Securities & Exchange Commission v. Banc de Binary Ltd.

Filing 143

ORDER Granting 141 Stipulation Further Staying Action Pending Potential Settlement. Signed by Judge Robert C. Jones on 1/25/16. (Copies have been distributed pursuant to the NEF - TR)

Case 2:13-cv-00993-RCJ-VCF Document 141 Filed 12/29/15 Page 1 of 6

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JOHN W. BERRY (Cal. Bar No. 295760) (admitted pro hac vice)
Email: [e-mail]
AMY JANE LONGO (Cal. Bar No. 198304) (admitted pro hac vice)
Email: [e-mail]
LESLIE A. HAKALA (Cal. Bar. No. 199414) (admitted pro hac vice)
Email: [e-mail]
Attorneys for Plaintiff
Securities and Exchange Commission
Michele Wein Layne, Regional Director
Lorraine Echavarria, Associate Regional Director
John W. Berry, Regional Trial Counsel
444 S. Flower Street, Suite 900
Los Angeles, California 90071
Telephone: [phone]
Facsimile: [phone]

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UNITED STATES DISTRICT COURT

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DISTRICT OF NEVADA

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SECURITIES AND EXCHANGE
COMMISSION,

Case No.: 2:13-cv-00993-RCJ-VCF
STIPULATION AND PROPOSED ORDER
FURTHER STAYING ACTION PENDING
POTENTIAL SETTLEMENT

Plaintiff,
vs.
BANC DE BINARY LTD, OREN
SHABAT LAURENT (f/k/a OREN
SHABAT), ET BINARY OPTIONS LTD.,
BO SYSTEMS LTD. SEYCHELLES and
BDB SERVICES LTD. SEYCHELLES,
Defendants.

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WHEREAS, Plaintiff Securities and Exchange Commission (the “SEC”) and Defendants

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Banc de Binary Ltd, Oren Shabat Laurent, ET Binary Options Ltd., BO Systems Ltd. Seychelles,

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and BDB Services Ltd. Seychelles, have reported to the Court that they reached a potential

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settlement in principle that would resolve this action and the action CFTC v. Banc de Binary Ltd

Case 2:13-cv-00993-RCJ-VCF Document 141 Filed 12/29/15 Page 2 of 6

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et al., Case No. 2:13-cv-00992-MMD-VCF (the “CFTC Action”);
WHEREAS, the defendants in this action and the CFTC Action, counsel for the CFTC

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and counsel for the SEC have executed a Term Sheet re: Proposed Global Settlement, dated

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August 27, 2015, reflecting the terms of their proposed agreement in principle (the “Proposed

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Global Settlement”);

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WHEREAS, the Proposed Global Settlement is subject to approval by both the
Commissioners of the SEC and the Commissioners of the CFTC;
WHEREAS, in the interests of efficiency for the Court and the parties, the parties
previously agreed to stay this action, subject to the Court’s approval, so that the parties can

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attempt to finalize the governing documents for the Proposed Global Settlement, counsel for the

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SEC can recommend the settlement to the SEC Commissioners, and the parties can file, if

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approved by the SEC Commissioners, any resulting final settlement papers (see Dkt. No. 137);

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WHEREAS, the Court approved and ordered the requested stay, staying the action until

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October 23, 2015 unless a party filed a notice to lift that stay (see Dkt. No. 138);
WHEREAS, the parties previously agreed to extend the stay, subject to Court approval,

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to continue the process of finalizing the settlement documents and obtaining Commission

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approval (see Dkt. No. 139);

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WHEREAS, the Court approved the parties’ stipulation, staying the action until
December 31, 2015, unless a party filed a notice to lift that stay (see Dkt. No. 140);

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WHEREAS, because the parties have made substantial progress toward finalizing the

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governing documents for the Proposed Global Settlement, the parties have agreed to stay the

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action further, subject to the Court’s approval, for an additional six weeks, so that the parties can

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finish finalizing the settlement documents (including those needed for foreign jurisdictions), so

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counsel for the SEC can recommend the settlement to the SEC Commissioners, and so the parties

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can file, if approved by the SEC Commissioners, any resulting final settlement papers; and

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WHEREAS, the parties to the CFTC Action are simultaneously filing a similar proposed
stipulation and order to stay the CFTC Action, for the same duration;

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Case 2:13-cv-00993-RCJ-VCF Document 141 Filed 12/29/15 Page 3 of 6

FOR THE REASONS SET FORTH ABOVE, IT IS HEREBY STIPULATED, by and

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among counsel for the parties as follows:

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1.

This action is stayed until February 8, 2016.

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2.

Before February 8, 2016, this stay shall be lifted without further action by the

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Court upon the filing of a notice by any party to lift the stay, at which point the litigation shall

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immediately resume on the filing date of that notice, with the parties restored to their respective

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positions as of the date of this stipulation. No party can challenge or dispute the filing of a notice

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to lift the stay by another party. To the extent the stay is lifted by such notice by a party, the

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defendants’ response to the SEC’s pending summary judgment motion (Dkt. Nos. 126, 128) shall

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be due four business days after the notice is filed. Moreover, within five business days of the

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filing of party’s notice to lift the stay, the parties agree to jointly request a status conference with

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the Court to address the remaining pretrial and trial schedule.
3.

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If the SEC Commissioners do not approve a settlement or a final settlement is not

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otherwise reached, with all definitive final documents filed with the Court, by February 8, 2016,

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then the litigation shall resume on that day, without further action of the Court and with the

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parties restored to their respective positions as of the date of this stipulations. The defendants’

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response to the SEC’s pending summary judgment motion (Dkt. Nos. 126, 128) shall be due

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February 8, 2016. Moreover, on or before February 12, 2016, the parties agree to jointly request

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a status conference with the Court to address the remaining pretrial and trial schedule.

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Case 2:13-cv-00993-RCJ-VCF Document 141 Filed 12/29/15 Page 4 of 6

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Dated: December 29, 2015

Dated: December 29, 2015

/s/ John W. Berry (w/ permission)
John W. Berry
Amy J. Longo
Leslie A. Hakala
444 S. Flower Street, 9th Floor
Los Angeles, CA 90071
Telephone: [phone]
Facsimile: [phone]

/s/ Rachel Hirsch
A. Jeff Ifrah
Rachel Hirsch
Ifrah Law
1717 Pennsylvania Avenue, NW, Suite 650
Washington, DC 20006-2004
Telephone: [phone]
Facsimile: [phone]

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Attorneys for Defendants
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Attorneys for Plaintiff
Securities and Exchange Commission

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IT IS SO ORDERED.
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DATED this 25th day of January,
Dated: ____________________ 2016.

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The Honorable Richard Jones
Robert C. Jones
United States District Judge

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Case 2:13-cv-00993-RCJ-VCF Document 141 Filed 12/29/15 Page 5 of 6

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PROOF OF SERVICE
I am over the age of 18 years and not a party to this action. My business address is:
1717 Pennsylvania Avenue, Suite 650
Washington, D.C. 20006
Telephone No. [phone]; Facsimile No. [phone].
On December 29, 2015, I caused to be served the document entitled STIPULATION AND
PROPOSED ORDER FURTHER STAYING ACTION PENDING POTENTIAL
SETTLEMENT on all the parties to this action addressed as stated on the attached service list:

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☐
OFFICE MAIL: By placing in sealed envelope(s), which I placed for collection and
mailing today following ordinary business practices. I am readily familiar with this agency’s
practice for collection and processing of correspondence for mailing; such correspondence would
be deposited with the U.S. Postal Service on the same day in the ordinary course of business.
☐
PERSONAL DEPOSIT IN MAIL: By placing in sealed envelope(s), which I
personally deposited with the U.S. Postal Service. Each such envelope was deposited with the
U.S. Postal Service at Los Angeles, California, with first class postage thereon fully prepaid.
☐
EXPRESS U.S. MAIL: Each such envelope was deposited in a facility regularly
maintained at the U.S. Postal Service for receipt of Express Mail at Los Angeles, California, with
Express Mail postage paid.
☐
HAND DELIVERY: I caused to be hand delivered each such envelope to the office of
the addressee as stated on the attached service list.
☐
UNITED PARCEL SERVICE: By placing in sealed envelope(s) designated by United
Parcel Service (“UPS”) with delivery fees paid or provided for, which I deposited in a facility
regularly maintained by UPS or delivered to a UPS courier, at Los Angeles, California.
☐
ELECTRONIC MAIL: By transmitting the document by electronic mail to the
electronic mail address as stated on the attached service list.
☒
E-FILING: By causing the document to be electronically filed via the Court’s CM/ECF
system, which effects electronic service on counsel who are registered with the CM/ECF system.
☐
FAX: By transmitting the document by facsimile transmission. The transmission was
reported as complete and without error.
I declare under penalty of perjury that the foregoing is true and correct.
Date: December 29, 2015

/s/ Rachel Hirsch
Rachel Hirsch

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Case 2:13-cv-00993-RCJ-VCF Document 141 Filed 12/29/15 Page 6 of 6

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SEC v. Banc de Binary Ltd, et al.
United States District Court – District of Nevada
Case No. 2:13-cv-00993-RCJ-VCF

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SERVICE LIST

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John W. Berry, Esq.
Amy J. Longo, Esq.
Leslie A. Hakala, Esq.
Securities and Exchange Commission
444 S. Flower Street, Suite 900
Los Angeles, California 90071
Telephone: [phone]

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Attorneys for Plaintiff
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Craig S. Denney, Esq.
Greg Brower, Esq.
Carrie L. Parker, Esq.
SNELL & WILMER L.L.P
50 West Liberty Street, Suite 510
Reno, NV 89501
[e-mail]
[e-mail]
[e-mail]
Tel: [phone]

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Attorneys for Defendants

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