This case was last updated from U.S. District Courts on 10/01/2021 at 08:50:45 (UTC).

Securities and Exchange Commission v. Live Ventures Incorporated et al

Case Summary

On August 2, 2021, the Securities and Exchange Commission (“SEC” or “Plaintiff”), represented by Cam Ferenbach, Cam Ferenbach and Wendy Pearson, attorneys at the SEC’s Los Angeles regional office, filed a civil enforcement action against Live Ventures Incorporated (“LIVE”), JanOne Inc. (“JOI/ARCA”), John Isaac a/k/a Jon Isaac (“Jon Isaac”), Kingston Diversified Holdings, LLC (“Kingston”), Virland A. Johnson (“Johnson”) (collectively, the “Defendants”), seeking permanent injunctive relief, disgorgement of ill- gotten gains with prejudgment interest, civil penalties, and additional relief. This case was filed in the U.S. District Court in the District of Nevada with Judges James C. Mahan and Cam Ferenbach presiding.

In its complaint, the Plaintiff alleged that, “By engaging in the conduct described above, Defendants LIVE and Jon Isaac, directly or indirectly, in the offer or sale of securities, and by the use of means or instruments of transportation or communication in interstate commerce or by use of the mails directly or indirectly, made an untrue statement of material fact or omitted to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.”

The Plaintiff also alleged that, “By engaging in the conduct described above, Defendants LIVE and Jon Isaac, directly or indirectly, in the offer or sale of securities, and by the use of means or instruments of transportation or communication in interstate commerce or by use of the mails directly or indirectly, made an untrue statement of material fact or omitted to state a material fact necessary in order to make the statements made, in light of the circumstances in which they were made, not misleading.”

There are seventeen claims for relief laid down by the Plaintiff. The first, second, and eighth claims are for alleged materially false or misleading statements in connection with the purchase or sale of securities. The third claim is for alleged fraud in connection with the purchase or sale of securities. The fourth claim is for materially false or misleading statements in connection with the offer and sale of securities. The fifth and ninth claims are for alleged fraud in connection with the offer or sale of securities. The sixth and tenth claims are for allegedly false statements to accountants. The seventh claim is for alleged aiding and abetting violations of section 10(b) of the Exchange Act and Rule 10b-5(b). The eleventh and twelfth claims are for alleged false sarbanes-oxley certification. The thirteenth claim is for alleged failure to file accurate periodical reports. The fourteenth claim is for alleged failure to file accurate periodical reports.  The fifteenth claim is for alleged failure to devise a system of internal accounting controls. The sixteenth claim is for alleged falsification in books and records. The seventeenth claim is for alleged solicitation of proxies in violation of rules and regulations.

In its prayer for relief, the Plaintiff has requested the Court for permanent injunctive relief, disgorgement with prejudgment interest, including an order imposing civil penalties against the Defendants pursuant to Section 21(d)(3) of the Exchange Act, 15 U.S.C. § 78u(d)(3) and such further relief to the SEC as the Court deems just. 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    2:21-CV-01433

  • Filing Date:

    08/02/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

James C. Mahan

Referral Judge

Cam Ferenbach

 

Party Details

Plaintiff

Securities and Exchange Commission

Defendants

JanOne Inc.

John Isaac

Live Ventures Incorporated

Appliance Recycling Centers of America, Inc.

Jon Isaac

Kingston Diversified Holdings, LLC

Virland A. Johnson

Attorney/Law Firm Details

Plaintiff Attorneys

Wendy Pearson

Attorney at Securities and Exchange Commission

444 S. Flower Street, Suite 900

Los Angeles, CA 90071

Jennifer Chun Barry

Attorney at Securities and Exchange Commission

444 S. Flower Street 9Th Floor

Los Angeles, CA 90071

Robert Carl Stillwell

Attorney at United States Securities and Exchange Commission

444 S. Flower Street, Suite 900

Los Angeles, CA 90071

Defendant Attorney

Christopher R Miltenberger

Attorney at Greenberg Traurig, LLP

10845 Griffith Peak Drive, Suite 600

Las Vegas, NV 89135

 

Court Documents

#19

#18

#17

#16

#15

#14

#13

#12

#11

#3

#2

1 #6

Summons Virland A. Johnson

1 #5

Summons Kingston Diversified Holdings, LLC

1 #4

Summons John Isaac a/k/a Jon Isaac

1 #3

Summons JanOne, Inc. f/k/a American Recycling Centers of America, Inc.

1 #2

Summons Live Ventures, Inc.

1 #1

Civil Cover Sheet

#1

14 More Documents Available
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Docket Entries

  • 09/30/2021
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  • Docket(#19) MOTION/VERIFIED PETITION for Permission to Practice Pro Hac Vice by Marshall A. Camp and DESIGNATION of Local Counsel Christopher R. Miltenberger (Filing fee $ 250 receipt number 0978-6650726) by Defendants John Isaac, Live Ventures Incorporated. (Miltenberger, Christopher) (Entered: 09/30/2021)

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  • 09/30/2021
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  • Docket(#18) MOTION/VERIFIED PETITION for Permission to Practice Pro Hac Vice by John C. Hueston and DESIGNATION of Local Counsel Christopher R. Miltenberger (Filing fee $ 250 receipt number 0978-6650679) by Defendants John Isaac, Live Ventures Incorporated. (Miltenberger, Christopher) (Entered: 09/30/2021)

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  • 09/10/2021
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  • Docket(#17) ORDER granting #15 Motion to Withdraw as Attorney. John B Bulgozdy withdrawn from the case. Signed by Magistrate Judge Cam Ferenbach on 9/10/2021. (Copies have been distributed pursuant to the NEF - HAM) (Entered: 09/10/2021)

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  • 09/10/2021
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  • Docket(#16) ORDER granting #14 Motion to Admit Government Attorney Jennifer Chun Barry for Securities and Exchange Commission. Signed by Judge James C. Mahan on 9/10/2021. (Copies have been distributed pursuant to the NEF - HAM) (Entered: 09/10/2021)

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  • 09/09/2021
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  • Docket(#15) MOTION to Withdraw as Attorney by John B. Bulgozdy for Plaintiff Securities and Exchange Commission. (Bulgozdy, John) (Entered: 09/09/2021)

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  • 09/09/2021
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  • Docket(#14) MOTION to Admit Government Attorney Jennifer Chun Barry by Plaintiff Securities and Exchange Commission. (Bulgozdy, John) (Entered: 09/09/2021)

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  • 08/10/2021
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  • Docket(#13) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Kingston Diversified Holdings, LLC waiver sent on 8/2/2021, answer due 10/1/2021. (Bulgozdy, John) (Entered: 08/10/2021)

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  • 08/10/2021
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  • Docket(#12) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Virland A. Johnson waiver sent on 8/2/2021, answer due 10/1/2021. (Bulgozdy, John) (Entered: 08/10/2021)

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  • 08/10/2021
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  • Docket(#11) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. JanOne Inc. waiver sent on 8/2/2021, answer due 10/1/2021. (Bulgozdy, John) (Entered: 08/10/2021)

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  • 08/10/2021
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  • Docket(#10) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. John Isaac waiver sent on 8/2/2021, answer due 10/1/2021. (Bulgozdy, John) (Entered: 08/10/2021)

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  • 08/10/2021
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  • Docket(#9) WAIVER OF SERVICE Returned Executed by Securities and Exchange Commission. Live Ventures Incorporated waiver sent on 8/2/2021, answer due 10/1/2021. (Bulgozdy, John) (Entered: 08/10/2021)

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  • 08/06/2021
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  • Docket(#8) ORDER granting #4 Motion to Admit Government Attorney Wendy Pearson. Signed by Judge James C. Mahan on 8/6/2021.(Copies have been distributed pursuant to the NEF - HAM) (Entered: 08/06/2021)

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  • 08/06/2021
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  • Docket(#7) ORDER granting #3 Motion to Admit Government Attorney Robert Stillwell. Signed by Judge James C. Mahan on 8/6/2021. (Copies have been distributed pursuant to the NEF - HAM) (Entered: 08/06/2021)

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  • 08/06/2021
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  • Docket(#6) ORDER granting #2 Motion to Admit Government Attorney John B. Bulgozdy. Signed by Judge James C. Mahan on 8/6/2021.(Copies have been distributed pursuant to the NEF - HAM) (Entered: 08/06/2021)

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  • 08/02/2021
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  • Docket(#5) Summons Issued as to All Defendants re #1 Complaint. (MR) (Entered: 08/02/2021)

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  • 08/02/2021
  • DocketCase randomly assigned to Judge James C. Mahan and Magistrate Judge Cam Ferenbach. (MR) (Entered: 08/02/2021)

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  • 08/02/2021
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  • Docket(#4) MOTION to Admit Government Attorney Wendy Pearson by Plaintiff Securities and Exchange Commission. (Bulgozdy, John) (Entered: 08/02/2021)

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  • 08/02/2021
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  • Docket(#3) MOTION to Admit Government Attorney Robert Stillwell by Plaintiff Securities and Exchange Commission. (Bulgozdy, John) (Entered: 08/02/2021)

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  • 08/02/2021
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  • Docket(#2) MOTION to Admit Government Attorney John B. Bulgozdy by Plaintiff Securities and Exchange Commission. (Bulgozdy, John) (Entered: 08/02/2021)

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  • 08/02/2021
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  • Docket(#1) COMPLAINT against JanOne Inc. (f/k/a Appliance Recycling Centers of America, Inc.), John Isaac a/k/a Jon Isaac, Virland A. Johnson, Kingston Diversified Holdings, LLC, Live Ventures Incorporated by Securities and Exchange Commission. Proof of service due by 10/31/2021. (Attachments: #1 Civil Cover Sheet, #2 Summons Live Ventures, Inc., #3 Summons JanOne, Inc. f/k/a American Recycling Centers of America, Inc., #4 Summons John Isaac a/k/a Jon Isaac, #5 Summons Kingston Diversified Holdings, LLC, #6 Summons Virland A. Johnson) (Bulgozdy, John) NOTICE of Certificate of Interested Parties requirement: Under Local Rule 7.1-1, a party must immediately file its disclosure statement with its first appearance, pleading, petition, motion, response, or other request addressed to the court. (Entered: 08/02/2021)

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