Securities and Exchange Commission v. BIC Real Estate Development Corporation et al

Filing 434

STIPULATION and ORDER Directing the Turnover of Frozen Capital One Line of Credit Funds signed by Chief Judge Lawrence J. O'Neill on 8/6/2019. (Jessen, A)

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1 2 3 4 5 6 7 Shuman Sohrn (Fla. Bar No. 669989) Email: SohrnS@sec.gov Division of Enforcement Securities and Exchange Commission 100 F Street NE, Mail Stop 5628 Washington, D.C. 20549 Telephone: (202) 551-8472 Facsimile: (202) 304-1469 Counsel for Plaintiff UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF CALIFORNIA 8 9 10 Case No.: 1:16-cv-00344-LJO-JLT SECURITIES AND EXCHANGE COMMISSION, Plaintiff/Judgment-Creditor, 11 STIPULATION AND PROPOSED ORDER DIRECTING THE TURNOVER OF FROZEN CAPITAL ONE LINE OF CREDIT FUNDS v. 12 13 14 15 16 17 18 19 20 21 BIC REAL ESTATE DEVELOPMENT CORP. and DANIEL R. NASE, individually and d/b/a BAKERSFIELD INVESTMENT CLUB, Defendants/Judgment-Debtors, BIC SOLO 401K TRUST and MARGARITA NASE, Relief Defendants. Upon consideration of Plaintiff/Judgment-Creditor Securities and Exchange 22 Commission (“SEC”) Motion for an Order Directing the Turnover of Frozen 23 Capital One Line of Credit Funds (the “Motion” [Doc. 429]) and Receiver David 24 25 26 27 P. Stapleton’s (the “Receiver”) Statement of Support for the Motion (the “Receiver’s Statement” [Doc. 431]), and pursuant to the stipulation by and between the SEC and Defendant Daniel R. Nase (“Mr. Nase”), as evidenced by the 28 2 1 2 3 4 5 6 7 endorsement of their respective counsel of record below, and with this Court’s approval, it is hereby STIPULATED, AGREED, and ORDERED as follows: 1. The SEC’s Motion is GRANTED pursuant to the terms set forth herein; 2. The SEC, as a judgment-creditor of Mr. Nase, is entitled to collect the 8 entirety of the Capital One line of credit funds issued to Mr. Nase, including the 9 $43,962.29 in credit line proceeds issued from Mr. Nase’s Capital One credit 10 11 account ending in x-1764, presently being held in Vick Law Group’s (Mr. Nase’s 12 counsel of record) trust account(s), together with all interest accrued thereon 13 (collectively, the “Mr. Nase Funds”). However, pursuant to an agreement between 14 15 the SEC and Mr. Nase, $1,000 of the Mr. Nase Funds may be retained by Mr. Nase 16 and applied to his attorneys’ fees obligations owed to the Vick Law Group (the 17 “Carveout”). 18 19 3. Vick Law Group, counsel of record for Defendant Mr. Nase, is 20 directed to pay all of the Mr. Nase Funds, including all interest accrued thereon, 21 less the $1,000 Carveout, by check payable to the “United States Securities and 22 23 Exchange Commission” and mail or deliver the check(s) to the following address: 24 Enterprise Services Center, Accounts Receivable Branch, 6500 South MacArthur 25 Boulevard, Oklahoma City, OK 73169. Such payment shall be made within five 26 27 28 (5) business days of the entry of this order, and accompanied by a cover letter copied to the Commission’s counsel of record that identifies the caption and action 3 1 2 3 4 5 number of this case, the name of this Court, and indicates that the funds are being paid pursuant to the Final Judgment entered in this matter on May 17, 2017 (Doc. 225). 4. The Court reserves jurisdiction to enforce this order. 6 7 8 SO STIPULATED. Dated: August 6, 2019. /s/ Shuman Sohrn Shuman Sohrn (Fla. Bar No. 669989) Email: SohrnS@sec.gov Division of Enforcement Securities and Exchange Commission 100 F Street NE, Mail Stop 5628 Washington, D.C. 20549 Telephone: (202) 551-8472 Counsel for Securities and Exchange Commission 9 10 11 12 13 14 /s/ Scott Vick Scott Vick (Ca. Bar No. 171944) Email: Scott@vicklawgroup.com Vick Law Group, APC 800 West 6th Street, Suite 1220 Los Angeles, CA 90017 Telephone: (213) 784-6227 Counsel for Daniel R. Nase 15 16 17 18 19 ORDER 20 21 The above Stipulation is APPROVED. 22 23 24 25 IT IS SO ORDERED. Dated: August 6, 2019 /s/ Lawrence J. O’Neill _____ UNITED STATES CHIEF DISTRICT JUDGE 26 27 28 4

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