U.S. Securities and Exchange Commission v. Gennity et al

Filing 113

MEMO ENDORSEMENT on POST-JUDGMENT CONTINUING WRIT OF GARNISHMENT: granting 112 Motion for Writ of Garnishment. ENDORSEMENT: SO ORDERED. (Signed by Judge P. Kevin Castel on 10/07/2021) (ama) Transmission to Orders and Judgments Clerk for processing.

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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff, 17 Civ. 7424 (PKC)
-againstWILLIAM C. GENNITY and
ROCCO ROVECCIO,
Defendants.
POST-JUDGMENT CONTINUING WRIT OF GARNISHMENT
To:

Standard Financing
1655 Richmond Avenue
Staten Island, New York 10314

Re:

Rocco Roveccio

Requested by:

Securities and Exchange Commission
Maureen Peyton King
New York Regional Office
200 Vesey Street, Suite 400
New York, New York 10281

Issued
Pursuant to:

28 U.S.C. § 3205

The Court, having reviewed the application of Plaintiff Securities and Exchange
Commission (the “Commission”) for a writ of garnishment, hereby issues this Post-Judgment
Continuing Writ of Garnishment. The Commission has information indicating that Standard
Financing (the “Garnishee”) may have possession, custody, or control of property in which
Defendant Rocco Roveccio (“Roveccio”) has a substantial nonexempt interest. Pending further

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order of this Court, the Garnishee is hereby directed to withhold and retain any property1 in its
possession, custody, or control in which Roveccio has an interest at the time this Writ is served
or in which Roveccio may obtain an interest in the future, including his nonexempt disposable
earnings.2 If the Garnishee fails to withhold property in accordance with this Writ, the Garnishee
may be held in contempt by the Court or the Court may enter judgment against the Garnishee for
the value of Roveccio’s nonexempt interest in such property, plus a reasonable attorney’s fee to
the Commission. See 28 U.S.C. §§ 3003(c)(8)(C) & 3205(c)(6).
Within ten (10) days of receiving a copy of this Writ, the Garnishee shall file a written
answer, as required by 28 U.S.C. § 3205(c)(2)(E), and serve the answer on Roveccio and the
Commission’s counsel of record in this action in the manner provided under Federal Rule of
Civil Procedure 5. The Garnishee shall answer in the form and with the information required by
28 U.S.C. § 3205(c)(4).
The Garnishee shall forward any and all payments made pursuant to this Writ to the
Office of Financial Management, U.S. Securities and Exchange Commission, Enterprise Services

“Property” includes any present or future interest, whether legal or equitable, in real, personal (including chose in
action), or mixed property, tangible or intangible, vested or contingent, wherever located and however held
(including community property and property held in trust (including spendthrift and pension trusts)), but excludes –
1

(A)

property held in trust by the United States for the benefit of an
Indian tribe or individual Indian; and

(B)

Indian lands subject to restrictions against alienation imposed
by the United States.

28 U.S.C. § 3002(12).
"'Earnings' means compensation paid or payable for personal services, whether denominated as wages, salary,
commission, bonus, or otherwise, and includes periodic payments pursuant to a pension or retirement program." 28
U.S.C. § 3002(6). "'Disposable earnings' means that part of earnings remaining after all deductions required by law
have been withheld." Id. at § 3002(5). "'Nonexempt disposable earnings' means 25 percent of disposable earnings,
subject to section 303 of the Consumer Protection Act, [15 U.S.C. § 1673]." Id. at § 3002(9).
2

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Center, Accounts Receivable Branch, 6500 South MacArthur Boulevard, Oklahoma City, OK
73169, with the notation that the payment is on behalf of Rocco Roveccio, SEC Case No. NY9099, until Roveccio’s penalty debt is paid in full or the Garnishee no longer has custody or
control of any property belonging to Roveccio.
This Writ of Garnishment covers the debt, which consists of penalty and post-judgment
interest thereon (not disgorgement and related interest), and is continuing. The Writ will
terminate only by:
(A)

a court order quashing this Writ of Garnishment;

(B)

exhaustion of property in the possession, custody, or control of the
Garnishee in which Roveccio has a substantial nonexempt interest
(including nonexempt disposable earnings), unless the Garnishee
reinstates or re-employs Roveccio within 90 days after his
dismissal or resignation; or

(C)

satisfaction of the debt with respect to which this Writ is issued.

See 28 U.S.C. § 3205(c)(10).
The following exhibits are attached to this Writ:
Exhibit A:

notices and instructions to Garnishee;

Exhibit B:

a sample answer to be used by Garnishee;

Exhibit C:

notices and instructions to Roveccio; and

Exhibit D:

a sample claim for exemption and request for
hearing to be used by Roveccio.

To assist the Garnishee with its obligations under this Writ, the following information is
provided:

Defendant’s Name:

Rocco Roveccio

Social Security Number:

XXX-XX-6735
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Defendant’s Last Known Address:

137 Yale Drive, Freehold,
New Jersey 07728

Date of Judgment:

May 3, 2019

Nature of Judgment:

Final Judgment

Judgment Amount:

$324,613.98

Penalty Amount:

$160,000.00

Civil Money Penalty
Amount Ordered
Payments Received
Interest (continues to accrue at $10.65 per day)
Total as of December 5, 2019
Disgorgement
Amount Ordered
Pre-Judgment Interest
Post Judgment Interest (continues to accrue at $10.89
per day)
Payments Received
Total as of December 5, 2019

$160,000.00
$0.00
$2,300.04
$162,300.04
$147,115.35
$17,498.63
$2,363.04
($3,750.00)
$163,227.02

More than 30 days has elapsed since the Commission made a demand on Roveccio for
payment of the debt, and Roveccio has not paid the amount due. Only the civil money penalty
and post-judgment interest on the civil money penalty portion of the Judgment is a debt as
defined under the Federal Debt Collection Procedures Act, 31 U.S.C. § 3001 et seq. Thus, the
Writ seeks only these amounts.
SO ORDERED.
Dated this 7th day of October, 2021.
_______________________________
UNITED STATES DISTRICT JUDGE

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EXHIBIT A
NOTICES AND INSTRUCTIONS TO GARNISHEE

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INSTRUCTIONS TO GARNISHEE
You have been served with a Continuing Writ of Garnishment pursuant to 28 U.S.C.
§ 3205 (“Section 3205”). Pursuant to that Writ and Section 3205, you are required to file a
written answer within ten (10) days of receiving a copy of the Writ. The Clerk of Court’s
address is:
Ruby J. Krajick
Clerk of Court
United States District Court for the Southern District of New York
Daniel Patrick Moynihan United States Courthouse
500 Pearl Street
New York, New York 10007
YOUR ANSWER
Section 3205 requires that your answer be under oath, and that it contain the following
general information:
(A)

whether you have custody, control or possession of
property in which Roveccio has an interest;

(B)

a description of such property and the value of
Roveccio’s interest in that property;

(C)

a description of any previous garnishments to which
Roveccio’s property is subject and the extent to
which any remaining property is not exempt; and

(D)

the amount of the debt you anticipate owing
Roveccio in the future and whether the period for
payment will be weekly or another specified period.

28 U.S.C. § 3205(c)(4).
A sample answer is attached as Exhibit B for your use.

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You must serve a copy of your answer on Roveccio and counsel for the Commission,
whose addresses are listed on the face of the Writ. See Fed. R. Civ. P. 5 (listing acceptable
methods of service).
IF YOU ARE DEFENDANT'S EMPLOYER
The amount of nonexempt earnings which may be withheld pursuant to a Writ of
Garnishment is defined by the Consumer Credit Protection Act, 15 U.S.C. § 1673. That statute
provides generally that, for a given week of employment, the lesser of 25% of disposable
earnings for the week or that amount of disposable earnings for the week in excess of 30 times
the federal minimum hourly wage set by 29 U.S.C. § 206(a)(1) may be withheld. The Secretary
of Labor has promulgated regulations to assist you in calculating the maximum amount of
nonexempt earnings that can be withheld. See Code of Federal Regulations, Title 29, Labor;
Subtitle B, Regulations Relating to Labor; Chapter V, Wage and Hour Division, Department of
Labor; Subchapter D, Garnishment of Earnings; Part 870, Restriction on Garnishment.
You may contact the attorney listed on the face of the Writ of Garnishment if you need
additional assistance in determining the maximum amount of earnings to withhold.
Pursuant to 15 U.S.C. § 1674, you may not discharge Roveccio because his earnings have
been garnished.

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EXHIBIT B
SAMPLE ANSWER TO BE USED BY GARNISHEE

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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff, 17 Civ. 7424 (PKC)
-againstWILLIAM C. GENNITY and
ROCCO ROVECCIO,
Defendants.
GARNISHEE’S ANSWER
Having been served with a Continuing Writ of Garnishment, Garnishee hereby files this
Answer in accordance with 28 U.S.C. § 3205. This Answer is being prepared by:
Name:
Title:
Address:
Phone Number:
DESCRIPTION OF GARNISHEE
Garnishee files this Answer as:


(check those that apply)

An Individual


In my personal capacity.



Doing business as,
Name of d/b/a:
Address:
Phone Number:



A Partnership; and Garnishee is:


A general partner
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

A limited partner

Name of Partnership:
Address:
Phone Number:


A Corporation
Name of Corporation:
Address:
Phone Number:
State of Incorporation:
Principal Place of Business:
PRIOR GARNISHMENTS

For each previous garnishment involving Defendant which is still in effect, please provide
the following information:
Date of Garnishment:
Property Subject to the Previous Garnishment:

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DESCRIPTION OF PROPERTY IN WHICH DEFENDANT HAS AN INTEREST
Garnishee states as follows: (check those that apply)


From the date the Writ of Garnishment was served to the date this Answer is being
prepared, Garnishee has not had possession, custody or control of any property in
which Defendant has an interest.



Garnishee has possession, custody or control of the following non-earnings property
in which Defendant has an interest:
Description of Property:
Approximate Value of Property:
Defendant’s Interest in the Property:



Garnishee anticipates having future possession, custody or control of the following
non-earnings property in which Defendant will have an interest:
Description of Property:
Approximate Value of Property:
Defendant’s Interest in the Property:
When Defendant Will Acquire An Interest in the Property:



As Defendant’s employer, Garnishee has possession, custody or control of earnings
in which Defendant has an interest:
Defendant is paid:  weekly,  bi-weekly,  semi-monthly,  monthly
Date Previous Pay Period Ended:
Date Current Pay Period Ends:
a.
b.
c.
d.
e.
f.

Defendant’s Gross Pay:
Federal Income Tax Withheld:
F.I.C.A. Withheld:
State Income Tax Withheld:
Total Withholdings (b + c + d):
Net Earnings (a - e):
GARNISHEE’S CLAIMS

Garnishee makes the following claims:


(check those that apply)

Garnishee makes the following claim of exemption on behalf of Defendant:
Amount of Exemption:
Nature of Exemption:

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

Garnishee has the following objections, defenses, or set-offs against the United
States’ right to seek garnishment of Defendant’s non-exempt property in Garnishee’s
possession, custody or control:
(describe nature of objection, defense, or set-off)
CERTIFICATE OF SERVICE

Garnishee certifies that it has served a copy of this Answer on both the:


Defendant
Date of Service:
Method of Service: (include address if service was by mail)

and


Securities and Exchange Commission
Date of Service:
Method of Service: (include address if service was by mail)
OATH

Garnishee declares under penalty of perjury that the foregoing is true and correct.
Date:

Signature:

Subscribed and sworn before me this

day of

Notary Public

20

.

(SEAL)

Commission Expires:

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EXHIBIT C
NOTICES AND INSTRUCTIONS TO DEFENDANT

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NOTICE AND INSTRUCTIONS TO DEFENDANT ROCCO ROVECCIO
A judgment was rendered against you in Securities and Exchange Commission v. William C.
Gennity and Rocco Roveccio, Case No. 17 Civ. 7424 in the United States District Court for the
Southern District of New York. Plaintiff Securities and Exchange Commission (the “Commission”)
claims that the total amount owing under that judgment is $324,613.98, comprising disgorgement
totaling $147,115.35, prejudgment interest of $17,498.63, a civil money penalty of $160,000.00,
and applicable postjudgment interest. However, only the civil money penalty of $160,000.00, plus
post-judgment interest thereon, may be collected via a Writ of Garnishment.
You are hereby given notice that in an attempt to collect on its judgment against you, the
Commission has caused the Court to issue a Continuing Writ of Garnishment to Garnishee Standard
Financing. With this Writ of Garnishment, the Commission is attempting to take your property,
which may include a portion of your earnings, from Standard Financing (the “Garnishee”). See 28
U.S.C. § 3205.
YOUR RIGHT TO OBJECT TO THE GARNISHEE'S ANSWER
AND REQUEST A HEARING
The Garnishee is required to file an answer within ten (10) days of receiving the Writ of
Garnishment issued by the Court. The Garnishee is required to serve a copy of its answer on you
and the Commission. Within twenty (20) days after you receive a copy of the Garnishee's answer,
you may file with the Court a written objection to the Garnishee’s answer and request a hearing
with the Court. You must state the specific grounds for your objection and bear the burden of
proving such grounds at a hearing before the Court. You must file your objection and request for
hearing with the Court, whose Clerk of Court has the following address:
Ruby J. Krajick
Clerk of Court
United States District Court for the Southern District of New York
Daniel Patrick Moynihan United States Courthouse
500 Pearl Street
New York, New York 10007
You are required to serve a copy of any objection and request for hearing that you file on:
Standard Financing
1655 Richmond Avenue
Staten Island, New York 10314
and
Securities and Exchange Commission
Maureen Peyton King
New York Regional Office
200 Vesey Street, Suite 400
New York, NY 10281
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The Court will hold a hearing on any objection and request for hearing you file within ten
(10) days after your objection and request for hearing is received or as soon thereafter as is
practicable. Notice of the hearing date will be sent to all parties. Pursuant to 28 U.S.C. § 3202(d),
issues at such hearing shall be limited
(1)

to the probable validity of any claim of exemption by
you;

(2)

to the Commission’s compliance with any statutory
requirement for the issuance of the Writ of
Garnishment; and

(3)

if the judgment was rendered against you by default,
and only to the extent that the Constitution or another
law of the United States provides a right to a hearing
on the issue, to –
(A)

the probable validity of the
Commission's claim for the debt which
has been merged into the judgment; and

(B)

the existence of good cause for setting
aside such judgment.

If you do not file a timely objection to the Garnishee’s answer, the property listed in the
Garnishee’s answer will be applied to the debt you owe the Commission.
YOUR RIGHT TO CLAIM AN EXEMPTION
As described above, there are exemptions under the law which may protect the property
listed in the Garnishee's answer from being taken by the Commission. You must bear the burden at
a hearing set by the Court of showing that an exemption applies. The exemptions which you may
claim are defined in 28 U.S.C. § 3014. Pursuant to that section, you may generally exempt either
the property specified in 11 U.S.C. § 522(d), or the property specified in the exemption statutes of
the State in which you have been domiciled for the majority of the 180 days prior to the filing of the
Commission’s Application for the Writ of Garnishment. The property exempted under 11 U.S.C. §
522(d) and the applicable State’s exemption statutes may, and probably will, be different. You
must choose which set of exemptions you want the Court to apply.
Exhibit D contains a list of the exemptions available under 11 U.S.C. § 522(d) and New
Jersey law. The statutes providing these exemptions may be amended from time to time. Also, the
exemptions in the state in which you actually reside may be different than the exemptions listed in
Exhibit D. It is your responsibility to consult the appropriate federal and state exemption statutes to
determine what your exemptions are. The exemptions listed in Exhibit D are merely examples.

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YOUR RIGHT TO TRANSFER THIS ACTION TO ANOTHER FEDERAL DISTRICT
If you think you live outside the federal judicial district in which this Court is located, you
may request, not later than twenty (20) days after receipt of this Notice, that this proceeding to take
your property be transferred by the Court to the federal judicial district in which you do reside. You
must make this request in writing. Your request for a transfer must be filed with the Court Clerk at:
Ruby J. Krajick
Clerk of Court
United States District Court for the Southern District of New York
Daniel Patrick Moynihan United States Courthouse
500 Pearl Street
New York, New York 10007
You must also serve a copy of your request for a transfer on:
Standard Financing
1655 Richmond Avenue
Staten Island, New York 10314
and
Securities and Exchange Commission
Maureen Peyton King
New York Regional Office
200 Vesey Street, Suite 400
New York, NY 10281
CONCLUSION
Keep a copy of this notice for your records. If you have any questions about your rights or
about this procedure, you should contact a lawyer, an office of public legal assistance, or the Clerk
of Court. The Clerk of Court is not permitted to give legal advice but can refer you to other sources
of information.

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EXHIBIT D
SAMPLE CLAIM FOR EXEMPTION AND REQUEST FOR HEARING
TO BE USED BY DEFENDANT

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UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff, 17 Civ. 7424 (PKC)
-againstWILLIAM C. GENNITY and
ROCCO ROVECCIO,
Defendants.
There are exemptions under the law which may protect the property listed in the
Garnishee's answer from being taken by the Commission. You must bear the burden at a
hearing set by the Court of showing that an exemption applies. The exemptions which you
may claim are defined in 28 U.S.C. § 3014. Pursuant to that section, you may generally
exempt either the property specified in 11 U.S.C. § 522(d), or the property specified in the
exemption statutes of the state in which you have been domiciled for the majority of the
180 days prior to the filing of the Commission’s Application for the Writ of Garnishment.
The property exempted under 11 U.S.C. § 522(d) and the applicable state's exemption
statutes may, and probably will, be different. You must choose which set of exemptions
you want the Court to apply.
BANKRUPTCY CODE EXEMPTIONS
The first group of exemptions consists of property that is specified in Section 522(d) of
Title 11 of the United States Code and which consists generally of the following property:
1.

The debtor's aggregate interest, not to exceed $23,675 in value, in real
property or personal property that the debtor or a dependent of the debtor
uses as a residence, in a cooperative that owns property that the debtor or a
dependent of the debtor uses as a residence, or in a burial plot for the debtor
or a dependent of the debtor.

2.

The debtor's interest, not to exceed $3,775 in value, in one motor vehicle.

3.

The debtor's interest, not to exceed $600 in value in any particular item or
$12,625 in aggregate value, in household furnishings, household goods,
wearing apparel, appliances, books, animals, crops, or musical instruments,

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that are held primarily for the personal, family, or household use of the
debtor or a dependent of the debtor.
4.

The debtor’s aggregate interest, not to exceed $1,600 in value, in jewelry
held primarily for the personal, family, or household use of the debtor or a
dependent of the debtor.

5.

The debtor’s aggregate interest in any property, not to exceed in value
$1,250, plus up to $11,850 of any unused amount of the exemption provided
under paragraph (1) of this subsection.

6.

The debtor’s aggregate interest, not to exceed $2,375 in value, in any
implements, professional books, or tools, of the trade of the debtor or the
trade of a dependent of the debtor.

7.

Any unmatured life insurance contract owned by the debtor, other than a
credit life insurance contract.

8.

The debtor’s aggregate interest, not to exceed in value $12,625 less any
amount of property of the estate transferred in the manner specified in
Section 542(d) of this title, in any accrued dividend or interest under, or loan
value of, any unmatured life insurance contract owned by the debtor under
which the insured is the debtor or an individual of whom the debtor is a
dependent.

9.

Professionally prescribed health aids for the debtor or a dependent of the
debtor.

10.

The debtor’s right to receive --(A)
(B)
(C)
(D)

(E)

a social security benefit, unemployment compensation, or a local
public assistance benefit;
a veterans’ benefit;
a disability, illness, or unemployment benefit;
alimony, support, or separate maintenance, to the extent reasonably
necessary for the support of the debtor and any dependent of the
debtor;
a payment under a stock bonus, pension, profit sharing, annuity, or
similar plan or contract on account of illness, disability, death, age,
or length of service to the extent reasonably necessary for the
support of the debtor and any dependent of the debtor, unless---6

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(i) such plan or contract was established by or under the
auspices of an insider that employed the debtor at the time the
debtor's rights under such plan or contract arose;
(ii) such payment is on account of age or length of service;
and
(iii) such plan or contract does not qualify under section
401(a), 403(a), 403(b), or 408 of the Internal Revenue Code
of 1986.
11.

The debtor’s right to receive, or property that is traceable to --(A)
(B)

a payment on account of the wrongful death of an individual of
whom the debtor was a dependent, to the extent reasonably
necessary for the support of the debtor and any dependent of the
debtor;

(C)

a payment under a life insurance contract that insured the life of an
individual of whom the debtor was a dependent on the date of such
individual’s death, to the extent reasonably necessary for the support
of the debtor and any dependent of the debtor;

(D)

a payment, not to exceed $23,675, on account of personal bodily
injury, not including pain and suffering or compensation for actual
pecuniary loss, of the debtor or an individual of whom the debtor is a
dependent; or

(E)

12.

an award under a crime victim’s reparation law;

a payment in compensation of loss of future earnings of the debtor or
an individual of whom the debtor is or was a dependent, to the extent
reasonably necessary for the support of the debtor and any dependent
of the debtor.

Retirement funds to the extent that those funds are in a fund or account that
is exempt from taxation under Sections 401, 403, 408, 408A, 414, 457, or
501(a) of the Internal Revenue Code of 1986.

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MAJOR EXEMPTIONS UNDER NEW JERSEY STATE LAW
NOTE:

The law of the state where you have been domiciled for at least 180 days governs
your rights.

NOTE:

If you have selected the Bankruptcy Code exemptions listed above, you may not
also claim the state law exemptions listed below.

CLAIMED

TYPE

STATUTE
SECTION
N.J. Stat. Ann.
§§ 2A:17-19,
2A:26-4 and
38A:4-8.

Personal
Property

All wearing apparel plus $1,000 in
any personal) property (except for
goods purchased as part of the
transaction which led to the judgment
in this case), pay and any other
benefits due as a result of
participation in the organized militia.

Public
Assistance

Old age assistance is exempt.

N.J. Stat. Ann.
§ 44:7-35.

Unemployment
Compensation
and Temporary
Disability
During
Employment

Exempt.

N.J. Stat. Ann. §§
43:21-15, 43:2153.

Workers
Compensation

Exempt

N.J. Stat. Ann.
§ 34:15-29.

Insurance

An insurance policy in favor of a
person other than the insured
is exempt from the debts of the
insured, and proceeds of such a
policy are exempt from debts of the
beneficiary at the time proceeds
become available for his use, except
the amount of premiums for
insurance purchased with intent to
defraud creditors. Up to $500 a
month in annuity benefits are exempt
from the recipient’s debts unless the
annuity was obtained in defraud of
creditors. Proceeds of health

N.J. Stat. Ann.
§§ 17: 18-12,
(repealed, in
part).

8

N.J. Stat. Ann.
17B:24-6, -7, -8
and-9.

VALUE
CLAIMED

Case 1:17-cv-07424-PKC-KHP Document 112-2 Filed 10/07/21 Page 22 of 22
Case 1:17-cv-07424-PKC-KHP Document 113 Filed 12/13/19 Page 22 of 22

insurance, of disability provisions in
life insurance contracts, and other
disability benefits are exempt, except
as regards claims for necessities
contracted for during a period of
disability. Proceeds of group life and
group health insurance are exempt
before and after payment, except as
regards claims for necessities
contracted for during a period of
disability.
Earnings

Wages, debts, earnings, salaries,
income from trust funds and profits
less than $48 a week. If they amount
to $48 or more a week, but do not
exceed $7500 per annum, excess
above 10% thereof.

N.J. Stat. Ann.
§ 2A:17-57.

I make the statements in this claim of settlement as to exemptions and request for hearing
as to exemption entitlement and the fair market value of the property and declare under penalty
of perjury that they are true and correct. I hereby request a court hearing to decide the validity of
my claims. Notice of the hearing should be given to me by mail at:
(______________________________) or telephonically at (
Address
______________________________________
Debtor’s printed or typed name
_______________________________________
Signature of debtor
Date

9

Phone no.

)