Securities and Exchange Commission v. Varacchi et al

Filing 48

ORDER granting 45 Motion for Attorney Fees. Signed by Judge Victor A. Bolden on 2/14/2018. (McDonough, S.)

UNITED STATES DISTRICT COURT
DISTRICT OF CONNECTICUT

SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
No. 3:17-cv-00155 (VAB)
v.
MARK J. VARACCHI and SENTINEL
GROWTH FUND MANAGEMENT, LLC,
Defendants
and
RADAR ALTERANTIVE FUND LP and
RADAR ALTERNATIVE MASTER FUND
SPC,
Relief Defendants.

ORDER GRANTING MOTION FOR ATTORNEY FEES
Jed Horwitt, Esq., the Court-appointed Receiver in this action brought by the Securities
and Exchange Commission (the “SEC”), filed a Third Interim Application for Attorney Fees and
Expenses Incurred on Behalf of the Receivership Estate on February 9, 2018. Mot. for Atty. Fees
ECF No. 45. The application covers professional fees and expenses incurred between October 1,
2017 and December 31, 2017. Mot. for Atty. Fees at 3. Mr. Horwitt shared his application with
counsel for the SEC, and the SEC stated that it has no objections to the application. No objection
has been filed. Id. at 3.

In the application, Mr. Horwitt and his counsel, Zeisler & Zeisler, P.C., submitted a
summary of professional fees and expenses requested, prepared in accordance with the Billing
Instructions for Receivers in Civil Actions Commenced by the SEC and the Receivership Order.
The summary stated that the Receiver and his counsel agreed to public service discounts of their
typical hourly fees, and that they waived services rendered before appointment. Id. at 6. The
summary also stated that the Receiver and his counsel spent 332 hours working on this matter,
and that they seek an award of $96,644.00 for professional services and $2,690.65 for
reimbursement of expenses. Id. at 4. The Receiver and his counsel acknowledged that their fee
compensation is subject to a twenty-percent holdback, under SEC Guidelines and the
Receivership Order. Id. at 5.
In addition, Mr. Horwitt states that his accountant and financial advisor, Verdolino &
Lowey, P.C., on behalf of the Receivership Estate, spent 285.5 hours working on this matter
during the compensation period. Id. at 4. Verdolino & Lowey, P.C., seeks $38,982.40 for
compensation for services, and $100.58 for actual and necessary expenses. Id. Those
professionals also applied a discount to their normal rates. Id. at 8.
This Court has reviewed the Application and supporting documentation and concludes
that the requested amounts of $96,644.00 for professional services and $2,690.65 for
reimbursement of expenses are fair and reasonable. In addition, the Court finds that the requested
amounts of $38,982.40 and for compensation for services, and $100.58 for actual and necessary
expenses, are fair and reasonable.

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Accordingly, the Receiver’s Application, ECF No. 45, is GRANTED.
SO ORDERED at Bridgeport, Connecticut, this 14th day of February, 2018.
/s/ Victor A. Bolden
VICTOR A. BOLDEN
UNITED STATES DISTRICT JUDGE

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