U.S. Commodity Futures Trading Commission v. Trevor Cook, et al.

Filing 793

ORDER. IT IS HEREBY ORDERED: The Court will defer ruling on this motion 731 for ninety (90) days. The parties shall appear before the Court on Friday, September 9, 2011, at 11:00 a.m. to determine whether the Receiver has filed claims against NRP and Western. The $3.4 million settlement proceeds at issue here shall remain in escrow pending the Courts decision on this motion.(Written Opinion). Signed by Chief Judge Michael J. Davis on 6/6/11. (GRR)

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UNITED STATES DISTRICT COURT DISTRICT OF MINNESOTA U.S. Commodity Futures Trading Commission, Plaintiff, ORDER Civil No. 09‐3332 v. Trevor Cook, et al., Defendants __________________________________________________________________ United States Securities  and Exchange Commission, Plaintiff, v. Civil No. 09‐3333 Trevor Cook, et al., Defendants. ___________________________________________________________________ United States Securities  and Exchange Commission, Plaintiff, v. Civil No. 11‐574 Jason Bo‐Alan Beckman et al., Defendant. ____________________________________________________________________  1 R.J. Zayed, Tara C. Norgard, Brian W. Hayes and Samuel T. Lockner, Carlson, Caspers, Vandenburgh & Lindquist, Counsel for the Receiver. Terrance J. Fleming, Christopher A. Grgurich and Christopher D. Pham, Lindquist & Vennum PLLP, Counsel for the FINRA Claimants. _____________________________________________________________________ This matter is before the Court on the Receiver’s motion to enjoin distribution of settlement proceeds to twelve defrauded investors who brought arbitration proceedings before the Financial Industry Regulatory Authority (“FINRA”), seeking damages from Jason Bo‐Alan Beckman, NRP Financial, Inc. (“NRP”) and Western International Securities, Inc. (“Western”).  The defrauded investors, referred to as the FINRA claimants, oppose the motion, arguing that the settlement proceeds are not a Receiver Asset and therefore not subject to the Asset Freeze Orders issued in these cases.   Whether or not the settlement proceeds at issue here can be characterized as a Receiver Asset will depend, in part, on whether the Receiver files claims against NRP or Western.  The Receiver asserts that he will soon be in the position to determine whether to proceed against NRP or Western.  Accordingly,    2 IT IS HEREBY ORDERED: The Court will defer ruling on this motion for ninety (90) days.  The parties shall appear before the Court on Friday, September 9, 2011, at 11:00 a.m. to determine whether the Receiver has filed claims against NRP and Western.  The $3.4 million settlement proceeds at issue here shall remain in escrow pending the Court’s decision on this motion. Date:    June 6, 2011 s/ Michael J. Davis                                             Michael J. Davis Chief Judge United States District Court 3

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