UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF FLORIDA
FORT LAUDERDALE DIVISION

_______________________________________________________
)
COMMODITY FUTURES TRADING COMMISSION, ) CIVIL ACTION NO.
Plaintiff, )      99-6560-CIV-DIMITROULEAS
)

vs.

)
) CONSENT ORDER OF PERMANENT
EUROPACIFIC EQUITY AND CAPITAL ) INJUNCTION AND OTHER

MANAGEMENT, LTD., ET AL.,

) EQUITABLE RELIEF AGAINST

Defendants.

) DEFENDANT DAVID MICHAEL LOYD
_______________________________________________________ )

 

I

INTRODUCTION

1. On May 5, 1999, plaintiff Commodity Futures Trading Commission ("Commission") filed a complaint against defendant David Michael Loyd ("Loyd"), and others, alleging violations of the Commodity Exchange Act ("Act"), as amended, 7 U.S.C. §§ 1 et seq. (1994), and the regulations promulgated thereunder, 17 C.F.R. § 1.1 et seq. (1999). On May 14, 1999, this Court entered a Consent Order of Preliminary Injunction And Other Equitable Relief Against David Michael Loyd.

2. To effect settlement of this action without a trial on the merits or further judicial proceedings, Loyd consents to this Consent Order Of Permanent Injunction And Other Equitable Relief Against Defendant David Michael Loyd ("Order"). Loyd also: (1) acknowledges service upon him of the summons and complaint in this action; (2) admits this Court's personal and subject matter jurisdiction over him and this action; (3) admits that venue properly lies with this Court; and (4) waives the entry of findings of fact and conclusions of law in this action pursuant to Fed. R. Civ. P. 52, except as provided in Part II below.

3. By consenting to the entry of this Order, Loyd neither admits nor denies the allegations of the Commission's complaint or the findings of fact made by this Court and contained in Part II of this Order, except as to jurisdiction and venue. However, Loyd agrees and the parties to this Order intend that the allegations of the Commission's complaint and all of the findings of fact made by this Court and contained in Part II of this Order shall be taken as true and correct and be given preclusive effect without further proof in any bankruptcy proceeding filed by, on behalf of, or against Loyd for the purpose of determining whether his restitution obligation and/or other payments ordered herein are excepted from discharge. Loyd also shall provide immediate notice of any bankruptcy proceeding filed by, on behalf of, or against him in the manner required by Part V, paragraph 1. of this Order.

4. Loyd agrees that: (1) he will not take any action or make or permit to be made any public statement denying, directly or indirectly, any finding or conclusion contained in this Order or creating, or tending to create, the impression that this Order is without a factual basis; and (2) no agent or employee of Loyd acting under his authority or control shall take any action or make or permit to be made any public statement denying, directly or indirectly, any of the findings or conclusions in this Order or creating, or tending to create, the impression that this Order is without factual basis, and Loyd shall undertake all steps necessary to assure that all of his agents and employees understand and comply with this agreement. Nothing in this provision affects Loyd's: (1) testimonial obligations; or (2) right to take legal positions in other proceedings to which the Commission is not a party.

5. Loyd waives: (1) all claims that he may possess under the Equal Access to Justice Act ("EAJA"), 5 U.S.C. § 504 and 28 U.S.C. § 2412, as amended by Pub. L. No. 104-121, §§ 231-32, 110 Stat. 862-63, and Part 148 of the Commission's Regulations, 17 C.F.R. §§ 148.1 et seq., relating to or arising from this action and any right under EAJA to seek costs, fees, and other expenses relating to or arising from this proceeding; (2) any claim of Double Jeopardy based upon the institution of this proceeding or the entry in this proceeding of any order imposing a civil monetary penalty or any other relief; and (3) all rights of appeal from this Order.

6. Loyd consents to the continued jurisdiction of this Court for the purpose of enforcing the terms and conditions of this Order and for any other purposes relevant to this action.

7. Loyd agrees to cooperate fully with the Commission in the prosecution of its complaint in this action, in any ongoing investigations related to the subject matter of the complaint in this action, and in all other proceedings arising from such investigations by, among other things: (1) responding promptly, completely, and truthfully to any inquiries or requests for information and otherwise cooperating fully with discovery; (2) providing authentication of documents; (3) testifying completely and truthfully; and (4) not asserting privileges under the Fifth Amendment of the United States Constitution in connection with any testimony he is asked to provide.

8. Loyd affirms that he has read this Order and agrees to this Order voluntarily, and that no promise or threat of any kind has been made by the Commission or any member, officer, agent, or representative thereof, or by any other person, to induce his consent to this Order, other than as set forth specifically herein.

9. Loyd acknowledges that this Court is not ordering payment of a civil monetary penalty pursuant to Section 6c(d) of the Act, 7 U.S.C. § 13a-1(d), or immediate payment of restitution, other than as required by paragraphs 1. and 2. of Part IV below, based upon the accuracy and completeness of Loyd's sworn representations to the Commission concerning his financial condition. If at any time following the entry of this Order, the Commission obtains information indicating that any of Loyd's representations to the Commission concerning his financial condition were fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time such representations were made, the Commission may, in its sole discretion and without prior notice to Loyd, petition this Court for an order requiring Loyd immediately to pay full restitution or a civil monetary penalty. In connection with any such petition, the only issues shall be whether the financial information provided by Loyd was fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time such representations were made, and the amount of civil monetary penalty to be imposed. In its petition, the Commission may request that this Court consider all available remedies, including, but not limited to, ordering Loyd to pay funds or transfer assets, directing the forfeiture of any assets, imposing sanctions for contempt of this Order, and/or the Commission may also request additional discovery. Loyd shall not, by way of defense to such petition, challenge the validity of his consent to this Order, contest the allegations of the Commission's complaint or the findings or conclusions contained in this Order, contest the amount of restitution, or assert that payment of restitution or a civil monetary penalty should not be ordered.

10. This Court, being fully advised in the premises, finds that there is good cause for the entry of this Order and that there is no just reason for delay. This Court therefore directs the entry of findings of fact and a permanent injunction and other equitable relief, pursuant to Section 6c of the Act, 7 U.S.C. § 13a-1, as set forth herein.

II

FINDINGS OF FACT

1. In the fall of 1997, Loyd began soliciting individuals to invest in a commodity pool called at various times either the Europacific Fund or the International Investment Fund ("Fund") and operated by an entity known either as EuroPacific Equity and Capital Management, Ltd. ("Europacific") or International Investment Group, Ltd. ("IIG"). During the period Fall 1997 through September 1998, Loyd attended two seminars in Cancun and two seminars in Aruba to solicit individuals for the Fund.

2. At the seminars, Loyd claimed that defendant Richard Tichy ("Tichy") managed the Fund. Loyd stated that Tichy had designed a new computer software program to trade futures contracts on the Standard and Poor's 500 Stock Index. Loyd said that he expected returns of 100% for investors and claimed that Tichy was a highly successful trader. He stated that Tichy had tested the computer trading program using his own money and had achieved returns of 754% in a three-year period. At one or more of the seminars, Loyd provided attendees with brochures claiming that the Fund had returned 16.72% in profits during the first two months of 1998 and that the minimum projected return for 1998 was 134.21%. In addition, after the seminars, in private meetings with prospective investors, Loyd again claimed that Tichy had designed a computerized trading program that had yielded very profitable trading results in excess of 100%.

3. Loyd had no knowledge that Tichy ever achieved any of the profit returns or that any customer funds actually were invested in commodity futures or options contracts. Loyd made the representations about Tichy's trading record and the Fund's profitability with knowing or reckless disregard as to their truth.

4. By touting Tichy's purported trading record and the Fund's profitability, Loyd solicited at least one hundred four (104) individuals and entities to invest at least $2,595,307 in the Fund.

5. Individuals who attended the seminars subsequently telephoned Loyd at IIG's office in Florida or in the Bahamas to make arrangements to invest in the Fund. Pursuant to Loyd's instructions, individuals filled out account opening agreements for the Fund and sent them to Loyd at one of IIG's offices.

6. Pursuant to instructions contained in the account opening documents, individuals wired funds either to (1) a money-market account at Charles Schwab & Co., Inc. in the name of Europacific; or (2) an account in the name of IIG at Barclays Bank in the Bahamas. Loyd knew that Tichy controlled these accounts.

7. Loyd sent monthly account statements and accompanying cover letters to investors that falsely represented that the Fund was generating profits. The account statements reported that each investor's return on his or her investment was increasing each month, but did not disclose, as required, the Fund's specific trading activity. The cover letters summarized fictitious trading activity in the Fund, falsely represented that the Fund's net asset value was increasing, and misrepresented the investors' share of profits in the Fund. For example, investors received letters in May 1998 stating that 50% of the pool funds had been invested in the market and that a 24.31% profit had been realized. Investors also received letters in June 1998 stating that 75% of the pool funds had been placed in the market and that a 31.73% profit had been realized. In August 1998, investors received letters stating that the return on their investments in the Fund had surpassed 50% for 1998 and that they were on track to receive a 60% to 70% return on their investments by the end of 1998.

8. In fact, investors never realized any profits from depositing their money in the Fund. Of the $2,595,307 invested, only approximately $134,000 was traded in the futures markets. Tichy traded this money in a Europacific proprietary account, not an account in the name of the Fund. All funds in this account were lost in losing trades.

9. Defendants Tichy, Europacific, Tortola Corporation Company, Ltd., and IIG misappropriated all remaining investor funds by using them for personal expenses or by transferring them to unrelated individuals and entities.

10. Loyd had no knowledge that any customer funds actually were invested in commodity futures or option contracts or that investors ever actually earned any profits. Loyd reported the profitability of the Fund to investors with knowing or reckless disregard as to the true status of investor funds.

11. Investors deposited money into the Fund in reliance upon Loyd's representations regarding Tichy's trading record and the Fund's past and current profits.

12. Loyd failed to provide investors with (1) a Disclosure Document for the Fund, as required by the Act and the Regulations, and (2) statements of account and annual reports in the form and manner required by the Commission. In addition, Loyd failed to file, as required, a Disclosure Document with the Commission.

III

PERMANENT INJUNCTION

IT IS HEREBY ORDERED THAT:

1. Loyd is permanently restrained, enjoined, and prohibited from directly or indirectly:

a. Cheating or defrauding or attempting to cheat or defraud other persons and willfully making or causing to be made to other persons any false report or statement thereof, in or in connection with any order to make, or the making of, any contract of sale of any commodity for future delivery, made, or to be made, for or on behalf of any other person if such contract for future delivery is or may be used for (a) hedging any transaction in interstate commerce in such commodity or the products or byproducts thereof, or (b) determining the price basis of any transaction in interstate commerce in such commodity, or (c) delivering any such commodity sold, shipped, or received in interstate commerce for the fulfillment thereof, in violation of Section 4b(a)(i) and (ii) of the Act, 7 U.S.C. § 6b(a)(i) and (ii);

b. Acting as a commodity pool operator ("CPO"), directly or indirectly, without being registered under the Act and using the mails or any means or instrumentality of interstate commerce in connection with business as a CPO in violation of Section 4m(1) of the Act, 7 U.S.C. § 6m(1);

c. Acting as an associated person of a CPO, directly or indirectly, without being registered under the Act or permitting any person to act as an associated person without being registered under the Act, in violation of Section 4k(2) of the Act, 7 U.S.C. § 6k(2), and Section 3.12(a) of the Regulations, 17 C.F.R. § 3.12(a);

d. Employing any device, scheme, or artifice to defraud any participant or prospective participant, or engaging in any transaction, practice, or course of business which operates as a fraud or deceit upon any participant or prospective participant, by use of the mails or any means or instrumentality of interstate commerce, in violation of Section 4o(1) of the Act, 7 U.S.C. § 6o(1); and

e. Failing to provide a Disclosure Document in the form specified by the Commission's Regulations to prospective pool participants, failing to distribute to pool participants monthly account statements and an annual report in the form and manner prescribed by the Commission, and failing to file a Disclosure Document with the Commission, in violation of Section 4n(4) of the Act, 7 U.S.C. § 6n(4), and Sections 4.21, 4.22, 4.24, 4.25, and 4.26 of the Regulations, 17 C.F.R. §§ 4.21, 4.22, 4.24, 4.25, 4.26.

2. Loyd is permanently restrained, enjoined, and prohibited from:

a. trading on or subject to the rules of any contract market;

b. engaging in, controlling, or directing the trading for any commodity interest account for or on behalf of any other person or entity, whether by power of attorney or otherwise; and

c. applying for registration or seeking exemption from registration with the Commission in any capacity, and engaging in any activity requiring such registration or exemption from registration, or acting as an agent or officer of any person registered, exempted from registration or required to be registered with the Commission. This includes, but is not limited to, soliciting, accepting or receiving any funds, revenue, or other property from any person, giving advice for compensation, or soliciting prospective customers, related to the purchase or sale of any commodity futures or options on commodity futures contracts.

3. The injunctive provisions of this Order shall be binding upon Loyd, any person insofar as he or she is acting in the capacity of officer, agent, servant, or attorney of Loyd, and any person who receives actual notice of this Order by personal service or otherwise insofar as he or she is acting in active concert or participation with Loyd.

IV

RESTITUTION

IT IS FURTHER ORDERED THAT:

1. Restitution: Loyd shall make full restitution to the Fund investors identified in Exhibit A. Full restitution shall amount to $2,595,307, plus prejudgment interest of $339,831, for the period August 1998 through April 2000. Loyd is jointly and severally liable for payment of this restitution. In satisfaction of his obligation, he shall make payments as described within paragraph 2. of this Part IV over a period of five (5) years from the entry of this Order. Exhibit A includes the amount of restitution owed each investor. Omission of any Fund investor from Exhibit A shall in no way limit the ability of such Fund investor from seeking recovery from Loyd or any other person or entity. Further, the amounts contained in Exhibit A shall not limit the ability of any Fund investor from proving that a greater amount is owed from Loyd or any other person or entity, and nothing herein shall be construed in any way to limit or abridge the rights of any Fund investor that exist under state or common law.

2. Payment of Restitution: Restitution shall be made as follows:

a. Loyd's restitution obligation shall be overseen and administered by a monitor ("Monitor") determined by the Commission. Accordingly, the National Futures Association shall be designated as Monitor for the period beginning with the date of entry of this Order and continuing until distribution of the last payment called for by this Order, or until restitution is paid in full and distributed, whichever occurs first.

b. For five years following the entry of this Order, i.e., years 2001 through 2005, Loyd shall make an annual payment ("Annual Payment") to an account designated by the Monitor of: (1) a percentage of his combined adjusted gross income (as defined by the Internal Revenue Code) earned or received by Loyd during the previous calendar year, plus (2) all other cash receipts, cash entitlements, or proceeds of non-cash assets received by Loyd during the previous calendar year. The Annual Payment shall be made on or before June 30 of each calendar year, starting in calendar year 2001, and continuing for five (5) years through 2005, or until Loyd makes full restitution, whichever occurs sooner.

c. Loyd shall provide the Monitor a sworn Financial Disclosure Statement and complete copies of his signed federal income tax returns, including all schedules and attachments thereto (e.g., IRS Forms W-2) and Forms 1099, as well as any filings he is required to submit to any state tax or revenue authority, on or before May 15 of each calendar year, or as soon thereafter as the same are filed, for a period of five (5) years after the entry of this Order or until he makes full restitution, whichever occurs sooner. If, during the same time period, Loyd elects to file a joint tax return, he shall provide all documents called for by this subparagraph c., including the signed and filed joint tax return, plus a draft individual tax return prepared on IRS form 1040 containing a certification by a licensed certified public accountant that the "Income" section (currently lines 7-22 of the form 1040) truly, accurately, and completely reflects all of his income, that the "Adjusted Gross Income" section (currently lines 23-33 of the form 1040) truly, accurately, and completely identifies all deductions that he has a right to claim, and that the deductions contained in the "Adjusted Gross Income" section are equal to or less than 50% of the deductions that he is entitled to claim on the joint tax return; provided, however, that Loyd may claim 100% of the deductions contained in the "Adjusted Gross Income" section that are solely his. Such individual tax return shall include all schedules and attachments thereto (e.g., IRS Forms W-2) and Forms 1099, as well as any filings required to be submitted to any state tax or revenue authority.

d. Based on the information contained in Loyd's Financial Disclosure Statement and his tax returns, the Monitor shall calculate the Annual Payment to be made by Loyd for years 2001 through 2005. On or before June 15 of each year, starting in calendar year 2001, the Monitor shall send written notice to Loyd with instructions to make the Annual Payment by June 30 to an account designated by the Monitor. The Monitor shall then disburse any payment made by Loyd to Fund investors in the appropriate amounts. The Monitor, in its discretion, may require investors, prior to receiving payment, to provide a sworn statement and documentation verifying the amounts of their loss. In his sole discretion, based upon the amount of funds available for distribution, the Monitor may decide to defer distribution. If, at the end of the five year payment period, any of the Annual Payments has not been distributed or remains unclaimed, the Monitor shall either: (1) distribute the funds to Fund investors; (2) make a recommendation to the Commission providing for distribution of the funds to any other individual whose funds were solicited, received, or disposed of by any other defendant in this matter; or (3) make a recommendation to the Commission that the funds become a civil monetary payment pursuant to Section 6c(d) of the Act, 7 U.S.C. § 13a-1(d). Any of the Annual Payments that become a civil monetary payment shall be paid to the Commodity Futures Trading Commission for deposit to the United States Treasury, and addressed to Dennese Posey, or her successor, Division of Trading and Markets, Commodity Futures Trading Commission, 1155 21st Street, N.W., Washington D.C. 20581, under cover of a letter that identifies Loyd and the name and docket number of this proceeding. A copy of the cover letter and the form of payment shall be simultaneously transmitted to Phyllis J. Cela, Acting Director, Division of Enforcement, Commodity Futures Trading Commission, or her successor, at the following address: 1155 21st Street, N.W., Washington D.C. 20581.

e. The Annual Payment will be determined as follows:

Where Adjusted Gross Income Plus Net Cash Receipts Total: Percent of total to be paid by Loyd to persons listed in Exhibit A is:
Under $50,000.00 0%
$50,000.00 up to and including $100,000.00

30% of the amount above $50,000.00

Above $100,000.00 $15,000.00 (which represents 30% of the amount between $50,000.00 and $100,000.00) plus 40% of the amount above $100,000.00.

f. Loyd shall cooperate fully and expeditiously with the Monitor and the Commission in carrying out his duties with respect to restitution. He shall cooperate fully with the Monitor and the Commission in explaining his financial income and earnings, status of assets, financial statements, asset transfers, and tax returns, and shall provide any information as may be required by the Commission and/or the Monitor in administering the restitution obligation, including, but not limited to, the addresses, telephone numbers, and other information pertaining to the investors listed in Exhibit A. Furthermore, Loyd shall provide such additional information and documents with respect thereto as may be requested by the Commission and/or the Monitor.

3. Third Party Beneficiaries: Pursuant to Fed. R. Civ. P. 71, the Fund investors are explicitly made intended third party beneficiaries of this Order and, after the date the last payment called for by this Order is due, may enforce obedience of this Order to obtain satisfaction of any portion of the restitution obligation which has not been paid by Loyd, to ensure continued compliance with any provision of this Order, and to hold Loyd in default and/or contempt for any past violation of any provision of this Order.

4. Collateral Agreements: Loyd shall immediately notify the Commission and the Monitor if he makes or has previously made any agreement with any Fund investor obligating any payments to that investor outside of the plan set forth in this Order. Loyd also shall provide immediate evidence of any payments made pursuant to such agreement in the manner required by Part V, paragraph 1.

5. Default: Any failure by Loyd to carry out any of the terms, conditions, or obligations under any paragraph of this Order shall constitute an Event of Default under this Order. If any Event of Default occurs and, if capable of being cured, is not cured within ten (10) calendar days following the Commission's (or its designee) mailing of notice of such Event of Default to Loyd, the Commission (or its designee) and/or the Fund investors shall be entitled to:

a. an order granting immediate payment of restitution in the amount of $2,595,307, plus prejudgment interest of $339,831;

b. petition the Court to consider all available remedies including, but not limited to, imposing sanctions for contempt of this Order;

c. enforce and take all legal steps necessary to satisfy the Permanent Injunction and otherwise declare the terms and conditions contained in this Order null, void, and without legal force;

d. pursue Loyd for any and all additional claims and causes of action of any nature, in law or in equity, which the Commission or the Fund investors have, may have, or may have had against Loyd; and/or

e. use any statement heretofore or hereafter made by Loyd as evidence against him.

Loyd expressly agrees and this Court orders that upon the occurrence of an Event of Default, he will be barred: (1) from asserting any defense, including expiration of any statute of limitations, waiver, estoppel, or laches, where such defense is based on the alleged failure of the Commission or any Fund investor to pursue such claims or causes of action during the pendency of this civil action, during the negotiation of Loyd's agreement to this Order, or while this Order remains in effect; and/or (2) from objecting to, defending against, or otherwise disputing the non-dischargeability of his obligations, including his obligations under this Order.

6. Reliance On Financial Disclosure: Based upon the sworn representations of Loyd to the Commission regarding his financial condition, this Court is not ordering payment of restitution, other than as required by paragraphs 1. and 2. of this Part IV, or a civil monetary penalty pursuant to Section 6c(d) of the Act, 7 U.S.C. § 13a-1(d). The determination not to order immediate payment of restitution, other than as required by paragraphs 1. and 2. above, or a civil monetary penalty is contingent upon the accuracy and completeness of the Financial Disclosure Statement and other evidence provided by Loyd regarding his financial condition. If at any time following the entry of this Order, the Commission obtains information indicating that any of Loyd's representations to the Commission concerning his financial condition were fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time such representations were made, the Commission may, in its sole discretion and without prior notice to Loyd, petition this Court for an order requiring Loyd immediately to pay full restitution or a civil monetary penalty. In connection with any such petition, the only issues shall be whether the financial information provided by Loyd was fraudulent, misleading, inaccurate, or incomplete in any material respect as of the time such representations were made, and the amount of civil monetary penalty to be imposed. In its petition, the Commission may request that this Court consider all available remedies, including, but not limited to, ordering Loyd to pay funds or transfer assets, directing the forfeiture of any assets, imposing sanctions for contempt of this Order, and/or the Commission may also request additional discovery. Loyd shall not, by way of defense to such petition, challenge the validity of his consent to this Order, contest the allegations of the Commission's complaint or the findings or conclusions contained in this Order, contest the amount of restitution, or assert that payment of restitution or a civil monetary penalty should not be ordered.

7. Transfer of Assets: Loyd shall not transfer or cause others to transfer funds or other property to the custody, possession, or control of any members of his family or any other person for the purpose of concealing such funds from this Court, the Commission, the Monitor, or any Fund investor until restitution has been paid in full.

V

OTHER PROVISIONS

IT IS FURTHER ORDERED THAT:

1. Notices: All notices required by this Order shall be sent by certified mail, return receipt requested, as follows:

a. Notice to Commission:

Director, Division of Enforcement
Commodity Futures Trading Commission
1155 21st St. NW
Washington, DC 20581

b. Notice to Monitor:

Vice President, Compliance
National Futures Association
200 West Madison Street
Chicago, IL 60606

c. Notice to defendant Loyd:

David Michael Loyd
6807 Harbor View Way
Tampa, FL 33615

In the event that Loyd changes his residential or business telephone number(s) and/or address(es) at any time, he shall provide written notice of the new number(s) and/or address(es) to the Monitor and to the Commission within ten (10) calendar days thereof.

2. Entire Agreement and Amendments: This Order incorporates all of the terms and conditions of the settlement among the parties hereto. Nothing shall serve to amend or modify this Order in any respect whatsoever, unless: (1) reduced to writing; (2) signed by all parties hereto; and (3) approved by order of this Court.

3. Waiver: The failure of any party hereto or of any Fund investor at any time or times to require performance of any provision hereof shall in no manner affect the right of such party at a later time to enforce the same or any other provision of this Order. No waiver in one or more instances of the breach of any provision contained in this Order shall be deemed to be or construed as a further or continuing waiver of such breach or waiver of the breach of any other provision of this Order.

4. Successors and Assigns: This Order shall inure to the benefit of and be binding upon the successors, assigns, heirs, beneficiaries, and administrators of the parties hereto.

5. Acknowledgements: Upon being served with copies of this Order after entry by this Court, Loyd shall sign an acknowledgment of such service and serve such acknowledgment on this Court and the Commission within seven (7) calendar days.

Upon being served with copies of this Order after entry by the Court, the Commission shall serve a copy of the Order upon the Monitor within seven (7) calendar days.

6. Invalidation: If any provision of this Order, or the application of any provisions or circumstances is held invalid, the remainder of this Order and the application of the provision to any other person or circumstance shall not be affected by the holding.

7. Jurisdiction of this Court: This Court shall retain jurisdiction of this cause to assure compliance with this Order and for all other purposes related to this action.

 

Done and Ordered this 13th day of July 2000, at Fort Lauderdale, Florida.

 

_______________________________
WILLIAM P. DIMITROULEAS
UNITED STATES DISTRICT JUDGE

.

Consented to and approved for entry by:

.

_______________________
David Michael Loyd
6807 Harbor View Way
Tampa, FL 33615
Dated: ______________, 2000

.

_______________________
Kevin C. Lombardi
Attorney for Plaintiff Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, N.W.
Washington, DC 20581
(202) 418-5320
(202) 418-5538 (facsimile)
Dated: _______________, 2000