Filed: May 29, 2014
Latest Update: May 29, 2014
Summary: ORDER ALLYNE R. ROSS, District Judge. The court has received the Report and Recommendation on the instant case dated April 15, 2014, from the Honorable Viktor V. Pohorelsky, United States Magistrate Judge. No objections have been filed. 1 Accordingly, the court has reviewed the Report and Recommendation for clear error on the face of the record. See Advisory Comm. Notes to Fed. R. Civ. P. 72(b); accord Brissett v. Manhattan & Bronx Surface Transit Operating Auth., No. 09-CV-1930682 (CBA)
Summary: ORDER ALLYNE R. ROSS, District Judge. The court has received the Report and Recommendation on the instant case dated April 15, 2014, from the Honorable Viktor V. Pohorelsky, United States Magistrate Judge. No objections have been filed. 1 Accordingly, the court has reviewed the Report and Recommendation for clear error on the face of the record. See Advisory Comm. Notes to Fed. R. Civ. P. 72(b); accord Brissett v. Manhattan & Bronx Surface Transit Operating Auth., No. 09-CV-1930682 (CBA) ..
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ORDER
ALLYNE R. ROSS, District Judge.
The court has received the Report and Recommendation on the instant case dated April 15, 2014, from the Honorable Viktor V. Pohorelsky, United States Magistrate Judge. No objections have been filed.1 Accordingly, the court has reviewed the Report and Recommendation for clear error on the face of the record. See Advisory Comm. Notes to Fed. R. Civ. P. 72(b); accord Brissett v. Manhattan & Bronx Surface Transit Operating Auth., No. 09-CV-1930682 (CBA) (LB), 2011 WL 1930682, at *1 (E.D.N.Y. May 19, 2011). Having reviewed the record, I find no clear error. I hereby adopt the Report and Recommendation, in its entirety, as the opinion of the Court pursuant to 28 U. S.C. § 636(b)(1).
Therefore, plaintiff Securities and Exchange Commission's motion for a default judgment against defendant Malcolm Stockdale is granted. Stockdale is enjoined from committing further violations of the federal securities laws and from engaging in future offerings of penny stock. Judgment is entered against Stockdale for a civil penalty in the amount of $50,000. Stockdale is liable for disgorgement of $20,335, representing profits gained as a result of the unlawful conduct, together with prejudgment interest in the amount of $2,643.55, for a total of $22,978.55, which liability is deemed fully satisfied by the forfeiture order entered against Stockdale and his co-defendants in the parallel criminal proceeding. See United States v. Stockdale, 11-CR-801 (JBW).2
Counsel for plaintiff is directed to serve a copy of this Order on Stockdale and file proof of such service in the record. Since final judgments have already been issued as to the other two co-defendants, Dkt. #36 & 37, the Clerk of Court is directed to enter judgment against Stockdale pursuant to this Order and close the case.
SO ORDERED.
