StaightPath loses TRO fight against SEC as it cites dismissal for criminal case
SDNY COURTHOUSE, May 13 – The SEC acted swiftly against StraightPath Venture Partners LLC on May 13, winning a temporary restraining order even as StraightPath’s attorney says the SEC threatened to refer the case to prosecution criminal.
The SEC is about to freeze the assets of StraightPath Venture Partners which, represented by Cahill Gordon, opposes it
Cahill Gordon’s Enzer: There is no evidence of loss. SEC appears in court with incomplete picture of financial records –
Judge Kaplan: You have already made this point. Cahill: The SEC tells us it has asked the DOJ to open a criminal investigation [!]
Cahill’s Enzer: If the SEC freezes its assets, it can’t hire any attorney it chooses [us?] for any criminal action…
SEC Counsel: Investors should not assume the risk that they use the money they have withdrawn for personal gain. The shortfall, we allege defendants sold interests in pre-IPO stock that they did not have and do not have today
SEC Attorney: As far as the DOJ is concerned, we only contacted them. Our priority is investor protection.
Judge Kaplan: Let’s talk about the schedule. Mr. Enzer wants to inform, fine, until May 20. Reply on May 25. I will enter a TRO.
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The case is SEC v. Staightpath Venture Partners, LCC et al., 22-cv-3897 (Kaplan)
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