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Sunday, July 31, 2016 8:06:25 PM
Here're some new documents from the SEC's request for an order to show cause why Adam Tracy shouldn't comply with the subpoenas they sent him.
But first, it seems Tracy has fired his attorney Alex Rue, blaming Rue for not keeping him informed about what was happening with the action, and replaced him with new counsel. There isn't any doubt that Rue wasn't keeping up. Perhaps that had something to do with his arrest on drug charges last October:
http://www.exchangehotspot.com/Archives/paper_pdfs/102615/eh102615.pdf
It sounds as if it was just an offense having to do with pot; maybe he got off with a fine. But he certainly wasn't concentrating on his work for Tracy.
On 13 July, Tracy filed a response to the SEC:
https://www.scribd.com/document/319812990/Tracy-Response-Doc-5
The filing was accompanied by declarations by him and by Megan Ruettiger:
https://www.scribd.com/document/319817736/Tracy-declaration-Doc-5-1
https://www.scribd.com/document/319817787/Ruettiger-declaration-Doc-5-2
Tracy says, among other things, that he provided "an initial production" of documents on 11 July. In view of his cooperation, the judge terminated the "miscellaneous case":
The miscellaneous case was the application for an order to show cause. Its case number was 1:16-mi-00041-WSD-CMS. He added that "all future filings to occur in 1:16-cv-2768-WSD-CMS". That is a new and different case. The first was a "miscellaneous case", as the "mi" indicates. The new one is a civil lawsuit, as the "cv" indicates.
So far, only the parties have been named; it seems a complaint has not yet been filed. The case itself was opened on 29 July, last Friday:
https://www.pacermonitor.com/public/case/15359633/Securities_and_Exchange_Commission_v_Securities_Compliance_Group,_Ltd_et_al
You can see here that they're two different actions:
https://dockets.justia.com/search?query=Securities+and+Exchange+Commission+v.+Securities+Compliance+Group%2C+Ltd.+et+al
So now we wait to see what happens next.
But first, it seems Tracy has fired his attorney Alex Rue, blaming Rue for not keeping him informed about what was happening with the action, and replaced him with new counsel. There isn't any doubt that Rue wasn't keeping up. Perhaps that had something to do with his arrest on drug charges last October:
http://www.exchangehotspot.com/Archives/paper_pdfs/102615/eh102615.pdf
It sounds as if it was just an offense having to do with pot; maybe he got off with a fine. But he certainly wasn't concentrating on his work for Tracy.
On 13 July, Tracy filed a response to the SEC:
https://www.scribd.com/document/319812990/Tracy-Response-Doc-5
The filing was accompanied by declarations by him and by Megan Ruettiger:
https://www.scribd.com/document/319817736/Tracy-declaration-Doc-5-1
https://www.scribd.com/document/319817787/Ruettiger-declaration-Doc-5-2
Tracy says, among other things, that he provided "an initial production" of documents on 11 July. In view of his cooperation, the judge terminated the "miscellaneous case":
The miscellaneous case was the application for an order to show cause. Its case number was 1:16-mi-00041-WSD-CMS. He added that "all future filings to occur in 1:16-cv-2768-WSD-CMS". That is a new and different case. The first was a "miscellaneous case", as the "mi" indicates. The new one is a civil lawsuit, as the "cv" indicates.
So far, only the parties have been named; it seems a complaint has not yet been filed. The case itself was opened on 29 July, last Friday:
https://www.pacermonitor.com/public/case/15359633/Securities_and_Exchange_Commission_v_Securities_Compliance_Group,_Ltd_et_al
You can see here that they're two different actions:
https://dockets.justia.com/search?query=Securities+and+Exchange+Commission+v.+Securities+Compliance+Group%2C+Ltd.+et+al
So now we wait to see what happens next.
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