Mark Kornfeld featured in article “SEC Wins Emergency Block On Suspected Securities Scam”Law360 03/10/20
Below is an excerpt:
The U.S. Securities and Exchange Commission has scored an early victory in a case against a Florida investment adviser accused of running a $39 million fraud scheme, with a Sunshine State federal court freezing the adviser's assets and putting the firm into receivership.
U.S. District Judge William F. Jung issued an order on Friday granting the SEC's bid to put a block on assets belonging to Kinetic Investment Group LLC and its managing member Michael Scott Williams, as well as the "relief defendants," a group of entities that were allegedly used to hold some of the ill-gotten gains.
"The court finds good cause to believe that, unless it imposes an asset freeze, defendants and relief defendants could dissipate, conceal or transfer from the jurisdiction of this court assets that are likely subject to an order of disgorgement," Judge Jung said.
The judge also granted the SEC's request to put Kinetic and the relief defendants into receivership, appointing Mark A. Kornfeld of Quarles & Brady LLP as the receiver.