Securities and Exchange Commission v. IU Group, Inc. et al
Filing
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FINAL JUDGMENT AS TO DEFENDANT IU GROUP, INC., by Judge Margaret M. Morrow, in favor of Securities and Exchange Commission against IU Group, Inc. (MD JS-6, Case Terminated). (bp)
JS-6
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JOHN M. MCCOY III, Cal. Bar No. 166244
Email: mccoyj@sec.gov
DAVID J. VAN HAVERMAAT, Cal. Bar No. 175761
Email: vanhavermaatd@sec.gov
E-FILED 12.27.11
Attorneys for Plaintiff
Securities and Exchange Commission
Rosalind R. Tyson, Regional Director
5670 Wilshire Boulevard, 11th Floor
Los Angeles, California 90036
Telephone: (323) 965-3998
Facsimile: (323) 965-3908
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UNITED STATES DISTRICT COURT
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CENTRAL DISTRICT OF CALIFORNIA
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SECURITIES AND EXCHANGE
COMMISSION,
Case No. CV 11-00556 MMM (AJWx)
Plaintiff,
[PROPOSED] FINAL JUDGMENT
AS TO DEFENDANT IU GROUP,
INC.
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vs.
IU GROUP, INC., ELIJAH BANG, a/k/a
ELIJAH BHANG, and DANIEL LEE,
Defendants.
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Plaintiff Securities and Exchange Commission (“Commission”) having filed
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a Complaint and Defendant IU Group, Inc. (“IU Group”) having entered a general
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appearance; consented to the Court’s jurisdiction over IU Group and the subject
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matter of this action; consented to entry of this Final Judgment without admitting
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or denying the allegations of the Complaint (except as to jurisdiction); waived
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findings of fact and conclusions of law; and waived any right to appeal from this
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Final Judgment:
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I.
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IT IS HEREBY ORDERED that IU Group and its agents, servants,
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employees, attorneys, and those persons in active concert or participation with any
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of them, who receive actual notice of this Final Judgment, by personal service or
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otherwise, and each of them, are permanently restrained and enjoined from
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violating Section 5(c) of the Securities Act of 1933 (“Securities Act”), 15 U.S.C. §
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77e(c), by, directly or indirectly, making use of any means or instruments of
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transportation or communication in interstate commerce or of the mails, to offer to
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sell or to offer to buy any security, unless a registration statement has been filed as
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to such security.
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II.
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IT IS FURTHER ORDERED that IU Group and its agents, servants,
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employees, attorneys, and those persons in active concert or participation with any
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of them, who receive actual notice of this Final Judgment, by personal service or
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otherwise, and each of them, are permanently restrained and enjoined from
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violating Section 17(a) of the Securities Act, 15 U.S.C. § 77q(a), by, directly or
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indirectly, in the offer or sale of any securities, by the use of any means or
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instruments of transportation or communication in interstate commerce or by the
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use of the mails:
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A.
employing any device, scheme or artifice to defraud;
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B.
obtaining money or property by means of any untrue statement of a
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material fact or any omission to state a material fact necessary in order
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to make the statements made, in light of the circumstances under
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which they were made, not misleading; or
C.
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engaging in any transaction, practice, or course of business which
operates or would operate as a fraud or deceit upon the purchaser.
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III.
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IT IS FURTHER ORDERED that IU Group shall pay a civil penalty in the
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amount of $725,000 pursuant to Section 20(d) of the Securities Act, 15 U.S.C. §
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77t(d). IU Group shall make this payment within 14 days after entry of this Final
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Judgment by certified check, bank cashier's check, or United States postal money
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order payable to the Securities and Exchange Commission. The payment shall be
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delivered or mailed to the Office of Financial Management, Securities and
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Exchange Commission, 100 F Street, NE, Stop 6042, Washington DC 20549, and
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shall be accompanied by a letter identifying IU Group as a defendant in this action;
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setting forth the title and civil action number of this action and the name of this
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Court; and specifying that payment is made pursuant to this Final Judgment. IU
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Group shall pay post-judgment interest on any delinquent amounts pursuant to 28
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U.S.C. § 1961. The Commission shall remit the funds paid pursuant to this
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paragraph to the United States Treasury.
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IV.
IT IS FURTHER ORDERED that the Consent of Defendant IU Group, Inc.
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is incorporated herein with the same force and effect as if fully set forth herein, and
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that IU Group shall comply with all of the undertakings and agreements set forth
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therein.
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V.
IT IS FURTHER ORDERED that this Court shall retain jurisdiction of this
matter for the purposes of enforcing the terms of this Final Judgment.
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IT IS SO ORDERED.
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DATED: December 27, 2011
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HON. MARGARET M. MORROW
UNITED STATES DISTRICT JUDGE
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