By Matthew Russell Lee, Patreon Maxwell Book
BBC-Guardian UK - Honduras - ESPN NY Mag
SDNY COURTHOUSE, May 13 – The SEC moved quickly against StraightPath Venture Partners LLC on May 13, winning a temporary restraining order even as StraightPath's lawyer said the SEC threatened to refer the matter for criminal prosecution.
Inner City Press live tweeted the oral argument before U.S. District Court for the Southern District of New York Judge Lewis A. Kaplan, here (more on Patreon here)
SEC is moving to freeze the assets of StraightPath Venture Partners which, represented by Cahill Gordon, is arguing against it
Cahill Gordon's Enzer: There is no proof of loss. The SEC is running into court with an incomplete picture of the financial records --
Judge Kaplan: You've already made this point. Cahill: The SEC tells us they've gotten DOJ to open a criminal investigation [!]
Cahill's Enzer: If the SEC freezes their assets they can't hire counsel of their choice [us?] for any criminal action...
SEC lawyer: Investors should not bear the risk of them using money they took out for personal use. The shortfall, we are alleging that the defendants sold interests in pre-IPO shares that they didn't have and don't today have
SEC lawyer: As to DOJ, we only reached out to them. Our focus is the protection of investors.
Judge Kaplan: Let's talk about schedule. Mr. Enzer wants to brief, fine, until May 20. Reply May 25. I will enter a TRO.
More on Patreon here.
The case is SEC v. Staightpath Venture Partners, LCC et al., 22-cv-3897 (Kaplan)
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