United States Securities and Exchange Commission v. Larry M. Phillips, No. 2:2020mc00003 - Document 10 (C.D. Cal. 2020)
Court Description: FINAL JUDGMENT AS TO LARRY M. PHILLIPS 9 by Judge Andre Birotte Jr. It is ORDERED, ADJUDGED AND DECREED that judgment is entered in favor of the United States Securities and Exchange Commission against Defendant Phillips for disgorgement in the amount of $25,295, plus prejudgment interest of $3,142.69 and all accrued post-order interest through the entry of this Final Judgment. SEE JUDGMENT FOR FURTHER DETAILS. (MD JS-6, Case Terminated). (iv)
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United States Securities and Exchange Commission v. Larry M. Phillips Doc. 10 JS-6 1 2 3 4 5 6 7 UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff/Applicant, v. Case No.: 2:20-mc-0003-AB-AS [PROPOSED] FINAL JUDGMENT AS TO LARRY M. PHILLIPS LARRY M. PHILLIPS, 8 9 10 Defendant/Respondent, THIS MATTER comes before the Court on the Plaintiff/Petitioner’s 11 12 13 14 Application for an order compelling Respondent Larry M. Phillips (“Phillips” or “Respondent”) to show cause why a judgment should not be entered against him pursuant to Section 21(e) of the Securities Exchange Act of 1934 (the “Exchange 15 16 17 18 Act”), 15 U.S.C. § 78u(e)(1). It is ORDERED, ADJUDGED AND DECREED that judgment is entered in favor of the United States Securities and Exchange Commission (the 19 20 “Commission”) against Defendant Phillips for disgorgement in the amount of 21 $25,295, plus prejudgment interest of $3,142.69 and all accrued post-order 22 interest through the entry of this Final Judgment. 23 24 It is further ORDERED, ADJUDGED AND DECREED that judgment 25 is entered in favor of the United States Securities and Exchange Commission 26 against Defendant Phillips for a civil monetary penalty in the amount of 27 28 Dockets.Justia.com 1 2 $300,000, plus all accrued post-order interest through the entry of this Final Judgment. 3 4 It is further ORDERED, ADJUDGED AND DECREED that the amounts 5 awarded herein shall be subject to post-judgment interest, pursuant to § 28 U.S.C. 6 7 8 9 10 11 1961, from the date of this Final Judgment until the date all amounts owed have been paid. It is further ORDERED, ADJUDGED AND DECREED that Defendant may transmit payment electronically to the Commission, which will provide 12 detailed ACH transfer/Fedwire instructions upon request. Payment may also be 13 made directly from a bank account via Pay.gov through the SEC website at 14 15 http://www.sec.gov/about/offices/ofm.htm. Defendant may also pay by certified 16 check, bank cashier’s check, or United States postal money order payable to the 17 Securities and Exchange Commission, which shall be delivered or mailed to 18 19 20 21 Enterprise Services Center Accounts Receivable Branch 6500 South MacArthur Boulevard Oklahoma City, OK 73169 22 and shall be accompanied by a letter identifying the case title, civil action number, 23 and name of this Court; the name of the defendant in this action; and specifying 24 25 26 27 28 that payment is made pursuant to this Final Judgment. It is further ORDERED, ADJUDGED AND DECREED that Defendant shall simultaneously transmit photocopies of evidence of payment and case 1 2 identifying information to the Commission’s counsel in this action. By making this payment, Defendant relinquishes all legal and equitable right, title, and 3 4 5 6 interest in such funds and no part of the funds shall be returned to Defendant. It is further ORDERED, ADJUDGED AND DECREED that the nonmonetary terms of the Commission’s Administrative Order rendered against 7 8 Defendant on December 15, 2016 are fully incorporated herein and subject to 9 enforcement through this Final Judgment. 10 11 Accordingly, it is hereby further ORDERED that: 12 (a) Defendant shall cease and desist from committing or causing any 13 violations and any future violations of Section 17(a) of the Securities Act of 1933 14 15 16 17 (the “Securities Act”) and Sections 10(b) of the Exchange Act and Rule 10b-5 thereunder; (b) Defendant shall be, and hereby is: (i) barred from association with any 18 19 broker, dealer, investment adviser, municipal securities dealer, municipal advisor, 20 transfer agent, or nationally recognized statistical rating organization; (ii) 21 prohibited from serving or acting as an employee, officer, director, member of an 22 23 advisory board, investment adviser or depositor of, or principal underwriter for, a 24 registered investment company or affiliated person of such investment adviser, 25 depositor, or principal underwriter; and (iii) barred from participating in any 26 27 28 offering of a penny stock, including: acting as a promoter, finder, consultant, agent 1 2 or other person who engages in activities with a broker, dealer, or issuer for purposes of the issuance or trading in any penny stock or inducing or attempting to 3 4 5 6 induce the purchase or sale of any penny stock; and (c) Any reapplication for association by Defendant will be subject to the applicable laws and regulations governing the reentry process, and reentry may be 7 8 conditioned upon a number of factors, including, but not limited to, the satisfaction 9 of any or all of the following: (a) any disgorgement ordered against Phillips, 10 11 whether or not the Commission has fully or partially waived payment of such 12 disgorgement; (b) any arbitration award related to the conduct that served as the 13 basis for the Commission order; (c) any self-regulatory organization arbitration 14 15 award to a customer, whether or not related to the conduct that served as the basis 16 for the Commission order; and (d) any restitution order by a self-regulatory 17 organization, whether or not related to the conduct that served as the basis for the 18 19 Commission order. 20 It is further ORDERED, ADJUDGED AND DECREED that the Court 21 shall retain jurisdiction over this action for all purposes, including to implement 22 23 and enforce the terms of this Final Judgment; and all other orders and decrees 24 which may have been or may be entered in this case, and to grant such relief as 25 this Court may deem necessary and just. 26 27 28 It is further ORDERED, ADJUDGED, AND DECREED that, solely for
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