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

Filing 48

STIPULATION AND ORDER REGARDING (1) DEPOSIT OF CAPITAL ONE CHECKS; (2) UNEMPLOYMENT CHECKS; AND (3) STUDENT LOANS signed by District Judge Lawrence J. O'Neill on April 22, 2016. (Munoz, I)

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VICK LAW GROUP, APC
Scott Vick (No. 171944)
800 West Sixth Street, Suite 1220
Los Angeles, California 90017
Telephone: [phone]
Facsimile: [phone]
E-Mail: [e-mail]
Attorneys for Defendants
DANIEL R. NASE, and Relief Defendants
BIC SOLO 401K TRUST and
MARGARITA NASE

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UNITED STATES DISTRICT COURT

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EASTERN DISTRICT OF CALIFORNIA

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SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,

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vs.

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BIC REAL ESTATE DEVELOPMENT
CORPORATION and DANIEL R. NASE,
individually and d/b/a BAKERSFIELD
INVESTMENT CLUB,

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Defendants,

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BIC SOLO 401K TRUST and MARGARITA
NASE,
Relief Defendants.

Case No. 1:16-cv-00344-LJO-JLT
STIPULATION AND ORDER REGARDING
(1) DEPOSIT OF CAPITAL ONE CHECKS;
(2) UNEMPLOYMENT CHECKS; AND (3)
STUDENT LOANS

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WHEREAS, on April 8, 2016, the Court entered an order that, among other things, imposed

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an “immediate freeze … on all monies and assets” held by the Defendants and Relief Defendants

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(Dkt. No. 42);

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WHEREAS, Defendant Daniel Nase (“D. Nase”) and Relief Defendant Margarita Nase (“M.
Nase”), through their counsel, represent as follows:
A.

By letters dated April 13, 2016, D. Nase and M. Nase were advised by the

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California Employment Development Department that they will be receiving

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unemployment checks (with a weekly benefit of $450 for each), but have not

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yet received or cashed any such checks;

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B.

M. Nase is enrolled and taking classes at Fresno Pacific University (“FPU”),

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and is eligible for $4,500 in subsidized federal student loans and $6,000 in

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unsubsidized federal student loans to pay for tuition at FPU, and the FPU

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financial aid department has asked her to sign certain paperwork so that she

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may obtain this student loan financing;

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C.

On March 10, 2016 (before the SEC brought this action), M. Nase obtained a

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personal line of credit advance from her Capital One credit card account

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(ending in 7180) in the amount of $50,000, in the form of a check payable to

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Margarita Nase, which will no longer be negotiable, by its terms, after

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Saturday, April 23, 2016 (in less than two days);

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D.

On March 10, 2016 (before the SEC brought this action), D. Nase obtained a

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personal line of credit advance from his Capital One credit card account

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(ending in 1764) in the amount of $43,962.29, in the form of a check payable

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to Daniel Nase, which will no longer be negotiable, by its terms, after

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Saturday, April 23, 2016 (less than two days); and

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E.

Each of the FPU student loan financing, the $50,000 advance on the line of

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credit on M. Nase’s Capital One credit card, and the $43,962.29 advance on

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the line of credit on D. Nase’s Capital One credit card are unsecured

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liabilities for which no collateral has been offered as security.

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WHEREAS, D. Nase and M. Nase request that the Court permit:
A.

Each of D. Nase and M. Nase to cash unemployment checks payable to each

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and issued by the California Employment Development Department, in the

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amount of $450 per week, to be used solely for living expenses or as

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otherwise permitted by law or regulation;

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B.

M. Nase to execute a promissory note and to sign the paperwork called for by

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the financial aid department of FPU in order to obtain student loans (in the

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amount of $4,500 (subsidized) and $6,000 (unsubsidized) for the school

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year), to be used soley to pay for her tuition at FPU or as otherwise permitted
by law or regulation;

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C.

The Capital One line of credit checks (in the aggregate amount of

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$93,962.29) to be negotiated and deposited into the Vick Law Group client

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trust account, where those funds will be held and not drawn upon, pending

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further order of the Court; and

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WHEREAS, the SEC does not object to the relief requested by D. Nase or M. Nase,

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provided that the representations above made by D. Nase and M. Nase, through their counsel, are

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true and no material facts have been omitted (and the SEC makes no assurance as to the accuracy of

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these representations, or the manner in which the unemployment insurance, the student loans, or the

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Capital One lines of credit were obtained).

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NOW THEREFORE, D. Nase and M. Nase agree, and the SEC does not object that:
A.

Each of D. Nase and M. Nase may cash unemployment checks payable to

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each and issued by the California Employment Development Department, in

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the amount of $450 per week, where such proceeds shall be used solely for

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living expenses or as otherwise permitted by applicable law or regulation;

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B.

M. Nase may execute a promissory note and to sign the paperwork called for

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by the financial aid department of FPU in order to obtain student loans (in the

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amount of $4,500 (subsidized) and $6,000 (unsubsidized) for the school

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year), where such loan proceeds shall be used to pay for M. Nase’s tuition at

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FPU or as otherwise permitted by applicable law or regulation;

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C.

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The Capital One line of credit checks (in the aggregate amount of

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$93,962.29) may be negotiated and deposited into the Vick Law Group client

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trust account, provided that those funds (and any interest thereon) must be

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preserved in their entirety and not drawn upon, pending further order of the

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Court.

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Dated: April 21, 2016

/s/ Matthew T. Montgomery
John B. Bulgozdy
Manuel Vazquez
Matthew T. Montgomery
Attorneys for Plaintiff
Securities and Exchange Commission

Dated: April 21, 2016

/s/ Scott Vick
Scott Vick
Vick Law Group, APC
Attorneys for Defendants
Daniel R. Nase and Relief Defendants
BIC Solo 401k Trust and Margarita
Nase

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IT IS SO ORDERED.
Dated:

/s/ Lawrence J. O’Neill

April 22, 2016

UNITED STATES DISTRICT JUDGE

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