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Commodity Futures Trading Commission v. DeFazio

IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF CALIFORNIA


December 12, 2006

COMMODITY FUTURES TRADING COMMISSION, PLAINTIFF,
v.
CHARLES A. DEFAZIO, AND GALAXY RESOURCES 2000, LLC, DEFENDANTS.

The opinion of the court was delivered by: Hon. Roger T. Benitez United States District Judge

AGREED ORDER REGARDING TRANSFER OF AN ADDITIONAL FROZEN ASSET TO THE COURT REGISTRY

Plaintiff, Commodity Futures Trading Commission ("Commission"), has filed a Complaint against Defendants Charles A. DeFazio ("DeFazio") and Galaxy Resources 2000 LLC ("Galaxy"), seeking injunctive and other equitable relief for violations of the Commodity Exchange Act, as amended ("Act"), 7 U.S.C. §§ 1 et seq. (2002), and Regulations promulgated thereunder, 17 C.F.R. §§ 1 et seq. (2005).

Subsequently, Defendants, without admitting or denying the allegations of the Complaint, except those allegations regarding jurisdiction and venue, which they admitted, consented to an Agreed Order of Preliminary Injunction and Other Ancillary Relief ("PI Order"), filed on January 10, 2006. As part of the PI Order, the Court restrained, enjoined and prohibited defendants from directly or indirectly:

Dissipating, withdrawing, transferring, removing, concealing or disposing of cash, cashiers checks, funds, assets or other property of, or within the custody, control or possession of, Defendants, including, but not limited to, all funds, personal property, money or securities held in safes, safety deposit boxes and all funds on deposit in any financial institution, bank or savings and loan account, including funds or property of investors, wherever located, whether held in the name of any Defendant or otherwise, and the assets affected by this paragraph shall include both existing assets and income and assets acquired after the effective date of this Order; except that Defendant DeFazio is allowed to draw upon and/or use existing funds in Washington Mutual Account No. XXXXXX861-7 in the name of the DeFazio Family Trust and Downey Savings Account No. XX-XXXX094-6 in his name to satisfy reasonable, ordinary and necessary living expenses up to a maximum of $5,000 per calendar month.

All parties have stipulated that prior to the entry of the PI to Order, the following additional asset was controlled by Defendant DeFazio and the funds therein derive from investors in the Defendants' commodity pool enterprise:

Approximate

Entity Holding Funds Amount Name on the Account Account # XXX-

Franklin Templeton XXXXXXX Investor Services, LLC $52,027.00 Source of Life Society 0458

THE PARTIES AGREE AND THE COURT FINDS THAT:

It is beneficial for the efficient resolution of these proceedings that the asset listed above be transferred and consolidated into the Registry of this Court.

Consequently, IT IS ORDERED that Plaintiff's Motion to Transfer An Additional Frozen Asset IS GRANTED and that Franklin Templeton Investor Services, LLC is ordered to transfer the asset described above to the Registry of this Court pursuant to 28 U.S.C. § 2041 and Local Civil Rule 67.1c.

20061212

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