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Securities and Exchange Commission v. Vassallo

April 29, 2009

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



ORDER APPOINTING TEMPORARY RECEIVER FOR EQUITY INVESTMENT MANAGEMENT AND TRADING, INC. AND ORDER TO SHOW CAUSE FOR APPOINTMENT OF PERMANENT RECEIVER

This matter came before the Court on the motion of plaintiff Securities and Exchange Commission ("Commission") for appointment of a temporary receiver for defendant Equity Investment Management and Trading, Inc. and an order to show cause why a permanent receiver should not be appointed. The Court has received and considered the Commission's motion, memorandum of points and authorities and the accompanying declaration of Robert L. Mitchell in support of the Commission's motion.

BEING SO ADVISED, THE COURT FINDS THAT:

I. Good cause exists to appoint a temporary receiver for defendant Equity Investment Management and Trading, Inc. ("EIMT").

II. The temporary receiver shall be Stephen Anderson, P.O. Box 587, Alamo, California 94507.

III. The receiver is hereby authorized, empowered and directed to:

A. Take and retain immediate possession, custody and control of all assets and property and the books and records of EIMT;

B. Take all steps the receiver deems necessary to secure and protect the assets and property of EIMT, including but not limited to the premises, files and information systems;

C. Engage and employ persons, following Court approval in accordance with Local Rule 66-232(g), to assist the receiver in carrying out its duties and responsibilities herein, including accountants, attorneys and experts;

D. Acquire and retain all rights and powers which EIMT has to manage, control, operate and maintain its business (including but not limited to the power to direct, hire, suspend and terminate the employment of personnel and the exclusive authority to make expenditures on behalf of EIMT), and to possess, receive or use income, earnings, rents and profits, with the full power to commence, maintain, defend or participate in legal proceedings, to sue for, collect, receive and take into possession all goods, chattels, rights, general intangibles, choses in action, credits, monies, effects, lands, books and records of account, and other papers and data bases, with a view to preventing loss, damage, and injury to EIMT investors, and preserving the assets and records of EIMT;

E. Notwithstanding the asset freeze ordered by this Court over the assets of EIMT, the receiver shall have the power to take control of, and be added or substituted as signatory, on all accounts at any bank, financial institution or brokerage firm which has possession, custody or control of any assets or property of EIMT; such power to include, without limitation, the power to open and close bank or securities accounts of EIMT and to execute checks or otherwise disburse money from such accounts on behalf of EIMT to pay its obligations in the normal course of business; except, however, that pending further order of this Court, neither EIMT nor the receiver shall make any payments to any person or entity that provided funds to EIMT for the purpose of investing in securities. In accordance with Local Rule 66-232(i), all funds obtained by the receiver in his capacity as receiver shall be deposited with the financial institution(s) identified in this paragraph: Bank of America Corporation or Wells Fargo & Company;

F. Immediately report to the Commission any transactions by EIMT after the date of this Order that appear not to be in the normal course of business;

G. File, if appropriate, for relief and protection under the Federal bankruptcy Code, on behalf of EIMT, after notice to all parties in this action;

H. Make an accounting of the assets, liabilities and financial condition of EIMT as of the date of this Order, including the following information:

1. The amount of cash on hand;

2. The total amounts owed to EIMT from any source. The accounting shall include, to the extent possible, the following ...


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