UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA WESTERN DIVISION
February 18, 2010
SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF,
DAVID PRAISE, A/K/A MUSA MOHAMED, A/K/A DAVID PRAISE EDWARDS, A/K/A DAVID ENRIQUE FERNANDEZ, ET AL., DEFENDANTS, AND, MARINCO, INC., ET AL. RELIEF DEFENDANTS.
The opinion of the court was delivered by: The Honorable S. James Otero
AGREED FINAL JUDGMENT AGAINST KAMANGA MWANGI
Before the Court is the Consent of Kamanga Mwangi to the entry of an Agreed Final Judgment of this Court. According to the settlement agreement between the parties:
IT IS HEREBY ORDERED, ADJUDGED AND DECREED that Kamanga Mwangi, having consented to being named as a relief defendant in this proceeding solely for purposes of equitable relief, is hereby ordered to pay disgorgement in the amount of $380,000 constituting funds in his possession as a custodian of investor funds. Mwangi shall satisfy this obligation by paying $380,000 within 365 days of the entry of this Agreed Final Judgment to the Clerk of this Court, together with a letter identifying Kamanga Mwangi as a Relief Defendant in this action; setting forth the title and civil action number of this action and the name of this Court; and specifying that payment is made pursuant to this Agreed Final Judgment. Mwangi shall simultaneously transmit photocopies of such payment and letter to the Commission's counsel in this action. By making this payment, Mwangi relinquishes all legal and equitable right, title, and interest in such funds, and no part of the funds shall be returned to him. The Clerk shall deposit the funds into an interest bearing account with the Court Registry Investment System ("CRIS") or any other type of interest bearing account that is utilized by the Court. These funds, together with any interest and income earned thereon (collectively, the "Fund"), shall be held in the interest bearing account until further order of the Court. In accordance with 28 U.S.C. § 1914 and the guidelines set by the Director of the Administrative Office of the United States Courts, the Clerk is directed, without further order of this Court, to deduct from the income earned on the money in the Fund a fee equal to ten percent of the income earned on the Fund. Such fee shall not exceed that authorized by the Judicial Conference of the United States. The Commission may propose a plan to distribute the Fund subject to the Court's approval. Mwangi shall pay post-judgment interest on any amount unpaid after thirty days from the entry of this Agreed Judgment in accordance with U.S. C. § 1961.
IT IS FURTHER ORDERED, ADJUDGED AND DECREED that all claims for relief asserted by the Commission under Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933 ("Securities Act"), Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder are hereby dismissed by agreement of the parties.
IT IS FURTHER ORDERED, ADJUDGED AND DECREED that, there being no just reason for delay, the Clerk of the Court is hereby directed, pursuant to Rule 54(b) of the Federal Rules of Civil Procedure, to enter this Agreed Final Judgment forthwith.
IT IS SO ORDERED.
Dated: 18 day of February , 2010.
UNITED STATES DISTRICT JUDGE
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