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Securities and Exchange Commission v. Innovative Advisory Services

April 29, 2010

SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF,
v.
INNOVATIVE ADVISORY SERVICES, INC., INNOVATIVE ADVISORY SERVICES LLC, ISLAND TRADER LLC, AND RICHARD H. NICKLES, DEFENDANTS.



The opinion of the court was delivered by: The Honorable James V. Selna United States District Judge

PRELIMINARY INJUNCTION AND ORDERS:

(1) FREEZING ASSETS;

(2) REQUIRING ACCOUNTINGS;

(3) PROHIBITING THE DESTRUCTION OF DOCUMENTS; AND (4) GRANTING EXPEDITED DISCOVERY

The Court, having considered plaintiff Securities and Exchange Commission's ("Commission") Complaint, the Application for a Preliminary Injunction and Orders: (1) Freezing Assets; (2) Requiring Accountings; (3) Prohibiting The Destruction Of Documents; and (4) Granting Expedited Discovery ("Application"), the supporting Memorandum of Points and Authorities, Declarations and Exhibits, and all other evidence and argument presented regarding the Application, finds that this Court has jurisdiction over the parties to, and the subject matter of, this action, that the Commission has demonstrated a probability of success on the merits and a possibility of dissipation of assets in this case, and that defendants Innovative Advisory Services, Inc., Innovative Advisory Services LLC, Island Trader LLC, and Richard H. Nickles consent to the entry of this Order without admitting or denying the allegations in the Commission's Complaint (except as to personal and subject matter jurisdiction, which defendants admit). IT IS HEREBY ORDERED, for good cause shown, as follows:

I.

IT IS HEREBY ORDERED that the Commission's Application for a Preliminary Injunction and Orders: (1) Freezing Assets; (2) Requiring Accountings; (3) Prohibiting The Destruction Of Documents; and (4) Granting Expedited Discovery is GRANTED.

II.

IT IS FURTHER ORDERED that Defendants Innovative Advisory Services, Inc., Innovative Advisory Services LLC, and Richard H. Nickles, and their officers, agents, servants, employees, attorneys, subsidiaries and affiliates, 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, directly or indirectly, by the use of the mails or means and instrumentalities of interstate commerce:

a. employing devices, schemes and artifices to defraud clients or prospective clients; or

b. engaging in transactions, practices, and courses of business which operate as a fraud or deceit upon clients or prospective clients 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 that Defendants Innovative Advisory Services, Inc., Innovative Advisory Services LLC, and Richard H. Nickles, and their officers, agents, servants, employees, attorneys, subsidiaries and affiliates, 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, directly or indirectly, in the offer or sale of any securities, by the use of any means or instruments of transportation or communication in interstate commerce or by the use of the mails:

a. employing any device, scheme or artifice to defraud;

b. obtaining money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or

c. engaging in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser; in violation of Section 17(a) of the Securities Act, 15 U.S.C. § 77q(a).

IV.

IT IS FURTHER ORDERED that Defendants Innovative Advisory Services, Inc., Innovative Advisory Services LLC, and Richard H. Nickles, and their officers, agents, servants, employees, attorneys, subsidiaries and affiliates, 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, directly or indirectly, in connection with the purchase or sale of any security, by ...


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