Spongetech Delivery Systems Inc (fka SPNGQ)

[scion]

09/22/2011 178 REPORT AND RECOMMENDATIONS re 140 First MOTION for Default Judgment as to RM Enterprises and George Speranza filed by U.S. Securities & Exchange Commission: For the reasons articulated in the attached report and recommendation, I respectfully recommend: (1) entering default judgments as to liability against defendants RM Enterprises and Speranza; (2) imposing a penny stock bar against Speranza; (3) granting the permanent injunction against both defendants; (4) awarding damages totaling $135,883.40 against Speranza; and (5) deferring the calculation of damages against RM Enterprises until resolution of the claims against the remaining non-defaulting defendants. The SEC is directed to serve a copy of this report and recommendation on RM Enterprises and Speranza and to promptly file proof of service via ECF. Any objections to this report and recommendation must be filed with the Clerk of the Court, with a copy to the undersigned, within fourteen (14) days of receipt of this report. Failure to file objections within the specified time waives the right to appeal the District Court's order. See 28 U.S.C. § 636(b)(1); Fed. R. Civ. P. 72, 6. Ordered by Magistrate Judge Joan M. Azrack on 9/22/2011. (Beauchamp, Peter) (Entered: 09/22/2011)

Doc 178 PDF file
https://viewer.zoho.com/docs/qb5GN