I finally got around to downloading the SEC's Motion for a Partial Summary Judgement in the SEC vs. HEMP, Perlowin, Epling, et al (filing #76). Essentially the SEC believes that the evidence against Barry Epling, Ferris Holdings and Hobbes Equities is so clear with regards to the third cause of action (violation of Section 5 of the Securities act,) that the court should grant a partial summary judgement against Epling, Hobbes and Ferris.
The filing states that the defendents realized about $17.9 million in proceeds, but the bulk of the motion discusses Epling's and Perlowin's relationship at HEMP, and it shows that Epling performs all of the functions at HEMP of an officer or affiliate (IOW, in control of HEMP), but that a deliberate effort was made to keep him out of the paperwork so that HEMP wouldn't have to register shares via Form 144.
In the motion, the SEC repeatedly states that the main evidence is undisputed.
The most interesting part of the filing, IMO, is covered on pages 16-19, which includes the transcript of a legally recorded conversation between Epling, and two other people with the surnames Howard and McCloy.
In this recording, which appears to have been recorded in 2012 or 2013 (David Tobias was listed as HEMP's President at the time), when Epling states that he and Bruce run Hemp, Inc, that Tobias reports to Epling, and that Jed Perlowin is just a figurehead. The transcript also shows why Epling isn't listed as an officer. Additional info on these pages show that Epling was managing a lot of functions at HEMP, and conducted this business from an office in HEMP's Las Vegas offices.
At various times, you've talked about Epling's involvement with HEMP, but this is the first evidence that shows just how big a player he is. At times, Bruce would tell people to "Go ask Barry".
If the SEC is able to get this summary judgement against Epling, then Bruce will be the next to fall.
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