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Securities and Exchange Commission v. Retail Pro

August 11, 2011

SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF,
v.
RETAIL PRO, INC. (FKA ISLAND PACIFIC, INC.), BARRY M. SCHECHTER,RAN H. FURMAN, AND HARVEY BRAUN, DEFENDANTS.



The opinion of the court was delivered by: Hayes, Judge

ORDER

The matter before the Court is the Motion for Stay of Execution of Judgment filed by Defendant Ran H. Furman. (ECF No. 175).

BACKGROUND

On September 4, 2008, Plaintiff Securities and Exchange Commission ("SEC") filed a Complaint in this Court. (ECF No. 1). The Complaint alleged the following claims against Furman: (1) fraud in connection with the purchase or sale of securities pursuant to Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act"), 15 U.S.C. § 78j(b), and Rule 10b-5 thereunder, 17 C.F.R. § 240.10b-5; (2) aiding and abetting issuer reporting violations pursuant to Section 20(e) of the Exchange Act, 15 U.S.C. § 78t(e), and Section 13(a) of the Exchange Act, 15 U.S.C. § 78m(a), and Rules 12b-20, 13a-1 and 13a-13 thereunder, 17 C.F.R. §§ 240.12b-20, 240.13a-1 and 240.13a-13; (3) record-keeping violations pursuant to Section 13(b)(2)(A) of the Exchange Act, 15 U.S.C. § 78m(b)(2)(A) and Rule 13b2-1 thereunder; (4) misrepresentations to accountants pursuant to Exchange Act Rule 13b2-2, 17 C.F.R. § 240.13b2-2; (5) internal control violations pursuant to Section 13(b)(5) of the Exchange Act, 15 U.S.C. § 78m(b)(5); and (6) false certification violations pursuant to Exchange Act Rule 13a-14, 17 C.F.R. § 240.13a-14.

On November 18, 2009, the Court issued an Order granting in part and denying in part the SEC's Motion for Summary Judgment. (ECF No. 47). The Court granted summary judgment in favor of the SEC as to the Rule 13b2-1 claim, the Rule 13b2-2 claim and the Section 13(b)(5) claim.

On April 9, 2010, the Court denied Furman's Motion for Reconsideration of the November 18, 2009 summary judgment Order. (ECF No. 58).

On February 15, 2011, a jury trial began as to the remaining claims against Furman. (ECF No. 136).

On February 25, 2011, the jury returned a unanimous Verdict, finding the following: "Furman violate[d] Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder"; "Furman aid[ed] and abet[ted] one or more violations by Island Pacific of Section 13(a) of the Securities Exchange Act of 1934 and Rules 12b-20, 13a-1, and 13a-13 promulgated thereunder"; and "Furman violate[d] Rule 13a-14 promulgated under the Securities Exchange Act of 1934." (ECF No. 147 at 1-2).

On June 23, 2011, the Court denied Furman's Motion for Directed Verdict. (ECF No. 172).

On June 23, 2011, the Court granted in part and denied in part the SEC's Motion for Relief. (ECF No. 173). The Court ordered:

Furman is permanently enjoined from future violations of Sections 10(b) and 13(b)(5) of the Exchange Act and Rules 10b-5, 13a-14, 13b2-1 and 13b2-2 thereunder, and from aiding and abetting violations of Section 13(a) of the Exchange Act and Rules 12b-20, 13a-1 and 13a-13 thereunder. Furman is unconditionally barred from acting as an officer or director of a public company for a period of seven years from the date of judgment in this case. Furman is ordered to pay a third-tier penalty of $75,000 within thirty (30) days from the date of judgment. Id. at 17.

On July 8, 2011, the Court entered Final Judgment of Permanent Injunction and Other Relief Against Defendant Ran H. Furman. (ECF No. 174).

On August 5, 2011, Furman filed a Renewed Motion for Judgment as a Matter of Law (ECF No. 176), and a Motion for New Trial (ECF No. 177).

On August 5, 2001, Furman filed the Motion for Stay of Execution of Judgment. (ECF No. 175). Furman moves pursuant to Federal Rule of Civil Procedure 62(b) for an order staying "the execution of the civil penalty portion of the Judgment ... while Furman's Renewed Motion for Judgment as a Matter ...


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