Securities and Exchange Commission v. Burnett Grey & Co., Inc. Fcn Financial Services, Inc. Thomas D. Coldicutt Elizabeth L. Coldicutt

8 F.3d 29 NOTICE: Ninth Circuit Rule 36-3 provides that dispositions other than opinions or orders designated for publication are not precedential and should not be cited except when relevant under the doctrines of law of the case, res judicata, or collateral estoppel. SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee, v. BURNETT GREY & CO., INC.; FCN Financial Services, Inc.; Thomas D. Coldicutt; Elizabeth L. Coldicutt, Defendants-Appellants. No. 92-55361. United States Court of Appeals, Ninth Circuit. Submitted Sept. 2, 1993. * Decided Sept. 24, 1993. Before: TANG, CANBY and BEEZER, Circuit Judges. 1 MEMORANDUM ** 2 After appellants failed to file a response to the Security and Exchange Commission's (SEC or Commission) complaint against them for distributing unregistered securities in violation of Sections 5(a) and (c) of the Securities Act of 1933 (Security Act or Act), 15 U.S.C. §§ 77e(a) and (c), the district court clerk entered default pursuant to Rule 55(a), Fed.R.Civ.P. The district court subsequently heard oral argument on appellants' motion to set aside the entry of default and, thereafter, entered judgment. Appellants appeal the district court's order…