The result of Michael Glaspie’s SEC civil fraud lawsuit hinges on sentencing in parallel legal proceedings.
Glaspie was sued by the SEC again in January as a promoter of the Mike G Deal (aka CoinDeal).
Following an absence of updates from the SEC, the courtroom ordered the regulator to “present trigger” by August 4th.
On July thirty first the SEC filed a response, offering an replace on Glaspie (proper) and the opposite Defendants within the case.
As famous by the SEC, Glaspie has pled responsible in his legal Mike G Deal case. Glaspie was initially scheduled to be sentenced on June sixteenth.
This was pushed again to August 1st after which once more to October 2nd.
As defined by the SEC to the courtroom;
Upon being criminally convicted and sentenced … Glaspie will likely be collaterally estopped from contesting legal responsibility on this case and the SEC intends to promptly transfer for abstract judgment on that foundation.
Glaspie will get sentenced, and the SEC strikes for abstract judgment – which Glaspie can’t contest.
Whether or not Glaspie really will get sentenced in October or whether or not sentencing is pushed again once more is the query.
The SEC will promptly file a standing report if Glaspie’s sentencing is additional continued.
With respect to the opposite Mike G Deal defendants;
Neil Chandran (proper) had been in settlement negotiations with the SEC however the SEC hasn’t heard something from him since June eighth.
Consequently the SEC filed for an Entry of Default towards Chandran and a number of other different defendants on July thirty first.
On August 1st, the courtroom clerk recorded Entry of Defaults towards Chandran, Garry Davidson, Linda Knott, AEO Publishing Inc., Banner Co-Op Inc. and BannersGo LLC.
Recorded Entry of Default paves the best way for the SEC to file for default judgment at a later date. The SEC has signalled inner assessment and approval by the SEC Commissions will take “a number of weeks”.
Amy Mossel, Glaspie’s spouse, filed a solution to the SEC’s Criticism denying the allegations. It’s anticipated Mossel will fold after the SEC secures abstract judgment towards Glaspie.