Securities and Exchange Commission v. Nadel et al

Filing 621

MOTION to Approve Settlement re Tracy Becker by Burton W. Wiand. (Attachments: #1 Exhibit A - Tracy Becker Settlement Agreement)(Lamont, Michael)

EXHIBIT A

SETTLEMENT AGREEMENT
WHEREAS, by orders dated January 21, 2009, June 3, 2009, January 19, 2010
and September 23, 2010 the Court in Securities & Exch. Comm'n v. Arthur Nadel, et al.,
CaseNo. 8:09-cv-87-T-26TBM (M.D. Fla.) (the "SEC Receivership Action"), appointed
Burton W. Wiand as Receiver (the "Receiver") for Scoop Capital, LLC; Scoop
Management, Inc.; Scoop Real Estate, L.P.; Valhalla Investment Partners, L.P.; Valhalla
Management, Inc.; Victoiy IRA Fund, LTD; Victoiy Fund, LTD; Viking IRA Fund,
LLC; Viking Fund, LLC; Viking Management, LLC; and Traders Investment Club and
all of their subsidiaries, successors, and assigns (collectively, the "Receivership
Entities"); and
WHEREAS, the Receiver sued Tracy Becker, Sharon Reisdorf, Cynthia
Baschmann, and Scott Becker (collectively, the "Defendants") in an action styled Burton
W. Wiand, as Receiver v. Tracy Becker, et al.. CaseNo. 8:10-cv-076-T-17MAP (M.D.
Fla) (the "Becker Action"), seeking the return of certain funds received from or at the
direction of one or more of the Receivership Entities by Gerald Becker ("Becker") in
excess of his investment in one or more of the Receivership Entities (the "Settled
Claims"); and
WHEREAS, upon Becker's death, those certain funds in excess of Becker's
investment in one or more of the Receivership Entities were transferred to the
Defendants, among other heirs; and
WHEREAS, the Defendants, without admitting liability, wish to resolve these
matters amicably; and

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WHEREAS, any resolution of this action by agreement of the Receiver and the
Defendants is subject to approval by the Court presiding over the SEC Receivership
Action (the "SEC Receivership Court");
NOW, THEREFORE, and subject to the approval of the SEC Receivership Court,
the Defendants have agreed to pay and the Receiver has agreed to accept a total of
$25,000.00 (the "Settlement Amounf) in full settlement of the Settled Claims to be paid
within 60 days after approval of this settlement by the SEC Receivership Court;
Upon receipt and clearing of this full settlement payment, the Receiver, on behalf
of the Receivership Entities and their employees, agents, representatives, beneficiaries,
and assigns, shall be deemed to have released and forever discharged the Defendants of
and from any and all claims asserted, or which could have been asserted, in the Becker
Action, as well as any and all other claims, demands, rights, promises, and obligations
arising from or related in any way to Becker's investment in any product, fund, entity, or
venture established, operated, or confrolled by Arthur Nadel and Receivership Entities.
In further consideration of the release of claims described above, the Defendants
warrant that $30,381.49 is the total anuount of money or value Becker received from
Receivership Entities in excess of his investment, and the Defendants agree to waive and
do hereby waive any claim that they or Becker had, has, or hereafter may have against the
Receiver and/or the Receivership Estate.
The Receiver and the Defendants understand and agree that, subject to the
approval of the SEC Receivership Court, the payment of the aforesaid total sum and
waiver of claims is in full accord and satisfaction of and in compromise of disputed

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claims, and the payment and waiver are not an admission of liability, which is expressly
denied, but are made for the purpose of terminating a dispute and avoiding litigation.
After execution of this Settlement Agreement by all parties, the Receiver will
promptly move the SEC Receivership Court for approval of this settlement. I f the SEC
Receivership Court approves the settlement, following receipt and clearing of the
payment called for above, the Receiver will promptly move the Court to dismiss the
Becker Action with prejudice. To the extent necessary, the Defendants agree to assist the
Receiver in seeking the SEC Receivership Court's approval of this settlement and
following any such approval, in securing the dismissal of the Becker Action.

The

Defendants understand and agree that each party shall bear their own individual costs and
attorney fees incurred in the resolution of this matter.
In the event the Defendants fail to make payment as provided by this Settlement
Agreement, the Defendants hereby consent to the immediate entry of a Judgment upon
the filing of an affidavit fi-om the Receiver certifying failure of payment.

The

Defendants acknowledge and agree that such Judgment will be for the total amount of
money. Becker received from the Receivership Entities in excess of his investment as
stated above, less any pa3mients, plus interest at the legal rate from the date of this
agreement.
In fiirther consideration of the Receiver's release of claims as described above.
Defendants, jointiy and severally, agree to indemnify and hold harmless the Receiver of
and from any claim that may arise between or among Defendants and/or Becker's heirs in
connection with this setfiement.

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The Receiver and the Defendants agree this Settlement Agreement shall be
governed by and be enforceable under Florida law in the United States District Court for
the Middle District of Florida, Tampa Division.
Counsel for the Receiver is expressly authorized to sign this agreement on behalf
of the Receiver.

The Receiver and the Defendants also agree that electronically

transmitted copies of signature pages will have the full force and affect of original signed
pages.
In witness whereof the parties have set their hands as of the dates indicated.

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Tracy Becker y

Burton W. Wiand, as Receiver
of the Receivership Entities

Date:
Date: ^1 ,

Sharon Reisdorf

Date:

'•^> / f - f /

Cy^hia Baschmann

Date:

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- i t / /

By: , A x ^ t ^ .
Scott Becker

Date:

'l^"ifl/

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