Securities and Exchange Commission v. Reyes Alvarez
| Securities & Exchange Commission and Securities and Exchange Commission |
| Carlos Eduardo Reyes Alvarez |
| 1:2023cv03429 |
| April 24, 2023 |
| US District Court for the Southern District of New York |
| Denise L Cote |
| Securities/Commodities |
| 15 U.S.C. ยง 77 Securities Fraud |
| Plaintiff |
Docket Report
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This docket was last retrieved on April 27, 2023. A more recent docket listing may be available from PACER.
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Filing 6
FINAL JUDGMENT AS TO DEFENDANT CARLOS EDUARDO REYES ALVAREZ: 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. 78j(b)] and Rule 10b-5 promulgated thereunder [17 C.F.R. 240.10b-5], by using any means or instrumentality 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, and as further set forth in this Order. IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is permanently barred from participating in an offering of penny stock, including engaging in activities with a broker, dealer, or issuer for purposes of issuing, trading, or inducing or attempting to induce the purchase or sale of any penny stock. A penny stock is any equity security that has a price of less than five dollars, except as provided in Rule 3a51-1 under the Exchange Act [17 C.F.R. 240.3a51-1]. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant is liable for disgorgement of $368,045, representing net profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $76,843. The Court finds that sending the disgorged funds to the United States Treasury, as ordered below, is consistent with equitable principles. The Court further imposes a civil penalty in the amount of $160,000 pursuant to Section 20(d) of the Securities Act [15 U.S.C. 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. 78u(d)(3)]. Defendant shall satisfy this/these obligation(s) by paying $604,888 to the Securities and Exchange Commission pursuant to the terms of the payment schedule set forth in paragraph IX below after entry of this Final Judgment, and as further set forth in this Order. Defendant shall simultaneously transmit photocopies of evidence of payment and case identifying information to the Commissions counsel in this action. By making this payment, Defendant relinquishes all legal and equitable right, title, and interest in such funds and no part of the funds shall be returned to Defendant. 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 using all collection procedures authorized by law, including, but not limited to, moving for civil contempt at any time after 30 days following entry of this Final Judgment. The Commission may enforce the Court's judgment for penalties by the use of all collection procedures authorized by law, including the Federal Debt Collection Procedures Act, 28 U.S.C. 3001 et seq., and moving for civil contempt for the violation of any Court orders issued in this action. Defendant shall pay post judgment interest on any amounts due after 30 days of the entry of this Final Judgment pursuant to 28 U.S.C. 1961. Reyes shall pay the total of disgorgement, prejudgment interest, and penalty due of $604,888 in five installments to the Commission according to the following schedule: (1) $151,222 within 14 days of entry of this Final Judgment; (2) $113,416 within 90 days of entry of this Final Judgment; (3) $113,416 within 180 days of entry of this Final Judgment; (4) $113,416 within 270 days of entry of this Final Judgment; and (5) the remaining amount within 360 days of entry of his Final Judgment. IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that within 3 days after being served with a copy of this Final Judgment, Sallah, Astarita & Cox, LLC shall transfer the entire balance of any and all moneys received from Defendant Reyes, or held for the benefit of Defendant Reyes, to the Commission. Sallah, Astarita & Cox, LLC 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. Sallah, Astarita & Cox, LLC also may transfer these funds by certified check, bank cashier's check, or United States postal money order payable to the Securities and Exchange Commission, as further set forth herein. IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, solely for purposes of exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. 523, the allegations in the complaint are true and admitted by Defendant, and further, any debt for disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant under this Final Judgment or any other judgment, order, consent order, decree or settlement agreement entered in connection with this proceeding, is a debt for the violation by Defendant of the federal securities laws or any regulation or order issued under such laws, as set forth in Section 523(a)(19) of the Bankruptcy Code, 11 U.S.C. 523(a)(19). 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. Carlos Eduardo Reyes Alvarez terminated., Motions terminated: #5 MOTION to Approve Consent Judgment . filed by Securities and Exchange Commission. (Signed by Judge Denise L. Cote on 4/27/2023) (vfr) Transmission to Finance Unit (Cashiers) for processing.
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Filing 5
MOTION to Approve Consent Judgment . Document filed by Securities and Exchange Commission..(Zaleskas, Kristine)
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Case Designated ECF. (vf)
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***NOTICE TO COURT REGARDING PROPOSED JUDGMENT. Document No. #4 Proposed Judgment was reviewed and approved as to form. (nd)
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Magistrate Judge Sarah L. Cave is so designated. Pursuant to 28 U.S.C. Section 636(c) and Fed. R. Civ. P. 73(b)(1) parties are notified that they may consent to proceed before a United States Magistrate Judge. Parties who wish to consent may access the necessary form at the following link: #https://nysd.uscourts.gov/sites/default/files/2018-06/AO-3.pdf. (vf)
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CASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Denise L. Cote. Please download and review the Individual Practices of the assigned District Judge, located at #https://nysd.uscourts.gov/judges/district-judges. Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at #https://nysd.uscourts.gov/rules/ecf-related-instructions..(vf)
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***NOTICE TO ATTORNEY REGARDING CIVIL. CASE OPENING STATISTICAL ERROR CORRECTION: Notice to attorney Antonia Marie Apps. The following case opening statistical information was erroneously selected/entered: County code New York. The following correction(s) have been made to your case entry: the County code has been modified to XX Out of State. (vf)
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Filing 4
PROPOSED JUDGMENT. Document filed by Securities & Exchange Commission..(Zaleskas, Kristine) Proposed Judgment to be reviewed by Clerk's Office staff.
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Filing 3
NOTICE OF APPEARANCE by Kristine Mary Zaleskas on behalf of Securities & Exchange Commission..(Zaleskas, Kristine)
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Filing 2
CIVIL COVER SHEET filed..(Apps, Antonia)
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Filing 1
COMPLAINT against Carlos Eduardo Reyes Alvarez. Document filed by Securities & Exchange Commission..(Apps, Antonia)
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