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Securities and Exchange Commission v. Plus Money

May 16, 2008

SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF,
v.
PLUS MONEY, INC. AND MATTHEW LA MADRID, DEFENDANTS, AND
THE PREMIUM RETURN FUND LIMITED-LIABILITY LIMITED PARTNERSHIP; THE PREMIUM RETURN FUND II LIMITED-LIABILITY LIMITED PARTNERSHIP; THE PREMIUM RETURN FUND III LIMITED-LIABILITY LIMITED PARTNERSHIP; RETURN FUND, LLC; RETURN FUND II, LLC; RETURN FUND III, LLC; RETURN FUND IV, LLC; RETURN FUND V, LLC; RETURN FUND VI, LLC; PALLADIUM HOLDING COMPANY; AND DONALD LOPEZ, RELIEF DEFENDANTS.



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

PRELIMINARY INJUNCTION AND ORDER: (1) FREEZING ASSETS; (2) APPOINTING A PERMANENT RECEIVER; (3) REQUIRING ACCOUNTINGS; AND (4) PROHIBITING THE DESTRUCTION OF DOCUMENTS

This matter came to be heard on Wednesday, May 14, 2008, upon the Court's Order to Show Cause dated April 30, 2008. On April 30, 2008, the Court also issued a Temporary Restraining Order freezing assets of the Defendants and Relief Defendants and prohibiting the destruction of documents.

The Court has considered the Complaint of the Securities and Exchange Commission (the "Commission"), the Application, the supporting Memorandum of Points and Authorities, Declarations and Exhibits. All parties appearing at the May 14, 2008 hearing have consented to the entry of this Order in its current form. Accordingly, the Court finds that:

A. This Court has jurisdiction over the parties to, and the subject matter of, this action.

B. Good cause exists to believe that Defendants Plus Money, Inc. ("Plus Money"), and Matthew "Beau" La Madrid, ("La Madrid"), and each of them have engaged in, are engaging in, and are about to engage in transactions, acts, practices and courses of business which constitute violations of Sections 206(1), (2), and (4) of the Investment Advisers Act of 1940 ("Advisers Act"), 15 U.S.C. § 80b-6(1), (2), and (4), and Rule 206(4)-8 thereunder, 17 C.F.R. § 275.206(4)-8.

C. The Commission has demonstrated a probability of success on the merits in this case; and the possibility of dissipation of assets.

D. Good cause exists to believe that Defendants will continue to engage in such violations to the immediate and irreparable loss and damage to investors and to the general public unless they are restrained and enjoined.

I.

IT IS HEREBY ORDERED that the Commission's request for a preliminary injunction and for orders: (1) freezing assets; (2) appointing a permanent receiver (3) requiring accountings; and (4) prohibiting the destruction of documents is hereby GRANTED.

II.

IT IS FURTHER ORDERED, ADJUDGED AND DECREED that Defendants Plus Money and La Madrid and their officers, agents, servants, employees, attorneys, and those persons in active concert or participation with any of them, who receive actual notice of this Order, by personal service or otherwise, and each of them, be and hereby are preliminarily restrained and enjoined from, by the use of the mails or any means or instrumentality of interstate commerce, directly or indirectly:

A. employing any device, scheme, or artifice to defraud any client or prospective client; and

B. engaging in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client;

in violation of Sections 206(1) and (2) of the Advisers Act, 15 U.S.C. § 80b-6(1) and (2).

III.

IT IS FURTHER ORDERED, ADJUDGED AND DECREED that Defendants Plus Money and La Madrid and their officers, agents, servants, employees, attorneys, and those persons in active concert or participation with any of them, who receive actual notice of this Order, by personal service or otherwise, and each of them, be and hereby are preliminarily restrained and enjoined from, by the use of the mails or any means or instrumentality of interstate commerce, directly or indirectly engaging in any act, practice, or course of business which is fraudulent, deceptive, or manipulative with respect to any investor or prospective investor in any ...


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