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Securities and Exchange Commission v. Thomas

United States District Court, D. Nevada

December 6, 2019

SECURITIES AND EXCHANGE COMMISSION, Plaintiff
v.
JOHN F. THOMAS [aka JOHN RODGERS, JONATHAN WEST, JOHN FRANK, and JOHN MARSHALL], THOMAS BECKER, DOUGLAS MARTIN, PAUL HANSON, DAMIAN OSTERTAG, EINSTEIN SPORTS ADVISORY, LLC, QSA, LLC, VEGAS BASKETBALL CLUB, LLC, VEGAS FOOTBALL CLUB, LLC, WELLINGTON SPORTS CLUB, LLC, WELSCORP, INC., and EXECUTIVE FINANCIAL SERVICES, INC., Defendants

          AMENDED [1] PRELIMINARY INJUNCTION AND ORDER (1) FREEZING ASSETS, (2) PROHIBITING THE DESTRUCTION OF DOCUMENTS, AND (3) REQUIRING ACCOUNTINGS [ECF NO. 6]

          ANDREW P. GORDON, UNITED STATES DISTRICT JUDGE

         Plaintiff Securities and Exchange Commission (SEC) filed a motion for preliminary injunction. ECF No. 6. After briefing by the parties and a hearing on December 4, 2019, I find as follows:

         A. This court has jurisdiction over the parties to, and the subject matter of, this action.

         B. Good cause exists to believe that:

(1) Defendants Douglas Martin, Executive Financial Services, Inc. (EFS), and Paul Hanson, have engaged in, are engaging in, and are about to engage in transactions, acts, practices and courses of business that constitute violations of Sections 5(a) and 5(c) of the Securities Act of 1933 (“Securities Act”) (15 U.S.C. §§ 77e(a), 77e(c));
(2) Defendants John F. Thomas, Thomas Becker, Wellington Sports Club, LLC (Wellington), Welscorp, Inc. (Welscorp), Einstein Sports Advisory, Ltd. (ESA), Quantum Sports Advisory, LLC (QSA), Vegas Basketball Club, LLC (VBC) and Vegas Football Club, LLC (VFC) (collectively, the Six Entities) have engaged in, are engaging in, and are about to engage in 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 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); and
(3) Defendants Martin, Hanson, and EFS have engaged in, are engaging in, and are about to engage in transactions, acts, practices and courses of business that constitute violations of Section 15(a) of the Exchange Act (15 U.S.C. §§ 78o(a)).

         C. The SEC has demonstrated (1) a prima facie case that one or more violations of the securities laws have occurred and (2) a reasonable likelihood that the violations will be repeated.

         I.

         I HEREBY GRANT that the SEC's Motion (ECF No. 6) in part.

         II.

         I FURTHER ORDER that defendants Martin, Hanson, and EFS, 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, are preliminarily enjoined from, directly or indirectly, in the absence of any applicable exemption:

A. unless a registration statement is in effect as to a security, making use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell such security through the use or medium of any prospectus or otherwise;
B. unless a registration statement is in effect as to a security, carrying or causing to be carried through the mails or in interstate commerce, by any means or instruments of transportation, any such security for ...

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