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Securities and Exchange Commission v. Vassallo

March 23, 2009

SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF,
v.
ANTHONY VASSALLO, KENNETH KENITZER AND EQUITY INVESTMENT MANAGEMENT AND TRADING, INC., DEFENDANTS.



PRELIMINARY INJUNCTION AGAINST EQUITY INVESTMENT MANAGEMENT AND TRADING, INC.

This matter came before the Court on the ex parte application of plaintiff Securities and Exchange Commission ("Commission") for a temporary restraining order and an order to show cause why a preliminary injunction should not issue. The Court has received and considered the Commission's complaint, application, memorandum of points and authorities, the declarations of Ethan Conrad, Dan E. Redfearn, Mark Siska, and Monique C. Winkler, and all exhibits attached to those declarations, and all other submissions, written or oral.

Defendant Equity Investment Management and Trading, Inc. entered no opposition to the application for a temporary restraining order and did not respond to the order to show cause.

Good cause appearing, the Court finds:

1. This Court has jurisdiction over the parties and the subject matter of this action, pursuant to Sections 20(b) and 22(a) of the Securities Act of 1933 ("Securities Act") [15 U.S.C. §§ 77t(b) and 77v(a)], Sections 21(d), 21(e), and 27 of the Securities Exchange Act of 1934 ("Exchange Act") [15 U.S.C. §§ 78u(d), 78u(e), and 78aa], and Sections 209 and 214 of the Investment Advisers Act of 1940 ("Advisers Act") [15 U.S.C. §§ 80b-9 and 80b-14].

2. This District is an appropriate venue for this action pursuant to Section 22 of the Securities Act [15 U.S.C. § 77v], Section 27 of the Exchange Act [15 U.S.C. § 78aa], and Section 214 of the Advisers Act [15 U.S.C. § 80b-14].

3. The Commission has demonstrated a likelihood of success on the merits of its action.

4. Good cause exists to believe that defendant Equity Investment Management and Trading, Inc. ("EIMT") has engaged in, is engaging in, and is about to engage in transactions, acts, practices, and courses of business which constitute and will constitute violations of Section 17(a) of the Securities Act [15 U.S.C. § 77q(a)], Section 10(b) of the Exchange Act [15 U.S.C. § 78j(b)] and Rule 10b-5 thereunder [17 C.F.R. § 240.10b-5].

5. Good cause exists to believe that EIMT will continue to engage in such acts and practices and in such violations of the statutes and rules set forth above to the immediate and irreparable loss and damage to investors and to the general public unless restrained and enjoined by order of this Court.

6. Good cause exists to believe that immediate and irreparable injury will occur with respect to EIMT's assets which would adversely affect the ability of the Court to grant final effective relief in equity and at law, unless EIMT is immediately restrained and enjoined from controlling those assets and EIMT is required to account to the Court for those assets.

7. Good cause exists to believe that there is an immediate and irreparable risk of injury to or loss of EIMT's records, unless EIMT is immediately restrained and enjoined from destroying them.

8. Good cause exists to permit immediate discovery by the parties under the Federal Rules of Civil Procedure.

Therefore,

I.

IT IS HEREBY ORDERED THAT defendant EIMT and it 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, are temporarily restrained and enjoined from, in the offer or sale of any securities, by the use of any means or instruments of ...


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