, 444 S. Flower Street, Suite 900, Los Angeles, California 90071 Telephone No. (323) 965-3998; Facsimile No. (213) 443-1904. On April 27, 2021, I caused to be served the document entitled [PROPOSED] CORRECTED FINAL JUDGMENT AS TO JESSICA SNYDER on all the parties to this action addressed as stated on the attached service list: OFFICE MAIL: By placing in sealed envelope(s), which I placed for collection and mailing today following ordinary business practices. I am readily familiar with this agency’s practice for collection and processing of correspondence for mailing; such correspondence would be deposited with the U.S. Postal Service on the same day in the ordinary course of business. PERSONAL DEPOSIT IN MAIL: By placing in sealed envelope(s), which I personally deposited with the U.S. Postal Service. Each such envelope was deposited with the U.S. Postal Service at Los Angeles, California, with first class postage thereon fully prepaid. EXPRESS U.S. MAIL: Each such envelope was deposited in a facility regularly maintained at the U.S. Postal Service for receipt of Express Mail at Los Angeles, California, with Express Mail postage paid. HAND DELIVERY: I caused to be hand delivered each such envelope to the office of the addressee as stated on the attached service list. UNITED PARCEL SERVICE: By placing in sealed envelope(s) designated by United Parcel Service (“UPS”) with delivery fees paid or provided for, which I deposited in a facility regularly maintained by UPS or delivered to a UPS courier, at Los Angeles, California. ELECTRONIC MAIL: By transmitting the document by electronic mail to the electronic mail address as stated on the attached service list. E-FILING: By causing the document to be electronically filed via the Court’s CM/ECF system, which effects electronic service on counsel who are registered with the CM/ECF system. FAX: By transmitting the document by facsimile transmission. The transmission was reported as complete and without error. I declare under penalty of perjury that the foregoing is true and correct. Date: April 27, 2021 /s/ Lynn M. Dean LYNN M. DEAN 27 28 1 2 SEC v. Osegueda, et al. United States District Court – Central District of California Case No. 2:19-cv-04348-PSG-AGR 3 SERVICE LIST 1 4 5 6 7 8 9 10 11 12 13 Jonathan A. Loeb, Esq. (by ECF) Martin A. Krezalek, Esq. Blank Rome LLP 2029 Century Park East, 6th Floor Los Angeles, CA 90067 (424) 239-3400 jloeb@blankrome.com mkrezalek@blankrome.com Attorneys for Defendant Ishmail Calvin Ross Jessica Snyder (by U.S. mail) P.O. Box 493 Avondale, AZ 85323 Defendant Jessica Snyder (Pro Se) 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 2
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