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Securities and Exchange Commission v. Nall

United States District Court, S.D. Alabama, Northern Division

October 3, 2019

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
JAMES WALLACE NALL, III, et al., Defendants.

          FINAL JUDGMENT AS TO DEFENDANT MICHAEL HALE SMITH

          TERRY F. MOORER UNITED STATES DISTRICT JUDGE

         The Securities and Exchange Commission having filed a Complaint and Defendant Michael Hale Smith (“Hale Smith”) having entered a general appearance; consented to the Court's jurisdiction over Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment:

         I.

         IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that Defendant Hale Smith is permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange, in connection with the purchase or sale of any security:

(a) to employ any device, scheme, or artifice to defraud;
(b) to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or
(c) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person,
by: (i) buying or selling a security of any issuer, on the basis of material nonpublic information, in breach of a fiduciary duty or other duty of trust or confidence that is owed directly, indirectly, or derivatively, to the issuer of that security or the shareholders of that issuer, or to any other person who is the source of the information; or (ii) by communicating material nonpublic information about a security or issuer, in breach of a fiduciary duty or other duty of trust or confidence, to another person or persons for purposes of buying or selling any security.

         IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in Federal Rule of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual notice of this Final Judgment by personal service or otherwise: (a) Defendant's officers, agents, servants, employees, and attorneys; and (b) other persons in active concert or participation with Defendant or with anyone described in (a).

         II.

         IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant Hale Smith is liable for disgorgement of $220, 625.84, representing profits gained as a result of the conduct alleged in the Complaint, together with prejudgment interest thereon in the amount of $31, 443.51, and a civil penalty in the amount of $220, 625.84 pursuant to Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)]. Defendant shall satisfy this obligation by paying $472, 695.19 to the Securities and Exchange Commission within 30 days after entry of this Final Judgment.

         Defendant may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request. Payment may also be made directly from a bank account via Pay.gov through the SEC website at http://www.sec.gov/about/offices/ofm.htm. Defendant may also pay by certified check, bank cashier's check, or United States postal money order payable to the Securities and Exchange Commission, which shall be delivered or mailed to

Enterprise Services Center Accounts Receivable Branch 6500 South MacArthur Boulevard Oklahoma City, OK 73169

         and shall be accompanied by a letter identifying the case title, civil action number, and name of this Court; Michael Hale Smith as a defendant in this action; and specifying ...


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