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Securities and Exchange Commission v. Liu

United States District Court, C.D. California, Southern Division

July 11, 2016

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
CHARLES C. LIU; XIN WANG a/k/a LISA WANG; PACIFIC PROTON THERAPY REGIONAL CENTER, LLC; PACIFIC PROTON EB-5 FUND, LLC; and BEVERLY PROTON CENTER, LLC f/k/a LOS ANGELES COUNTY PROTON THERAPY, LLC, Defendants.

          PRELIMINARY INJUNCTION AGAINST ALL DEFENDANTS

          CORMAC J. CARNEY UNITED STATES DISTRICT JUDGE

         This matter came before the Court upon the Application of Plaintiff Securities and Exchange Commission ("SEC") for a Temporary Restraining Order, Order to Show Cause Why a Preliminary Injunction Should Not Be Granted, and Orders (1) Freezing Assets; (2) Repatriating Assets; (3) Requiring Accountings; and (4) Prohibiting the Destruction of Documents (Dkt. No. 4, the "TRO Application"), and upon the SEC's Motion for Orders Requiring the Repatriation of Assets and Accountings (Dkt. No. 15, the "Motion for Repatriation and Accountings")

         The Court, having considered the SEC's Complaint, the TRO Application, the supporting Memorandum of Points and Authorities, the supporting declarations and exhibits, and the other evidence and argument presented to the Court, entered a Temporary Restraining Order, Order to Show Cause Why a Preliminary Injunction Should Not Be Granted, and Orders (1) Freezing Assets; and (2) Prohibiting the Destruction of Documents (Dkt. No. 14, the "TRO"); The Court, having considered the Defendants' oppositions to the TRO and the Preliminary Injunction, the Defendants' opposition to the SEC's Motion for Repatriation and Accountings, and the SEC's papers replying thereto, finds that:

A. This Court has jurisdiction over the parties to, and the subject matter of, this action.
B. The SEC has made a sufficient and proper showing in support of the relief granted herein, as required by Section 20(b) of the Securities Act of 1933 ("Securities Act") (15 U.S.C. s 77t(b)) and Section 21(d) of the Securities Exchange Act of 1934 ("Exchange Act") (15 U.S.C. § 78u(b)) by evidence establishing a prima facie case and reasonable likelihood that the Defendants have engaged in, are engaging in, are about to engage in, and will continue to engage in, unless restrained, transactions, acts, practices and courses of business that constitute violations of Section 17(a) of the Securities Act, 15 U.S.C. § 77q(a), and Section 10(b) of the Exchange Act, 15 U.S.C. § 78j(b), and Rule 10b-5 thereunder, 17 C.F.R. § 240.10b-5.
C. Good cause exists to believe that, unless restrained and enjoined by order of this Court, Defendants will dissipate, conceal, or transfer assets which could be the subject to an order directing disgorgement or the payment of civil money penalties in this action. It is appropriate for the Court to issue this Preliminary Injunction to prevent the dissipation of assets.
D. Good cause exists to believe that the repatriation of assets held in foreign locations is necessary.
E. Good cause exists to believe that an accounting of assets is necessary.
F. Good cause exists to believe that, unless restrained and enjoined by order of this Court, Defendants may alter or destroy documents relevant to this action.

         I.

         IT IS HEREBY ORDERED that the SEC's a Preliminary Injunction shall issue and the SEC's Motion for Repatriation and Accountings is GRANTED.

         II.

         IT IS FURTHER ORDERED that Defendants Charles C. Liu ("Liu"); Xin Wang a/k/a Lisa Wang ("Wang"); Pacific Proton Therapy Regional Center, LLC ("Pacific Proton"); Pacific Proton EB-5 Fund, LLC ("PPEB5 Fund"); and Beverly Proton Center, LLC f/k/a Los Angeles County Proton Therapy, LLC ("Beverly Proton"), 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 ...


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