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Securities and Exchange Commission v. Vassallo

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF CALIFORNIA SACRAMENTO


March 3, 2010

SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF
v.
ANTHONY VASSALLO, ET AL, DEFENDANTS.

The opinion of the court was delivered by: Judge Hon. Lawrence K. Karlton

ORDER AUTHORIZING RECEIVER TO ACT ON BEHALF OF VERITAS FOUNDATION TO TRANSFER LEXUS LX570 Date: October 26, 2009 Time: 10:00 a.m. Location: Courtroom 4, 15th Floor

On April 30, 2009, this Court filed the Order Appointing Temporary Receiver for Equity Investment Management and Trading, Inc. ("EIMT") and Order to Show Cause for Appointment of Permanent Receiver ("OAR") and on July 31, 2009, the Court filed an Order permanently appointing Receiver. Pursuant to the OAR, for good cause shown, and in order to empower and authorize the Receiver to carry out his duties and obligations,

THE COURT FINDS AND ORDERS AS FOLLOWS:

The Court has previously approved a settlement with Defendant Anthony Vassallo's ex-wife, Melissa McLeod, regarding the recovery of a Lexus LX570 VIN# JTJHY00W784010266 (the "Lexus") that was purchased with Defendant Equity Investment Management and Trading, Inc. ("EIMT") investor funds. The Court approved that settlement in an order filed on December 9, 2009 (Doc. No. 200), and authorized Receiver to recover the Lexus and sell it.

Defendant Anthony Vassallo transferred EIMT funds to his personal bank account and then used a check from his personal bank account to purchase the Lexus from Lexus of Sacramento on or about May 31, 2008. At the time of purchase, Vassallo registered the vehicle in the name of "Veritas Foundation." Receiver's investigation has not located a legal entity entitled "Veritas Foundation" that is affiliated with EIMT or Vassallo. The address used for "Veritas Foundation" by Vassallo was identical to Vassallo's address on his personal check, and Receiver believes that "Veritas Foundation" was Vassallo's alter ego. Vassallo later transferred the Lexus to his ex-wife in a divorce settlement, but title was never legally transferred to her.

When a duplicate title was finally issued and delivered to Receiver, it was issued in the name of Veritas Foundation.

Veritas Foundation was Vassallo's alter ego. Receiver is hereby authorized to act on behalf of Veritas Foundation to transfer the title of the Lexus purchased with EIMT investor funds and to take all other actions necessary to achieve the purpose of this order.

IT IS SO ORDERED.

20100303

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