Securities and Exchange Commission v. Penn et al
| Securities and Exchange Commission |
| Lawrence E. Penn, Michael St. Altura Ewers, Camelot Acquisitions Secondary Opportunities Management, L.L.C., The Camelot Group International, L.L.C., SSecurion L.L.C. and A Bighouse Photographyand Film Studio L.L.C. |
| 1:2014cv00581 |
| January 30, 2014 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| New York |
| Valerie E. Caproni |
| Securities/Commodities/Exchanges |
| 15 U.S.C. ยง 78 |
| None |
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The following documents for this case are available for you to view or download:
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Filing
428
ORDER: WHEREAS on January 27, 2022, Lawrence Penn filed a motion for reconsideration pursuant to Rule 60(b) of the Federal Rules of Civil Procedure, Dkt. 425; IT IS HEREBY ORDERED that the Securities and Exchange Commission's response in oppos ition is due no later than Friday, February 18, 2022 and Penn's reply in support of his motion is due no later than Friday, March 4, 2022. SO ORDERED. ( Responses due by 2/18/2022, Replies due by 3/4/2022.) (Signed by Judge Valerie E. Caproni on 1/28/2022) (vfr)
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Filing
410
AMENDED FINAL JUDGMENT AS TO DEFENDANT LAWRENCE E. PENN III: IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant Penn is liable for disgorgement of $9,286,916.65, representing profits gained as a result of the conductalleged in the Complain t, together with prejudgment interest thereon in the amount of $1,875,414.15, for a total of $11,162,330.80. Defendant Penn shall satisfy this obligation by paying $11,162,330.80 to the Securities and Exchange Commission within 30 days after entry of this Final Judgment. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant Penn shall pay a civil penalty in the amount of $9,286,916.65 to the Securities and Exchange Commission pursuant to Section 21(d) of the Exchange Ac t and Section 209(e) of the Advisers Act. Defendant Penn shall make this payment within 14 days after entry of this Final Judgment. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Final Judgment is entered nunc pro tunc. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. The Clerk of Court is respectfully directed to terminate all open motions and to close this case. And as set forth herein. (Signed by Judge Valerie E. Caproni on 4/14/2021) (ama)
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Filing
402
ORDER: In short, Mr. Orr's motion to reconsider the Court's sanctions order is DENIED. Monetary sanctions were appropriate as Mr. Orr violated the Court's orders, caused unnecessary delay and expense, and wasted the Court's time. The Clerk of Court is respectfully directed to mail a copy of this order to Ian Douglas Orr, Orr Law Offices, 445 Hamilton Avenue, White Plains, NY, 10601. And as set forth herein. SO ORDERED. (Signed by Judge Valerie E. Caproni on 3/31/2021) (ama) Transmission to Docket Assistant Clerk for processing.
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Filing
374
MEMO ENDORSED ORDER denying 370 Motion to Disqualify Judge. ENDORSEMENT: Application DENIED. The Clerk of Court is respectfully directed to terminate the pending motion at Dkt. 370. Mr. Penn's motion is substantially similar to a motion for disqualification filed more than a year ago, on June 6, 2019. See Dkt. 318. Setting aside the frivolity of the arguments, the original motion was denied as untimely because Mr. Penn failed to move "at the earliest possible moment after obtainin g knowledge of facts demonstrating the basis for such a claim. Order (Dkt. 319) at 3 (quoting Apple v. Jewish Hosp. & Med. Ctr., 829 F.2d 326, 333 (2d Cir. 1987)). Mr. Penn now cites no recently discovered information that could possibly support a ti mely motion; accordingly, the current motion is even more untimely than the original and is denied, again. Moreover, "[m]ere conclusions, opinions, rumors or vague gossip are insufficient." Hodgson v. Liquor Salesmen's Union Local No. 2 of State of N. Y., Distillery, Rectifying, Wine & Allied Workers' Int'l Union of Am., AFL-CIO, 444 F.2d 1344, 1348 (2d Cir. 1971). Additionally, "[t]he alleged bias and prejudice to be disqualifying must stem from an extrajudicial so urce and result in an opinion on the merits on some basis other than what the judge has learned from his participation in the case." In re Int'l Bus. Machines Corp., 618 F.2d 923, 927 (2d Cir. 1980). The record before the Court amply demons trates that Mr. Penn is manufacturing baseless, conclusory, and conspiratorial allegations in reaction to adverse rulings issued by this Court, rather than any extrajudicial statement or conduct. Such motions are a waste of the Court's and the S EC's time and resources. Mr. Penn is warned that further filing of frivolous motions, including motions that attempt to relitigate substantially identical motions, or other vexatious behavior may result in sanctions. SO ORDERED. (Signed by Judge Valerie E. Caproni on 8/29/2020) (mml)
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Filing
365
MEMO ENDORSEMENT on 364 terminating 355 Letter Motion for Extension of Time; terminating 363 Letter Motion to Stay. ENDORSEMENT: The Court agrees with the SEC that there is no reason why the motions cannot be briefed concurrently. A telecon ference is hereby scheduled for August 25, 2020, at 2:00 P.M. All parties and any interested members of the public must attend by dialing 1-888-363-4749, using the access code 3121171 and the security code 0581. All attendees are advised to mute th eir phones when not speaking and to self-identify each time they speak. Mr. Penn's motion for an extension of the show-cause schedule is denied; as the SEC has pointed out, Mr. Penn has long been on notice of the current schedule. The followi ng schedule shall apply to the Camelot Entities' Rule 60(b) motion: September 4, 2020: Deadline for the Camelot Entities to file their Rule 60(b) motion papers; September 18, 2020: Deadline for the SEC to file opposition papers; and Septembe r 25, 2020: Deadline for the Camelot Entities to file any reply papers. The above schedule does not take into account any religious holidays; if holidays will prevent the parties from meeting that schedule, the parties must be prepared to propose an alternative schedule at the conference. The Clerk of Court is respectfully directed to terminate docket entries 355 and 363. SO ORDERED.. (Signed by Judge Valerie E. Caproni on 8/19/2020) (rro)
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Filing
347
ORDER granting 346 Letter Motion for Extension of Time to File. Application Granted. SO ORDERED. (Signed by Judge Valerie E. Caproni on 5/22/2020) (ama)
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Filing
340
FINAL JUDGMENT AS TO DEFENDANT CAMELOT ACQUISITIONS SECONDARY OPPORTUNITIES MANAGEMENT, LLC: NOW, THEREFORE, IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant CASO Management 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. § 78j(b)] and Rule 10b-5 promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means or instrumentality of interstate commerc e, or of the mails, or of any facility of any national securities exchange, in connection with the purchase or sale of any security: as set forth herein. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant CASO Management is jointly and sever ally liable with Defendant Penn for disgorgement in the amount of $440,000, representing profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $132,095.10, for a tota l of $572,095.10. Defendant CASO Management shall satisfy this obligation by paying $572,095.10 to the Securities and Exchange Commission within 14 days after entry of this Final Judgment. The Commission shall hold the funds (collectively, the "Fund") and may propose a plan to distribute the Fund subject to the Court's approval. The Court shall retain jurisdiction over the administration of any distribution of the Fund. If the Commission staff determines that the Fund wi ll not be distributed, the Commission shall send the funds paid pursuant to this Final Judgment to the United States Treasury. The Commission may enforce the Court's judgment for disgorgement and prejudgment interest by moving for civil contempt (and/or through other collection procedures authorized by law) at any time after 14 days following entry of this Final Judgment. Defendant CASO Management shall pay post-judgment interest on any delinquent amounts pursuant to 28 U.S.C.§ 1961. I T IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant CASO Management shall pay a civil penalty in the amount of $440,000 to the Securities and Exchange Commission pursuant to Section 21(d) of the Exchange Act and Section 209(e) of the Advi sers Act. Defendant CASO Management shall make this payment within 14 days after entry of this Final Judgment. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. And as set forth herein., Camelot Acquisitions Secondary Opportunities Management, L.L.C. terminated. (Signed by Judge Valerie E. Caproni on 4/30/2020) (ama)
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Filing
335
MEMORANDUM OPINION & ORDER: re: 326 FIRST LETTER MOTION to Substitute Attorney. Old Attorney: Ian D. Orr, New Attorney: UNKNOWN addressed to Judge Valerie E. Caproni from Ian D. Orr dated 07/17/2019. filed by Camelot Acquisitions Secondary Opp ortunities Management, L.L.C., 313 MOTION for Summary Judgment Against Camelot Group International and Camelot Secondary Opportunities Management filed by Securities and Exchange Commission. The SEC's motion for summary judgment, a permanent injunction, disgorgement, and civil penalties against CASO Management and CGI is GRANTED as set forth above. CGI must disgorge $8,627,004 and pay a civil penalty of the same amount; CASO Management must disgorge $440,000 and pay a civil pen alty of the same amount. Prejudgment interest on the disgorgement is GRANTED, with the amount to be fixed upon receipt of a revised calculation from the SEC that is consistent with this Order. No later than April 15, 2020, the SEC must submit a propo sed final judgment as to the Camelot Entities, along with a declaration containing revised prejudgment interest amounts. The SEC must also indicate whether it intends to turn over the Camelot Entities' frozen assets to satisfy their disgorgement obligations. The existing order freezing Defendants' assets, Dkt. 300, shall remain in effect pending a decision on the SEC's anticipated turnover motion. No later than April 15, 2020, the SEC must either file the anticipated turnover moti on or propose a briefing schedule for the motion. The Clerk of Court is respectfully directed to terminate docket entries 313 and 326 and remove Mr. Ian Orr as counsel for the Camelot Entities. SO ORDERED., ( Motions due by 4/15/2020.), Attorney Ian Douglas Orr terminated. (Signed by Judge Valerie E. Caproni on 3/17/2020) (ama)
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Filing
297
ORDER: The SEC's motion for disgorgement and civil monetary penalties is GRANTED. Penn is ordered to disgorge his ill-gotten gains in the amount of $9,286,916.65 plus interest. The Court imposes a civil monetary penalty in the same amou nt. The SEC is directed to provide a proposed form of judgment, including a revised damages and penalties calculation consistent with the Court's findings by September 21, 2018. SO ORDERED. (Signed by Judge Valerie E. Caproni on 9/10/2018) (anc)
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Filing
198
OPINION AND ORDER. The SEC's motion for a permanent injunction is GRANTED. The SEC's motions for disgorgement and for civil monetary penalties are DENIED, pending an evidentiary hearing on the value of Penn's forfeited interest in the Fund and Penn's financial status. By September 5, 2017, the parties are directed to propose a schedule for an evidentiary hearing to resolve the parties dispute over the value of Penns forfeited property. The Court strongly encourages the partie s to consider whether this issue may be resolved consensually without the need for a hearing. For instance, depending on the method by which carried interest is paid, it may be possible to craft a disgorgement order that provides for subsequent adjus tments in Penn's disgorgement obligation based on the Fund's future realized profits on account of Penn's forfeited interest. The parties should also inform the Court of their respective positions on Penn's current and expected em ployment and financial status. SO ORDERED. re: 177 FIRST MOTION for Permanent Injunction and Monetary Relief against Defendant Lawrence E. Penn III filed by Securities and Exchange Commission, 192 MOTION to Enforce Judgment re: 105 Judgment Turnover Order NY CPLR 5225 filed by Securities and Exchange Commission. (Signed by Judge Valerie E. Caproni on 8/22/2017) (rjm)
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Filing
168
MEMORANDUM OPINION AND ORDER. For the forgoing reasons, Plaintiff's motion for summary judgment is GRANTED in its entirety, and Defendant's counterclaims are DISMISSED without prejudice. The SEC's claims under Section 207 of the 40 Act remain outstanding. The parties are ordered to notify the Court not later than January 6, 2017, whether either needs any discovery with respect to the SEC's Section 207 claim. Because the parties did not provide any briefing on the appropriate remedies in this case, the Court directs the parties to submit briefs regarding this issue. The SEC's brief must be filed on or before January 6, 2017; Penn's response shall be filed on or before January 27, 2017; and the SEC's reply shall be filed on or before February 6, 2017. So ordered. re: 149 MOTION for Judgment on the Pleadings and to Dismiss Counterclaims filed by Securities and Exchange Commission. (Signed by Judge Valerie E. Caproni on 12/21/2016) (rjm)
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