Securities and Exchange Commission v. Newpoint Financial Services Inc et al

Filing 518

ORDER AUTHORIZING PAYMENT OF RECEIVERS FEES AND EXPENSES REQUESTED IN THE FOURTH INTERIM REPORT 511 by Judge Dean D. Pregerson: For the Receiver, fees in the amount of $69,178.05 and costs in the amount of $1,548.56 for the period covere d by the Application (January 1, 2013 through June 30, 2013); For Receivers counsel, Ervin, Cohen & Jessup LLP, fees in the amount of $289,720.30 and costs in the amount of $9,606.93 for the period covered by the Application; For the accoun ting firm Grobstein Teeple Financial Advisory Services LLP, fees in the amount of $18,050.00 and costs in the amount of $171.83 for the period covered by the Application; For the accounting firm Crowe Horwath LLP, fees in the amount of $25,934.00 and costs in the amount of $28.51 for the period covered by the Application. (lc). Modified on 9/16/2014 .(lc).

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UNITED STATES DISTRICT COURT

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CENTRAL DISTRICT OF CALIFORNIA

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SECURITIES AND EXCHANGE
COMMISSION,

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Plaintiff,
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v.
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NEWPOINT FINANCIAL SERVICES,
INC.; JOHN FARAHI; GISSOU
RASTEGAR FARAHI; and ELAHEH
AMOUEI,
Defendants.
___________________________

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Case No. CV 10-00124 DDP (JEMx)
ORDER AUTHORIZING PAYMENT OF
RECEIVER’S FEES AND EXPENSES
REQUESTED IN THE FOURTH INTERIM
REPORT.
[DOCKET NUMBER 511]

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Having considered the written submissions in support of the

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Fourth Interim Report and Application for Approval of the

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Receiver’s Fees and Expenses (“Application”), the Court finds that

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the fees requested are reasonable and the Application should be

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granted.

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Therefore, the Court approves the following fees:

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- for the Receiver, fees in the amount of $69,178.05 and costs

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in the amount of $1,548.56 for the period covered by the

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Application (January 1, 2013 through June 30, 2013);

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- for Receiver’s counsel, Ervin, Cohen & Jessup LLP, fees in

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the amount of $289,720.30 and costs in the amount of $9,606.93

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for the period covered by the Application;

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- for the accounting firm Grobstein Teeple Financial Advisory

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Services LLP, fees in the amount of $18,050.00 and costs in

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the amount of $171.83 for the period covered by the

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Application;

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- for the accounting firm Crowe Horwath LLP, fees in the

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amount of $25,934.00 and costs in the amount of $28.51 for the

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period covered by the Application.

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Pursuant to a standing agreement between the Receiver, the

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professional firms, and the Securities and Exchange Commission,

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payment of interim fees in this case is subject to a 10% holdback.

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(Appl. ¶¶ 89-92.)

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pay 90% of each of the fees approved above, and 100% of the costs

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approved above, to the respective parties from available

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receivership estate funds.

The Court therefore authorizes the Receiver to

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IT IS SO ORDERED.

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Dated: September 16, 2014
DEAN D. PREGERSON
United States District Judge

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