Securities and Exchange Commission v. Nadel et al

Filing 931

Unopposed MOTION to dismiss with Prejudice Plaintiff's Disgorgement and Civil Penalty Claims as to Defendant Nadel, Joint MOTION for miscellaneous relief, specifically for an Order Authorizing the Receiver to Deposit into the Receivership Estate Tax Refunds Made Payable to Defendant Nadel by Securities and Exchange Commission. (Attachments: #1 Text of Proposed Order)(Masel, Scott)

UNITED STATES DISTRICT COURT
MIDDLE DISTRICT OF FLORIDA
TAMPA DIVISION
SECURITIES AND EXCHANGE
COMMISSION,
Plaintiff,
v.
ARTHUR NADEL,
SCOOP CAPITAL, LLC,
SCOOP MANAGEMENT, INC.,
Defendants.

CASE NO.: 8:09-cv-0087-T-26TBM

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, LLC.
Relief Defendants.
/
ORDER
WHEREAS, on October _____, 2012, the Plaintiff’s (1) Unopposed Motion to Dismiss
With Prejudice its Disgorgement and Civil Penalty Claims as to Defendant Nadel and (2) Joint
Motion With the Receiver for an Order Authorizing the Receiver to Deposit Into the
Receivership Estate Tax Refunds Made Payable to Defendant Nadel (the “Motion”) (Dkt.
_____) was filed;

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WHEREAS, in the Motion the Securities and Exchange Commission (the requested an
Order dismissing with prejudice its claims for disgorgement and a civil penalty against
Defendant Arthur Nadel on the basis that Defendant Nadel died on April 16, 2012, and in light of
the Receiver’s continuing duties to marshal assets for investors injured by Nadel’s scheme;
WHEREAS, in the Motion the Commission and the Receiver appointed in this case also
jointly requested an Order authorizing the Receiver to deposit into any financial account held by
the Receiver in his capacity as Receiver all tax refunds made payable to Defendant Nadel and
directing financial institutions holding such accounts to accept any such check for deposit into
any such account;
NOW, THEREFORE it is ORDERED and ADJUDGED that:
1.

The Motion is GRANTED.

2.

The claims asserted by the Commission against Defendant Nadel for

disgorgement and a civil penalty are hereby dismissed with prejudice.
3.

The Court acknowledges and finds that the dismissal of those claims is in no way

intended to and shall not operate (1) to retract any of the Commission’s allegations or
conclusions relating to Defendant Nadel or (2) to undermine in any way the Receiver’s efforts to
exercise his rights, obligations, and duties under the Orders entered in this case appointing him
Receiver, granting him any authority or rights, or directing him or any other person or entity to
take or refrain from taking any action.
4.

As such, the Court specifically finds that the dismissal of those claims shall not

impact in any way the Receiver’s rights, obligations, and duties, including his rights, obligations,
and duties in carrying out his responsibilities under the Orders entered in this case appointing

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him Receiver, granting him any authority or rights, or directing him or any other person or entity
to take or refrain from taking any action.
3.

As such, the dismissal of claims as set forth herein is not intended to and shall not

affect the Receiver’s authority and power to recover for the Receivership Estate any money or
other assets held in the name of or owed to Defendant Nadel, including any tax refund payments
owed to Defendant Nadel by the Internal Revenue Service or the U.S. Treasury.
4.

The Receiver is authorized to deposit into any financial account held by him in his

capacity as Receiver all tax refunds made payable to Defendant Nadel, and all financial
institutions holding such accounts are directed to accept any such payment, whether made by
check, wire, other form of electronic transfer, or in any other manner, for deposit into any such
account without the need for any endorsement or other additional action by the Receiver.
DONE and ORDERED in chambers in Tampa, Florida this ____ day of October , 2012.

____________________________________
RICHARD A. LAZZARA
UNITED STATES DISTRICT JUDGE
COPIES FURNISHED TO:
Counsel of Record

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