Securities and Exchange Commission v. Lek Securities Corporation et al

Filing 579

ORDER: Accordingly, it is hereby ORDERED that the SEC shall file any opposition to the Defendants' April 10 Motion by April 24, 2020. Any reply shall be submitted by May 1. (Set Deadlines/Hearing as to 576 MOTION for Release of Funds To Pay Earned Legal Fees and Expenses: Responses due by 4/24/2020. Replies due by 5/1/2020.) (Signed by Judge Denise L. Cote on 4/13/2020) (jwh)

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
-----------------------------------SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
-vLEK SECURITIES CORPORATION, SAMUEL
LEK, VALI MANAGEMENT PARTNERS dba
AVALON FA LTD, NATHAN FAYYER, and
SERGEY PUSTELNIK,
Defendants.
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17cv1789 (DLC)
ORDER

DENISE COTE, District Judge:
This case was filed on March 10, 2017.

On the same day,

the Court entered a temporary restraining order freezing
approximately $5.5 million in assets (the “frozen funds”) of
defendant Vali Management Partners dba Avalon FA Ltd (“Avalon”).
On November 12, 2019, following a trial, a jury found that
Nathan Fayyer, Sergey Pustelnik, and Avalon (collectively, the
“Defendants”) violated several anti-fraud and anti-manipulation
provisions of the Securities Exchange Act of 1934 and the
Securities Act of 1933.
On April 10, 2020, counsel for the Defendants filed a
motion seeking the release of $191,600 from the frozen funds to
satisfy outstanding legal expenses.

Accordingly, it is hereby

ORDERED that the SEC shall file any opposition to the
Defendants’ April 10 Motion by April 24, 2020.

Any reply shall

be submitted by May 1.
SO ORDERED:
Dated:

New York, New York
April 13, 2020
__________________________
DENISE COTE
United States District Judge

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