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United States Securities and Exchange Commission v. Desai

Docket 1:19-cv-07528, Illinois Northern District Court (Nov. 14, 2019)
Honorable Thomas M. Durkin, presiding
Securities, Commodities, Exchange
DivisionChicago
FlagsHARJANI, MIDP, PROTO
Cause15:77 Securities Fraud
Case Type850 Securities, Commodities, Exchange
Tags850 Securities, Commodities, Exchange, 850 Securities, Commodities, Exchange
Plaintiff United States Securities and Exchange Commission
Defendant Ashik Desai
Defendant Rishi Shah
...
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No. 35 MOTION by Plaintiff United States Securities and Exchange Commission for judgment by Consent ...

Document United States Securities and Exchange Commission v. Desai, 1:19-cv-07528, No. 35 (N.D.Ill. Feb. 4, 2020)
The Proposed Judgment eliminates the need to litigate the merits of Desai’s liability and permanently enjoins Desai from violations of each of the provisions of the federal securities law at issue in the Amended Complaint.
The Proposed Judgment further provides that the monetary relief sought by the SEC – in the form of civil penalties – shall be determined by the Court at a later date.
For the purpose of that determination, the parties agree that the Court would accept the allegations in the Amended Complaint as true.
In SEC enforcement actions, Courts have routinely entered judgment based on this type of bifurcated settlement and have adopted the procedures described in the Consent for the relief phase of proceedings.
WHEREFORE, for the reasons cited above, the SEC respectfully requests that the Court grant this motion and enter the Proposed Judgment.
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No. 1

Document United States Securities and Exchange Commission v. Desai, 1:19-cv-07528, No. 1 (N.D.Ill. Nov. 14, 2019)

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