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Securities and Exchange Commission v. Watermark Financial Services Group

August 30, 2010

SECURITIES AND EXCHANGE COMMISSION, PLAINTIFF,
v.
WATERMARK FINANCIAL SERVICES GROUP, INC., WATERMARK M-ONE HOLDINGS, INC., M-ONE FINANCIAL SERVICES, LLC, WATERMARK CAPITAL GROUP, LLC, GUY W. GANE, JR., LORENZO ALTADONNA, THOMAS BRICK AND DEBORAH GALAS, DEFENDANTS, AND GUY W. GANE, III, JENNA GANE, AND DENKON, INC., RELIEF DEFENDANTS.



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

ORDER AS TO RELIEF DEFENDANT DENKON, INC. AND KONSTANTINOS SAMOUILIDIS PROVIDING FOR ASSET FREEZE, DISGORGEMENT AND IMPOSING OTHER RELIEF

Presently before this Court is Plaintiff's Motion for Imposition of Relief Agreed to by Konstantinos Samouilidis and Denckon, Inc. in an August 25, 2008 Stipulation and Order. (Docket No. 145.)

WHEREAS, on August 25, 2008, this Court entered a Stipulation and Order Providing for Payments to the Clerk of the Court by Konstantinos Samouilidis and Denkon, Inc. ("8/25/08 Order"), which, among other things, ordered Konstantinos Samouilidis ("Samouilidis") and relief defendant Denkon, Inc. ("Denkon") to pay to the Clerk of the Court a total of $642,931.81, representing $617,000 that Samouilidis and Denkon received as a result of the conduct alleged in the Complaint plus interest thereon of $25,931.81;

WHEREAS, the 8/25/08 Order provides that if Samouilidis and Denkon default on any payments required by the 8/25/08 Order, and fail to pay the then outstanding balance within ten days from the date of plaintiff's written declaration of default, then Samouilidis and Denkon consent to: (a) the entry of an order providing for all of the relief sought in the Motion to Amend the Complaint filed by plaintiff on July 25, 2008, including an asset freeze of Samouilidis's assets; and (b) the entry of a judgment against them noting their default under the 8/25/08 Order and ordering the payment of the then outstanding principal balance as disgorgement plus prejudgment interest;

WHEREAS, Samouilidis and Denkon defaulted by failing to pay the remaining balance of $183,300.04, of which $100,000 was due on or before November 30, 2008 and $83,300.04 was due on or before December 31, 2008;

WHEREAS, by letter dated January 12, 2009, plaintiff provided a notice of default to Samouilidis and Denkon declaring the balance due and payable by January 22, 2009;

WHEREAS, on February 2, 2009, the Commission filed a motion requesting the Court to impose the relief consented to in the 8/25/08 Order;

WHEREAS, the Court denied this motion without prejudice on February 16, 2009 (the "2/16/09 Order") and extended the time for Samouilidis and Denkon to fulfill their payment obligations to March 30, 2009, further providing that "[n]o further extensions will be granted":

WHEREAS, on March 13, 2009, the Court granted the Commission's motion for payment of prejudgment interest, stating that "prejudgment interest shall be calculated from 11/30/2009, when $100,000 was due, and 12/31/2008, when $83,000.04 was due," as a result, additional prejudgment interest is owed;

WHEREAS, a letter to the Clerk of the Court dated April 17, 2009, from counsel to Samouilidis and Denkon, enclosed a check for $10,000 pursuant to the 2/16/09 Order. Accordingly, the amount currently owed by Samouilidis and Denkon is $173,300.04, plus $8,844.05 in additional prejudgment interest, for a total of $182,144.09;

WHEREAS, on February 27, 2009, the Commission filed a motion for summary judgment seeking, among other things, an order compelling Denkon and Samouilidis to disgorge an additional $305,000, plus prejudgment interest;

NOW, THEREFORE, based upon this Court's 8/25/08 and 2/16/09 Orders and upon this Court's finding that Samouilidis and Denkon are in default of their payment obligations under the 8/25/08 and 2/16/09 Orders, this Court hereby orders the relief provided for in the 8/25/08 Order:

1. Plaintiff's Motion for Imposition of Relief Agreed to by Konstantinos Samouilidis and Denckon, Inc. in an August 25, 2008 Stipulation ...


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