Securities and Exchange Commission v. Lek Securities Corporation et al
| Securities and Exchange Commission |
| Lek Securities Corporation, Samuel Lek, Vali Management Partners, Nathan Fayyer and Sergey Pustelnik |
| 1:2017cv01789 |
| March 10, 2017 |
| US District Court for the Southern District of New York |
| Foley Square Office |
| Denise L. Cote |
| Securities/Commodities/Exchanges |
| 15 U.S.C. ยง 78 |
| Plaintiff |
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The following documents for this case are available for you to view or download:
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Filing
605
ORDER: Accordingly, it is hereby ORDERED that the Clerk of Court shall close the case. (Signed by Judge Denise L. Cote on 8/31/2022) (tg)
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Filing
594
ORDER: Accordingly, it is hereby ORDERED that Avalon, Fayyer, and Pustelnik shall each pay a civil penalty of $7.5 million. IT IS FURTHER ORDERED that each defendant be permanently enjoined from violating Sections 9(a)(2) and 10(b) of the Exchange Act, Rule 10b-5 thereunder, and Section 17(a) of the Securities Act. (Signed by Judge Denise L. Cote on 2/9/2021) (jca) Transmission to Finance Unit (Cashiers) for processing.
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Filing
588
ORDER: Accordingly, it is hereby ORDERED that the SEC shall file a memorandum addressing the impact of Liu on the judgment in this action by December 18. The Defendants shall file any opposition by January 15, 2021. The SECs reply, if any, shall be filed by January 29. So Ordered. (Responses due by 1/15/2021, Replies due by 1/29/2021.) (Signed by Judge Denise L. Cote on 11/23/2020) (js)
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Filing
584
MEMORANDUM OPINION AND ORDER re: 576 MOTION for Release of Funds To Pay Earned Legal Fees and Expenses. filed by Vali Management Partners. Accordingly, it is hereby ORDERED that the Defendants' April 10 motion is denied. SO ORDERED. (Signed by Judge Denise L. Cote on 6/5/2020) (jca)
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Filing
580
FINAL JUDGMENT AGAINST DEFENDANTS AVALON FA LTD, NATHAN FAYYER, AND SERGEY PUSTELNIK: IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendants Avalon, Fayyer, and Pustelnik are jointly and severally liable for disgorgement of $4,495,564 , together with prejudgment interest thereon in the amount of $131,750, for a total of $4,627,314. Defendants shall satisfy this obligation by paying the amount remaining due for disgorgement as set forth in accordance with the terms of section VIII, below. Defendants may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. Payment may also be made directly from a bank account via Pay.gov through the SEC website at http://www.sec.gov/about/offices/ofm.htm. Defendants may also pay by certified check, bank cashier's check, or United States postal money order payable to the Securities and Exchange Commission. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the Clerk of Court is ordered to turn over to the SEC all funds held in the Registry of the Court with regard to Avalon pursuant to the Order entered by this Court in this case on July 31, 2017 (ECF No. 95), together with any interes t remaining after deducting any applicable fee not exceeding the fee authorized by the Judicial Conference of the United States and set by the Director of the Administrative Office. The Clerk of Court may transmit payment electronically to the Com mission, which will provide detailed ACH transfer/Fedwire instructions upon request. Payment may also be made directly from a bank account via Pay.gov through the SEC website at http://www.sec.gov/about/offices/ofm.htm. The Clerk of Court may also pay by certified check, bank cashier's check, or United States postal money order payable to the Securities and Exchange Commission. The Clerk of Court shall simultaneously transmit photocopies of evidence of payment and case identifying inf ormation to the Commission's counsel in this action. The Commission shall send the funds paid pursuant to this Final Judgment to the United States Treasury. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that the amounts remitted to the SEC by Lek Securities and by the Clerk of Court pursuant to sections VI and VII above shall be applied first to the prejudgment interest, then disgorgement owed by Avalon pursuant to this Final Judgment, and if any amounts are left over, they shall be a pplied towards the penalty owed by Avalon pursuant to this Final Judgment. The Court shall retain jurisdiction of this matter for purposes of enforcing this judgment. (And as further set forth herein.) Vali Management Partners, Nathan Fayyer and Sergey Pustelnik terminated. (Signed by Judge Denise L. Cote on 4/14/2020) (jca) Transmission to Finance Unit (Cashiers) for processing.
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Filing
579
ORDER: Accordingly, it is hereby ORDERED that the SEC shall file any opposition to the Defendants' April 10 Motion by April 24, 2020. Any reply shall be submitted by May 1. (Set Deadlines/Hearing as to 576 MOTION for Release of Funds To Pay Earned Legal Fees and Expenses: Responses due by 4/24/2020. Replies due by 5/1/2020.) (Signed by Judge Denise L. Cote on 4/13/2020) (jwh)
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Filing
575
ORDER: Accordingly, it is hereby ORDERED that the SEC shall serve on the Defendants a proposed final judgment by March 27, 2020. Any objections to the proposed final judgment shall be served on the SEC by April 3. The parties shall file a joint proposed final judgment by April 10. SO ORDERED. (Signed by Judge Denise L. Cote on 3/20/2020) (kv)
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Filing
572
ORDER: It is hereby ORDERED that the Defendants advise the Court by March 13, 2020 whether they consent to the application of the funds frozen pursuant to the July 31 Preliminary Injunction toward the satisfaction of any monetary judgment against them. (Signed by Judge Denise L. Cote on 3/9/2020) (jwh)
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Filing
566
ORDER granting 565 Motion to Seal Document. (Signed by Judge Denise L. Cote on 1/24/2020) (gr)
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Filing
534
NUNC PRO TUNC ORDER TO CORRECT FINAL JUDGMENT AS TO DEFENDANT LEK SECURITIES CORPORATION: IT IS ORDERED, ADJUDGED, AND DECREED that Section IV of the Final Judgment as to Lek Securities is corrected, nunc pro tune, to state that Defendant Lek Securi ties is liable for disgorgement of $419,623, representing profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $106,269, and a civil penalty in the amount of 6;1,000,000 pursuant to Section 21 (d) of the Exchange Act. Defendant shall satisfy this obligation by paying $1,525,892 to the Securities and Exchange Commission within 30 days after entry of this Final Judgment. Motions terminated: 531 MOTION to Amend/Correct 468 Judgment as to Lek Securities Nunc Pro Tunc filed by Securities and Exchange Commission. (Signed by Judge Denise L. Cote on 11/18/2019) (rro)
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Filing
524
OPINION AND ORDER......For these reasons, the SECs September 13 motion in limine to prohibit the Avalon Defendants from relying on or referring in any way to the Lek Defendants consultations with counsel was granted. (Signed by Judge Denise L. Cote on 11/5/2019) (gr)
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Filing
397
OPINION AND ORDER re: 390 MOTION to Reopen / Defendants Lek Securities Corporation and Samuel Lek's Motion to Reopen Expert Discovery. filed by Samuel Lek, Lek Securities Corporation. The Lek Defendants' July 26 motion to reopen discovery and for leave to to disclose two new expert witnesses is denied. SO ORDERED. (Signed by Judge Denise L. Cote on 8/7/2019) (kv)
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Filing
389
OPINION AND ORDER....The Lek Defendants November 19, 2018 motion in limine is denied. The parties are instructed to exchange any summary exhibits or charts on a schedule to which they agree, but on a date not less than two weeks before the deadline for filing the Joint Pretrial Order. (Signed by Judge Denise L. Cote on 7/11/2019) (gr)
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Filing
375
OPINION AND ORDER.....The Lek Defendants April 22, 2019 motion for reconsideration is denied. (Signed by Judge Denise L. Cote on 5/8/2019) (gr)
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Filing
355
OPINION AND ORDER: The SEC's October 5, 2018 motion to exclude Begelman's testimony is granted. (Signed by Judge Denise L. Cote on 4/8/2019) (jca)
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Filing
351
OPINION AND ORDER.....The Lek Defendant's August 24, 2018 motion for summary judgment is denied. (Signed by Judge Denise L. Cote on 3/26/2019) (gr)
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Filing
350
MEMORANDUM OPINION AND ORDER......The SECs October 5, 2018 motion to exclude Fillers testimony is granted. (Signed by Judge Denise L. Cote on 3/21/2019) (gr)
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Filing
349
OPINION AND ORDER.......The Lek Defendants August 24, 2018 motions to exclude the testimony of Hendershott and Pearson are denied. The SECs October 5, 2018 motion to exclude Bodek is granted. The SECs October 5, 2018 motions to exclude the testimon y of Ross and Grigoletto are granted in part. There are portions of the Grigoletto report which provide background information about securities markets, define industry terms, and explain industry practices. The SEC motion was not addressed directly to those sections. To the extent those discussions set the stage for the inadmissible opinions that followed or are intertwined with the stricken testimony, they are necessarily encompassed by todays ruling. Nonetheless, should the Lek Defendants conclude after review of this Opinion that it would remain useful at trial to provide some of this testimony about general market functioning to the jury, they shall identify those passages in the expert reports to the SEC. If the parties are unable to reach an agreement, the issue may be litigated in the context of a motion in limine filed in advance of trial. (Signed by Judge Denise L. Cote on 3/14/2019) (gr)
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Filing
302
MEMORANDUM OPINION AND OPINION......The October 8, 2018 motions to compel are denied... (Signed by Judge Denise L. Cote on 10/26/2018) (gr)
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Filing
149
OPINION AND ORDER.....Avalons November 16, 2017 motion to disqualify the SECs trial attorneys is denied. (Signed by Judge Denise L. Cote on 1/16/2018) (gr)
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Filing
101
OPINION AND ORDER......Lek and Samuel Leks June 2, 2017 motion to dismiss the complaint is denied. (Signed by Judge Denise L. Cote on 8/25/2017) (gr)
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Filing
48
MEMORANDUM OPINION AND ORDER....Avalons March 17, 2017 motion to access frozen funds is denied. (Signed by Judge Denise L. Cote on 3/29/2017) (gr)
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