MedGen Inc (MDIN)

[Werbe]

Filed 13 days ago in NIR case. Ribotsky has paid nothing so far, 3 bankruptcy's delaying it all.

The U.S. Securities and Exchange Commission (the “SEC”) is a creditor and files
this objection to the Motion to Extend Stay (the “Motion”), dated February 28, 2023,
filed by Corey Ribotsky (“Debtor” or “Ribotsky”). In support of its objection (the
“Objection”), the SEC respectfully represents as follows:

INTRODUCTION
Ribotsky is a defendant in SEC v. NIR Group, et al., case no. 11-cv-04723
(E.D.N.Y.) (the “District Court Case”). In the District Court Case, the SEC’s complaint
alleged that Ribotsky violated the anti-fraud provisions of the federal securities laws. On
November 13, 2013, the District Court for the Eastern District of New York (the “District
Court”) entered a consent Judgment for Ribotsky’s violations of the federal securities
laws and ordered him to pay approximately $13.5 million in disgorgement and
prejudgment interest and a penalty of $1,000,000. To date, Ribotsky has paid nothing.
This is Ribotsky’s third bankruptcy filing since the Judgment was entered and the second
filing within a one-year period. In the SEC’s view, the timing of the last two bankruptcy
cases suggests bad faith. Specifically, the bankruptcy cases appear to have been filed to
hinder the SEC’s collection efforts in the District Court Case.