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Case Status Report: Equity Financial, Shasta or Tech Traders
2006 Updates
Highlights and Key Dates
The Court has also held several status conferences concerning the claims of certain Shasta investors who had previously invested with prior defendant Shimer related entities Kaivalya and Edgar Holding Group. At the last status conference on January 25, 2006, Magistrate Donio ruled that the claimants and the Receiver engage in certain discovery and report at another status conference on March 15, 2006. The Magistrate also set an evidentiary hearing on their claims for April 25 and 26, 2006 starting at 10 AM in the Mitchell Cohen Courthouse, Courtroom 3B, Camden, New Jersey. This hearing date was vacated when the Receiver and the claimants entered into settlements of their claims. These settlements were approved by Judge Kugler on March 10, April 17 and April 25, 2006.
On January 31, 2006, at a status conference Magistrate Donio entered a Scheduling Order which provides that fact discovery ended February 28. 2006, dispositive motions were due by April 7, the Commission’s expert reports were due March 15, defendants’ expert reports were due April 17 and expert discovery was to be concluded by May 31, 2006.
On April 7, 2006, the Commission filed a Motion for Partial Summary Judgment as to Equity Financial Group, Robert Shimer and Vincent Firth. The same day, defendants Shimer and Firth filed renewed motions for summary judgment. On April 20, 2006, the CFTC filed a response to Shimer’s and Firth’s motions for summary judgment and on May 5, Shimer and Equity filed responses to the CFTC’s motion for partial summary judgment. On April 25, 2006, Shimer filed a reply to the CFTC’s response to his motion for summary judgment and on May 25, 2006, the CFTC filed a reply to Shimer’s response to the CFTC’s motion for partial summary judgment. The parties’ respective motions for summary judgment are awaiting ruling by Judge Kugler. A pre-trial conference, originally scheduled for May 25, 2006, was suspended indefinitely pending resolution of the summary judgment motions.
On April 18, 2006, Defendant Coyt E. Murray was charged criminally in a Bill of Information by the United States Attorney for the Western District of North Carolina with commodities fraud, mail fraud and wire fraud arising from his actions for which he was charged civilly in this action.
Status Updates and Court Documents: 2006
December 28, 2006
- CFTC’s Motion For reconsideration of Order on Motion for Summary Judgment on violation of 17 CFR 4.30 (Attachments: Proposed Order and Memorandum in Support)
December 27, 2006
- Receiver Stephen Bobo’s motion for approval of settlement with Puttman & Teague, LLP, Elaine Teague and John Puttman (Attachments: Affidavit of Receiver and Supporting Memorandum)
December 21, 2006
- Defendant Shimer’s reply to CFTC’s response to motion for reconsideration and motion to disqualify Judge
- Defendant Firth’s reply to CFTC’s response to motion for reconsideration and motion to disqualify Judge
December 18, 2006
- Opinion and order entered by Judge Kugler granting in part and denying in part CFTC’s Motion for summary judgment
- Opinion and Order entered by Judge Kugler: granting Defendants Shimer and Firth’s motion for reconsideration and denying Defendants Shimer and Firth’s motion for summary judgment
- Opinion and Order by Judge Kugler granting in part and denying in part motion to disallow certain Universe investor claims, dismissing as Moot motion for extension of time to file a response/reply
- Order by Judge Kugler granting motion for authority to implement creditor claim process for non-investor creditors of Tech Traders (Attachments: Exhibit 1)
December 14, 2006
- CFTC’s Response to defendant’s motions for reconsideration of summary judgment, motions to disqualify Judge
December 12, 2006
- Defendant Shimer’s motion to disqualify judge (Attachments: Proposed Order and Brief)
- Defendant Firth’s motion to disqualify judge (Attachments: Proposed Order)
December 5, 2006
- Defendant Shimer’s motion for reconsideration of Judge Kugler’s order denying motion for summary judgment (Attachments: Brief in Support)
- Defendant Firth’s motion for reconsideration of Judge Kugler’s order denying motion for summary judgment
November 27, 2006
- Pleading filed by DiIenno pertaining to the Interim Distribution
November 16, 2006
- Opinion entered by Judge Kugler: denying the motions for summary judgment filed Defendants Shimer and Firth
November 15, 2006
- Receiver Stephen Bobo’s Motion for approval of settlement regarding claim of Lynn Obester (Attachments: Affidavit of Stephen T. Bobo)
November 6, 2006
- Order by Judge Kugler: denying Defendants Firth’s and Shimer’s Motion for Summary Judgment
November 3, 2006
- Scheduling Order entered by Judge Donio: setting status conference for 1/11/2007 at 11:30 am
October 18, 2006
- Receiver’s Motion for Ninth Interim Compensation and Expense Reimbursement (Attachments: Proposed Order and Declaration of Receiver, Stephen Bobo)
- Defendant Firth’s Reply to Response to Motion to Stay Order on Motions to Compel
- Defendant Shimer’s Reply to Response to Motion to Appeal of Judge’s Decision on Receiver’s Motion to Compel
October 17, 2006
- Receiver’s Motion for Authority to Settle Disputes with Marshall Lafar (Attachments: Affidavit of Receiver and Supporting Memorandum)
- Receiver’s Motion for Authority to Settle Disputes with Mcdermott Will & Emery (Attachments: Affidavit of Receiver and Supporting Memorandum)
October 5, 2006
- Receiver Stephen Bobo’s Response in Opposition to Appeal of Judge’s Decisions on Receiver’s Motions to Compel Production of Tax Returns from Defendant Shimer and Defendant Firth
- Receiver Stephen Bobo’s Response in Opposition to Motions to Stay Order on Motions to Compel
September 15, 2006
- Defendant Shimer’s Appeal of Judge’s Decision on Receiver’s Motion to Compel
- Defendant Shimer’s Motion to Stay Order on Receiver’s Motion to Compel Pending Appeal
- Defendant Firth’s Appeal of Judge’s Decision on Receiver’s Motion to Compel
- Defendant Firth’s Motion to Stay Order on Receiver’s Motion to Compel Pending Appeal
September 7, 2006
- Scheduling Order entered by Judge Donio: setting status conference for 11/3/2006 at 11:30 am
- Minute entry for proceedings held before Judge Donio on the record
September 1, 2006
- Order by Judge Donio Granting Receiver’s Motions to Compel the Productions of Tax Returns
August 23, 2006
- Order entered by Judge Kugler Granting Receiver’s (378) Motion for Fees
August 22, 2006
- Receiver Stephen Bobo’s Motion for Authority to Implement Creditor Claim Process for Non-Investor Creditors of Tech Traders, Inc., Tech Traders, Ltd., and Equity Financial Group, LLC, and Related Relief (Attachments: Proposed Order, Affidavit of Receiver and Supporting Memorandum)
August 21, 2006
- Order entered by Judge Kugler Granting Receiver’s Motion for Fees
July 28, 2006
- Receiver Stephen Bobo’s Fifth Status Report (Attachments: Exhibit A, Exhibit B, and Exhibit C)
July 20, 2006
- Receiver Stephen Bobo’s Reply to Response to Motion to Compel the Production of Vincent Firth Tax Returns
July 14, 2006
- Firth’s Response in Opposition to Receiver’s Motion to Compel the Production of Vincent Firth Tax Returns
July 12, 2006
- Motion for Interim Compensation and Expense Reimbursement by Receiver, Stephen Bobo. (Attachments: Proposed Order and Declaration of Receiver, Stephen Bobo, part I and part II)
July 7, 2006
- CFTC’s motion to strike and proposed order
- Consent order of permanent injunction against Defendant J. Vernon Abernethy, with judgment in favor of CFTC in the amount of $5,300,000.00.
June 30, 2006
- Scheduling Order: setting telephone status conference for 9/7/2006 at 2:30 p.m.
June 29, 2006
- Receiver’s motion to compel production of tax returns by Defendant Firth (Attachments: motion, brief and proposed order)
June 19, 2006
- Report and Recommendations entered by Judge Donio regarding Order to Show Cause
- Scheduling Order: setting telephone status conference for 6/29/2006 at 4:00 p.m.
June 1, 2006
May 26, 2006
- Consent Order entered by Judge Kugler regarding settlement of claim dispute of Janelle A. Wagner Family Trust
- Vico, Inc.’s response in opposition to Receiver’s motion to disallow certain Universe investor claims
May 25, 2006
- CFTC’s reply to Shimer’s response to motion for partial summary judgment (Attachments: CFTC’s Response to Shimer’s Statement of Facts)
May 9, 2006
- Receiver’s motion to disallow certain Universe investor claims (Attachments: Memorandum in Support, Affidavit of Stephen Bobo in Support; Declaration of J. McCormack in Support and Proposed (Amended) Order)
- Status conference held on the record
May 5, 2006
- Shimer’s response in opposition to CFTC’s motion for partial summary judgment (Attachments: Statement of Material Facts and Exhibits A – L (exhibits not attached, but may be available upon request)
- Equity’s response in opposition to CFTC’s motion for partial summary judgment
April 28, 2006
April 25, 2006
- Shimer’s reply to CFTC’s response on his motion for summary judgment
- Order entered by Judge Kugler: granting motion for settlement
April 20, 2006
April 18, 2006
- US Attorney’s Office for the Western District of North Carolina charges Coyt Murray and Bill of Information is issued
- Indictment by US Attorney’s Office for the Western District of North Carolina of Howell Woltz is unsealed
April 17, 2006
- Letter from Defendant Shimer requesting that final pretrial conference be postponed
- Order entered by Judge Kugler: approving settlement of disputed claim of Nancy Omaha Boy
- Order entered by Judge Kugler: granting Receiver’s motion for authority to make interim distribution to certain Universe investors
- Order entered by Judge Kugler: approving settlement regarding Man Pro Account and directing Man Financial to release funds
- Order entered by Judge Kugler: denying Receiver's request for an order adopting the proposed treatment of claims for the seven disputed Universe claimants
- Order entered by Judge Kugler: denying without prejudice receiver’s motion for a turnover of funds
April 7, 2006
- Defendant Shimer’s Motion for Summary Judgment (Attachments: Statement of Facts, Proposed Order, Affidavit, Brief, and Exhibits A, B, C, D and E)
- Defendant Firth’s Motion for Summary Judgment (Attachments: Statement of Facts and Proposed Order)
- CFTC’s Motion for Partial Summary Judgment as To Equity Financial Group, Robert Shimer and Vincent Firth (Attachments: Statement of Material Facts, Memorandum in Support and Proposed Order) (Appendices in Support may be made available upon request)
March 24, 2006
- Equity Receiver's Motion for Interim Compensation and Expense Reimbursement to Sachnoff & Weaver, Ltd., FGMK, LLC and Pepper Hamilton LLP (Attachments: Proposed Order and Declaration of Stephen Bobo as Equity Receiver for interim compensation (with Exhibits in Support parts one and two)
March 20, 2006
March 10, 2006
- Order by Judge Kulger: granting Receiver’s motion for settlement of Marrongelle’s claim
March 7, 2006
- Order by Judge Kugler: adopting February 6, 2006 Report and Recommendation of Judge Donio and ordering that J. Vernon Abernethy's motion to proceed in forma pauperis is denied without prejudice
March 6, 2006
- Receiver’s motion for approval of settlement regarding the Man Pro Account and directing Man Financial to release funds in accordance with settlement. (Attachments: Supporting Affidavit of Stephen Bobo and Proposed Order)
- Receiver’s motion for approval of settlement regarding claims of Marsha Green and Thomas and Nancy List (Attachments: Memorandum in Support for Approval and Proposed Order)
- Receiver’s motion for approval of settlement regarding claim of Nancy Omaha Boy (Attachments: Memorandum in Support for Approval of Settlement and Proposed Order)
March 2, 2006
February 27, 2006
- Order entered by Judge Donio: denying without prejudice Defendant Shimer’s Motion to Compel
Minute Entry for proceedings held before Judge Donio: Motion on hearing held on 2/27/2006 re motion to compel as filed by Defendant Shimer; and Order denying motion without prejudice
February 22, 2006
February 10, 2006
- Receiver’s motion for authority to make interim distribution to certain Tier 3 Universe investors (Attachments: Affidavit of Stephen T. Bobo in Support and Proposed Order)
February 6, 2006
- Order entered by Judge Donio denying Defendant Abernethy’s motion to appoint pro bono counsel
- Report and Recommendations entered by Judge Donio re Defendant Abernethy’s motion to appoint pro bono counsel
February 2, 2006
February 1, 2006
- Receiver’s motion for settlement of claim of Jeffrey Marrongelle (Attachments: Memorandum in Support and Proposed Order)
January 31, 2006
- Telephonic status conference held before Judge Donio
- Scheduling Order entered by Judge Donio: Pretrial factual discovery shall be concluded by February 28, 2006; dispositive motions are due by April 7, the Commission’s expert reports are due March 15, Defendants’ expert reports are due April 17 and expert discovery is to be concluded by May 31, 2006. The parties shall also exchange, in accordance with the foregoing schedule, written statements identifying all opinion testimony counsel and the parties anticipate will be presented at trial pursuant to F.R.Evid. 701 and Teen-Ed v. Kimball International, Inc., 620 F.2d 399 (3d Cir. 1980). The Final Pretrial Conference of April 20, 2006 is rescheduled to May 25, 2006 at 10:00 AM The form Joint Final Pretrial Order (original and two copies for the court, with sufficient copies for all counsel), as signed by all litigants, shall be delivered to me at the conference. The plaintiff's portion of the proposed order shall be prepared and sent to defense counsel not later than May 4, 2006. Defendants' portion of the proposed order shall be prepared and returned to counsel for plaintiff not later than May 18, 2006. The Court will conduct a telephone status conference on February 27, 2006 at 3:30 PM
January 25, 2006
- Telephonic conference held before Judge Donio:
- Scheduling Order entered by Judge Donio: Phone conference is set for 1/31/06 at 11AM. Evidentiary Hearing set for 4/25/06 and 4/26/06 at 10:00AM
January 24, 2006
January 20, 2006
January 13, 2006
January 9, 2006
- Receiver’s Reply to Shimer’s Response to Motion to Compel Tax Returns
- Order by Judge Kugler: granting Receiver’s Motion to Make Interim Distribution to Certain Tier 2 Sterling Bank, Ltd. Investors
- Order by Judge Kugler: granting Receiver’s Motion for Attorney’s Fees
January 3, 2006
- Defendant Shimer’s Response to Receiver’s Motion to Compel Tax Returns
- Defendant Shimer’s Motion to Compel CFTC to Produce (Attachment: Exhibit A)
Related Documents:
- Information Related to the Claims Process
- Information Related to the CFTC’s Case Against the Defendants
- Daily Updates and Court Documents: 2006
- Daily Updates and Court Documents: 2005
- Daily Updates and Court Documents: 2004
- News Release: 4908-04, April 6, 2004
- Complaint, April 1, 2004
- Initial Questionnaire (Word)
- Initial Questionnaire (PDF)
Media Contact:
Rosemary Hollinger
Associate Director and Regional Counsel
CFTC Division of Enforcement
525 West Monroe Street
Suite 1100
Chicago, IL 60661
(No investor inquiries, please.)
Investor Inquiries:
Joy McCormack, Investigator
CFTC Division of Enforcement
525 West Monroe Street
Suite 1100
Chicago, IL 60661
shasta@cftc.gov
Receiver Contact and Claims Inquiries:
Stephen Bobo
Sachnoff & Weaver, Ltd.
30 South Wacker Drive
29th Floor
Chicago, IL 60606-7484