Pierce

Pierce v. Securities & Exchange Commission

Good Law

737 F. Supp. 2d 1068·2010 WL 3476682

United States District Court, Northern District of CaliforniaSeptember 2, 2010C 10-3026 SI, C 10-80129 MISCCalifornia4,311 words

Opinion

Illston, J.

ORDER DENYING PLAINTIFF’S MOTION FOR A PRELIMINARY INJUNCTION, DISMISSING 10-3026 SI FOR LACK OF JURISDICTION; AND GRANTING APPLICATION FOR ENFORCEMENT OF DISGORGEMENT ORDER IN 10-80129 MISC

On August 13, 2010, the Court held a hearing on Gordon Brent Pierce’s motion for a temporary restraining order, preliminary injunction and a stay, and the SEC’s application for an order enforcing an administrative disgorgement order. For the reasons set forth below, the Court DENIES Pierce’s motion and GRANTS the SEC’s application.

BACKGROUND

These related cases arise out of two separate administrative enforcement proceedings brought by the Securities and Exchange Commission (SEC) against Gordon Brent Pierce, a Canadian citizen. The SEC initiated the first proceeding on July 31, 2008 by filing an Order Instituting Cease-and-Desist Proceedings (“First OIP”) against Pierce, Lexington Resources, Inc., and Lexington’s CEO Grant Atkins. The SEC claimed that Pierce violated the registration provisions of the Securities Act of 1933, Sections 5(a) and 5(c), 15 U.S.C. § 77e(a) & (c), and the reporting provisions of the Exchange Act of 1934, Section 13(d) and 16(a), 15 U.S.C. §§ 78m(d) & 78p(a).…

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