US Commodity Futures Trading Commission v. OTC Investments LLC et al

Filing 39

ORDER granting in part and denying in part Deft Barry C. Taylor's 37 Motion to Stay, GRANTED IN PART, to extent (1) discovery in this matter shall be stayed for a period of 120 days from entry of this Order, and (2) Co mmission shall be allowed to issue third party subpoenas to financial institutions during this 120-day period. Except as granted, Deft's Motion is otherwise DENIED.. Signed by District Judge Martin Reidinger on 7/6/15. (Pro se litigant served by US Mail.)(ejb)

IN THE UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF NORTH CAROLINA
ASHEVILLE DIVISION
CIVIL CASE NO. 1:15-cv-00081-MR-DLH

U.S. COMMODITY FUTURES
TRADING COMMISSION,

))
))

Plaintiff,
vs.

ORDER

OTC
INVESTMENTS
LLC,
FOREX
CURRENCY TRADING ADVISORS, LLC,
and BARRY C. TAYLOR,
Defendants.
__________________________________
THIS MATTER is before the Court on the Defendant Barry C. Taylor’s
Motion to Stay Discovery [Doc. 37].
The Defendant Barry C. Taylor, proceeding pro se, requests a temporary
stay of discovery proceedings in this case in light of his ongoing bankruptcy
proceeding and an ongoing criminal investigation of the Defendant by the
Federal Bureau of Investigation. [Doc. 37]. The Defendant represents that
the Plaintiff U.S. Commodity Futures Trading Commission (“Commission”)
does not oppose a temporary stay of discovery pending further development
in the bankruptcy and/or criminal proceedings. [Id. at 2].

The Commission has responded to the Defendant’s motion, advising
that it does not object to the entry of a limited stay of discovery, but only
because the Defendant is the subject of an on-going FBI investigation. [Doc.
38]. The Commission specifically opposes a stay discovery predicated on
the Defendant’s pending bankruptcy petition.

Further, the Commission

requests that any stay of discovery be limited to no more than 120 days from
the entry of an order, and that the Commission be allowed to issue third party
subpoenas to financial institutions. [Id.].
Upon review of the parties’ briefs, and for cause shown, the Court will
allow a limited stay of discovery on the grounds that the Defendant is the
subject of an on-going FBI investigation.1 The Court shall enter a Pretrial
Order and Case Management Plan upon the expiration of the limited stay of
discovery.
IT IS, THEREFORE, ORDERED that the Defendant Barry C. Taylor’s
Motion to Stay Discovery [Doc. 37] is GRANTED IN PART, to the extent that
(1) discovery in this matter shall be stayed for a period of 120 days from the
entry of this Order, and (2) the Commission shall be allowed to issue third

1

The Court has already ruled that the instant civil enforcement action is exempted,
pursuant to 11 U.S.C. § 362(b)(4), from the automatic stay afforded bankruptcy debtors.
[Doc. 31].
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party subpoenas to financial institutions during this 120-day period. Except
as granted, the Defendant’s Motion [Doc. 37] is otherwise DENIED.
IT IS SO ORDERED.

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