Securities & Exchange Commission v. Retail Pro, Inc.

ORDER

The matter before the Court is the Motion for Summary Judgment filed by Plaintiff Securities and Exchange Commission (“SEC” or “Commission”) against Defendant Ran H. Furman. (Doc. # 33).

I. Background

On September 4, 2008, the SEC initiated this action by filing a Complaint in this Court. (Doc. # 1). The Complaint alleges:

(Doc. # 1 ¶¶ 3-7). The Complaint alleges the following claims: (1) fraud in the offer or sale of securities against Schechter pursuant to 15 U.S.C. § 77q(a); (2) fraud in connection with the purchase or sale of securities against all Defendants pursuant to 15 U.S.C. § 78j(b); (3) violations of issuer reporting requirements against Defendant Retail Pro, Inc. formerly known as Island Pacific, Inc. (“Island Pacific”) and aiding and abetting issuer reporting violations against the individual Defendants pursuant to 15 U.S.C. § 78m(a); (4) record-keeping violations against all Defendants pursuant to 15 U.S.C. § 78m(b)(2)(A) and related regulations; (5) misrepresentations to accountants against the individual Defendants pursuant to 17 C.F.R. § 240 .13b2-2; (6) internal control violations against all Defendants pursuant to 15 U.S.C. § 78m(b)(2)(B) and related…