Securities and Exchange Commission v. Nadel et al

Filing 886

MOTION for clarification re 884 Order on Motion for Miscellaneous Relief by Burton W. Wiand. (Attachments: #1 Exhibit A - Proposed Order)(Morello, Gianluca)

UNITED STATES DISTRICT COURT
MIDDLE DISTRICT OF FLORIDA
TAMPA DIVISION
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
v.

Case No. 8:09-cv-0087-T-26TBM

ARTHUR NADEL,
SCOOP CAPITAL, LLC,
SCOOP MANAGEMENT, INC.
Defendants,
SCOOP REAL ESTATE, L.P.
VALHALLA INVESTMENT PARTNERS, L.P.,
VALHALLA MANAGEMENT, INC.
VICTORY IRA FUND, LTD,
VICTORY FUND, LTD,
VIKING IRA FUND, LLC,
VIKING FUND, LLC, AND
VIKING MANAGEMENT,
Relief Defendants.
____________________________________/
THE RECEIVER’S MOTION FOR CLARIFICATION OF THE
COURT’S ORDER ON THE PRO SE MOTION OF NON-PARTY
MARGUERITE J. NADEL FOR RELIEF FROM FREEZE ON ASSETS
On June 21, 2012, Marguerite J. Nadel (“Mrs. Nadel”) moved for relief from
certain aspects of the asset freeze entered by the Court at the inception of this
Receivership proceeding (the “Motion”) (Doc. 871). Specifically, Mrs. Nadel sought an
order transferring to her all funds contained in the following three bank accounts that
were frozen by the Court’s January 21, 2009, Order (Doc. 7): (1) a Northern Trust,

N.A., account ending with numbers 4320 held jointly by Mrs. Nadel and Arthur Nadel1;
(2) another Northern Trust, N.A., account ending with numbers 8757 held jointly by
Mrs. Nadel and Arthur Nadel; and (3) a First Citizens Bank account ending with
numbers 5243 held jointly by Mrs. Nadel and Arthur Nadel2 (these three bank accounts
are collectively referred to as the “Accounts”).
The Receiver’s verified response to the Motion (Doc. 879) established that the
Accounts were funded with proceeds of the Ponzi scheme underlying this case. Further,
the verified response requested that, in light of the source of those funds, all of the
money in the Accounts should be transferred to the Receivership Estate (Doc. 879 at 11).
At oral argument on the Motion and then in an endorsed order, the Court denied the
Motion (Docs. 883, 884). The Court, however, did not address the Receiver’s request
that the money in the Accounts – which are currently frozen – be transferred to the
Receivership Estate. Accordingly, the Receiver seeks clarification of the Court’s Order
on the Motion (Doc. 884) as to whether the Court also intended to authorize the transfer
of the money that is presently frozen in the Accounts to the Receivership Estate.
WHEREFORE, for the reasons discussed in the verified response to the Motion (Doc.
879), the Receiver requests an order directing Northern Trust, N.A., and First Citizens Bank
to transfer all money held in the Accounts to the Receivership Estate in accordance with

1

Both the Motion and the Receiver’s response mistakenly omitted the “0” at the end of this account
number; the correct last four digits are 4320.
2

Both the Motion and the Receiver’s response mistakenly omitted the “3” at the end of this account
number; the correct last four digits are 5243.

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instructions that will be provided by the Receiver (attached as an Exhibit is a proposed
Order).
LOCAL RULE 3.01(g) CERTIFICATION
The Receiver is authorized to represent to the Court that the Securities and Exchange
Commission does not object to the relief requested in this motion.
CERTIFICATE OF SERVICE
I HEREBY CERTIFY that on July 17, 2012, I electronically filed the foregoing
with the Clerk of the Court by using the CM/ECF system.
I FURTHER CERTIFY that on July 17, 2012, a true and correct copy of the
foregoing document was furnished by first-class mail delivery to:
Marguerite J. Nadel, pro se
3966 Country View Drive
Sarasota, FL 34233
s/Gianluca Morello
Gianluca Morello, FBN 034997
Email: [e-mail]
Michael S. Lamont, FBN 527122
Email: [e-mail]
WIAND GUERRA KING P.L
3000 Bayport Drive
Suite 600
Tampa, FL 33607
Tel: [phone]
Fax: [phone]
Attorneys for the Receiver, Burton W. Wiand

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