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Securities and Exchange Commission v. Gen-See Capital Corp.

January 22, 2009

SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF,
v.
GEN-SEE CAPITAL CORPORATION A/K/A GEN UNLIMITED AND RICHARD S. PICCOLI DEFENDANTS.



The opinion of the court was delivered by: William M. Skretny, United States District Judge

CONSENT ORDER GRANTING PRELIMINARY INJUNCTION AND OTHER INTERIM RELIEF

WHEREAS, on January 8, 2009, Plaintiff Securities and Exchange Commission (the "Commission") commenced this action against defendants Gen-See Capital Corporation a/k/a Gen Unlimited and Richard S. Piccoli (collectively, "Defendants") by filing a complaint;

WHEREAS, on January 8, 2009, the Commission filed a Motion for an Ex Parte Temporary Restraining Order, Preliminary Injunction, Expedited Hearing and Other Relief, seeking, among other things, an order:

(a) preliminarily enjoining the Defendants from violating (I) Sections 5(a) and 5(c) of the Securities Act of 1933 ("Securities Act") (15 U.S.C. §§ 77e(a) and 77e(c)]; (ii) Section 17(a) of the Securities Act [15 U.S.C. § 77q(a)]; and (iii) Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") [15 U.S.C. § 78j(b)], and Exchange Act Rule 10b-5 [17 C.F.R. § 240.10b-5];

(b) freezing the assets of Defendants; and

(c) prohibiting Defendants from destroying, altering, or concealing documents; WHEREAS, on January 8, 2009, at 4:56 p.m., the Court entered a Decision and Order stating that, among other things, "[b]ased on this Court's review of the submissions, it finds that the Commission has met its burden of establishing the likelihood of both current and future violations of the securities laws. According to the Commission's allegations and evidence collected this far, Defendants appear to be defrauding investors though a Ponzi scheme"; accordingly, the Court granted the Commission's ex parte motion for a temporary restraining order;

WHEREAS, the Defendants have been served with the Summons and the Complaint filed by the Commission on January 8, 2009; the Declaration of Kurt Hammer, executed on January 6, 2009, and the exhibits thereto; the Declaration of Charles O. LeRoux, executed on January 7, 2009, and the exhibits thereto; the Notice of Motion for an Ex Parte Temporary Restraining Order, Preliminary Injunction, Expedited Hearing and Other Relief, filed January 8, 2009; and the Memorandum of Law in Support of Plaintiff's Motion for an Ex Parte Temporary Restraining Order, Preliminary Injunction, Expedited Hearing and Other Relief, dated January 8, 2009;

WHEREAS, this Court has jurisdiction over the subject matter of this action and over the Defendants, and venue properly lies in this District; and

WHEREAS, the Court conducted a status conference on January 13, 2009, attended by counsel for the Commission and counsel for Defendants; and

WHEREAS, the parties have conferred and have agreed to the entry of this Consent Order Granting Preliminary Injunction and Other Interim Relief (the "Consent Order").

NOW, THEREFORE,

IT IS ORDERED that the Commission's Motion for a Preliminary Injunction (Docket No. 2) is GRANTED.

IT IS FURTHER ORDERED that, pending a final disposition of this action, Defendants Gen-See Capital Corporation a/k/a Gen Unlimited and Richard S. Piccoli, and each of them, their agents, servants, employees, and attorneys-in-fact, and those persons in active concert or participation with any of them who receive actual notice of this Consent Order by personal service, facsimile service, or otherwise, are hereby preliminarily enjoined and restrained from selling any securities whatsoever and from violating the securities laws, directly or indirectly, including but not limited to, Sections 5(a) and 5(c) of the Securities Act [15 U.S.C. §§ 77e(a) and 77e(c)]; Section 17(a) of the Securities Act [15 U.S.C. § 77q(a)]; Section 10(b) of the Exchange Act, [15 U.S.C. § 78j(b)], and Rule 10b-5 [17 C.F.R. § 240.10b-5].

IT IS FURTHER ORDERED that, pending a final disposition of this action, the Defendants, and each of their financial and brokerage institutions, officers, agents, servants, employees, attorneys-in-fact, and those persons in active concert or participation with any of them who receive actual notice of this Consent Order by personal service, facsimile service, or otherwise, and each of them, hold and retain within their control, and otherwise prevent, any withdrawal, transfer, pledge, encumbrance, assignment, dissipation, concealment, or other disposal of any assets, funds, or other property (including money, real or personal property, securities, commodities, choses in action, or other property of any kind whatsoever) of, held by, or under the direct or indirect control of the Defendants, including, but not limited to, entities owned or controlled by, or associated or affiliated with Defendants (the "Affiliated Entities"), whether held in any of, their names or for any of their direct or indirect beneficial interest wherever situated, in whatever form such assets may presently exist andwherever located within the territorial jurisdiction of the United States courts, and directing each of the financial or brokerage institutions, debtors and bailees, or any other person or entity ...


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