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Magna Update - looks like settlement terms satisfied and moving forward. Needs stamp of approval by big SEC. Next update Feb 16.
"January 5, 2024
By ECF
Hon. Loretta A. Preska
United States District Judge
Southern District of New York
500 Pearl Street
New York, NY 10007
Re: SEC v. Joshua Sason, et al., 19 Civ. 1459 (LAP)
Dear Judge Preska:
Pursuant to the Court’s December 18, 2023, Order (Dkt. 211), Plaintiff Securities and Exchange
Commission (the “Commission” or “SEC”) respectfully submits this status report, jointly with the
Defendants.
As the Court is aware, the SEC staff agreed to recommend settlement terms to the five-member
Commission that would resolve the SEC’s claims against Defendant Marc Manuel. The SEC staff
received Manuel’s signed consent yesterday.
As the Court is also aware, on October 30, 2023, the SEC staff and Defendants Joshua Sason,
Magna Management, LLC, Magna Equities, LLC, and MG Partners, Ltd. (collectively, the “Magna
Defendants”) agreed to settlement terms for the SEC staff to recommend to the five-member
Commission. The SEC staff’s agreement to recommend the settlement terms was contingent on the
SEC staff’s review and acceptance of certain information. The Magna Defendants completed their
production of the required information in a form acceptable to the SEC staff yesterday.
Upon the receipt of executed consents by the Magna Defendants, the SEC staff will submit the
recommended settlements in this matter to the Commission for consideration.
In light of the foregoing, the parties respectfully request that the Court set a new status report
deadline of February 16, 2024, and that the deadline for a joint pretrial order (“JPTO”) remain
adjourned sine die.
1
Respectfully submitted,
/s/
Daniel Loss / David Zetlin-Jones / Eric Taffet
Counsel to the SEC
cc: All counsel of record by ECF
1
Any JPTO deadline does not affect Defendants Kautilya Sharma, Perian Salviola, and Pallas Holdings,
LLC, for whom all issues of liability were resolved on summary judgment."
"January 5, 2024
By ECF
Hon. Loretta A. Preska
United States District Judge
Southern District of New York
500 Pearl Street
New York, NY 10007
Re: SEC v. Joshua Sason, et al., 19 Civ. 1459 (LAP)
Dear Judge Preska:
Pursuant to the Court’s December 18, 2023, Order (Dkt. 211), Plaintiff Securities and Exchange
Commission (the “Commission” or “SEC”) respectfully submits this status report, jointly with the
Defendants.
As the Court is aware, the SEC staff agreed to recommend settlement terms to the five-member
Commission that would resolve the SEC’s claims against Defendant Marc Manuel. The SEC staff
received Manuel’s signed consent yesterday.
As the Court is also aware, on October 30, 2023, the SEC staff and Defendants Joshua Sason,
Magna Management, LLC, Magna Equities, LLC, and MG Partners, Ltd. (collectively, the “Magna
Defendants”) agreed to settlement terms for the SEC staff to recommend to the five-member
Commission. The SEC staff’s agreement to recommend the settlement terms was contingent on the
SEC staff’s review and acceptance of certain information. The Magna Defendants completed their
production of the required information in a form acceptable to the SEC staff yesterday.
Upon the receipt of executed consents by the Magna Defendants, the SEC staff will submit the
recommended settlements in this matter to the Commission for consideration.
In light of the foregoing, the parties respectfully request that the Court set a new status report
deadline of February 16, 2024, and that the deadline for a joint pretrial order (“JPTO”) remain
adjourned sine die.
1
Respectfully submitted,
/s/
Daniel Loss / David Zetlin-Jones / Eric Taffet
Counsel to the SEC
cc: All counsel of record by ECF
1
Any JPTO deadline does not affect Defendants Kautilya Sharma, Perian Salviola, and Pallas Holdings,
LLC, for whom all issues of liability were resolved on summary judgment."
3
