Securities and Exchange Commission v. Lek Securities Corporation et al

Filing 588

ORDER: Accordingly, it is hereby ORDERED that the SEC shall file a memorandum addressing the impact of Liu on the judgment in this action by December 18. The Defendants shall file any opposition by January 15, 2021. The SECs reply, if any, shall be filed by January 29. So Ordered. (Responses due by 1/15/2021, Replies due by 1/29/2021.) (Signed by Judge Denise L. Cote on 11/23/2020) (js)

Case 1:17-cv-01789-DLC Document 588 Filed 11/23/20 Page 1 of 2

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:
Final judgment in this case was entered on April 14, 2020,
awarding plaintiff the Securities and Exchange Commission
(“SEC”), inter alia, disgorgement in the amount of $4,495,564
plus prejudgment interest in the amount of $131,750.

On June

12, defendants Vali Management Partners dba Avalon FA Ltd,
Nathan Fayyer and Sergey Pustelnik (collectively, the
“Defendants”) noticed an appeal of that judgment.
On June 22, the United States Supreme Court issued an
opinion in Liu v. Sec. & Exch. Comm’n, 140 S. Ct. 1936, 1940
(2020).

On November 20, the Second Circuit Court of Appeals

remanded this case for the purpose of determining whether the
disgorgement award in the April 14 Judgment is consistent with
Liu.

Accordingly, it is hereby

Case 1:17-cv-01789-DLC Document 588 Filed 11/23/20 Page 2 of 2

ORDERED that the SEC shall file a memorandum addressing the
impact of Liu on the judgment in this action by December 18.
The Defendants shall file any opposition by January 15, 2021.
The SEC’s reply, if any, shall be filed by January 29.
SO ORDERED:
Dated:

New York, New York
November 23, 2020
__________________________
DENISE COTE
United States District Judge

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