This case was last updated from U.S. District Courts on 11/29/2021 at 08:35:08 (UTC).

Securities and Exchange Commission v. Punch TV Studios Inc. et al

Case Summary

On September 30, 2021, Securities and Exchange Commission (“SEC” or “Plaintiff”), represented by Amy J. Longo and Lucee S. Kirka, attorneys at SEC’s Los Angeles regional office, filed a civil enforcement action against Punch TV Studios, Inc. and Joseph Collins (collectively, “Defendants”), seeking injunctive relief among other relief along with payment of civil penalties and disgorgement of ill-gotten gains for the alleged unregistered offer and sale of securities  by Defendants. This case was filed in the U.S. District Court in the Central District of California with Judges Fernando M. Olguin and Autumn D. Spaeth presiding.

In the complaint Plaintiff alleged that, “Between January 2018 until June 2020, Defendants raised more than $1.2 million from nearly 700 investors through two unregistered offerings of Punch TV’s common stock. Neither offering was registered with the SEC, nor did either offering qualify for any exemption from registration.”

Plaintiff further alleged that, “This is not the first time Punch TV has violated the securities registration requirements. Defendants’ unregistered offerings came on the heels of the company’s 2018 settlement to an SEC administrative order (the “Suspension Order”), that halted an offering Punch TV commenced in 2016 under Securities Act Regulation A, 17 C.F.R. § 230.100 et seq. (“Regulation A”). The Suspension Order, which stopped Punch TV’s offering for nine months and permitted it to resume only upon the satisfaction of certain undertakings, contained findings that Punch TV failed to file audited financial statements and other reports required to offer and sell securities under a qualified Regulation A offering statement.”

Plaintiff also alleged that, “Despite the Suspension Order, Defendants continued offering and selling Punch TV’s $1/share common stock in violation of the order and without satisfying any of the Securities Act registration offering exemptions. Separately, Defendants embarked on a new, unregistered $5/share offering of Punch TV’s common stock that did not comply with any exemptions from registration. By not registering Punch TV’s offerings, Defendants deprived investors of meaningful information that would be found in a registration statement that investors could use to assess the company’s prospects.”

There is only one claim for relief laid down by Plaintiff that deals with alleged violation of unregistered offer and sale securities pursuant to Sections 5(a) and 5(c) of the Securities Act.

In its prayer for relief Plaintiff has requested the court to issue a judgment permanently enjoining Defendants from violating Sections 5(a) and 5(c) of the Securities Act [15 U.S.C. §§ 77e(a), 77e(c)] for participating in issuance, purchase, offer, or sale of any security in an unregistered offering by an issuer. Further, Plaintiff requested the court to issue findings of fact and conclusions of law that Defendants committed the alleged violations. Plaintiff further requested the court to pass an order of disgorgement of all ill-gotten funds received from their illegal conduct, together with prejudgment interest pursuant to Securities Exchange Act of 1934, Sections 21(d)(5) and 21(d)(7) [15 U.S.C. §§ 78u(d)(5) and 78u(d)(7)] and impose civil penalty under Section 20(d) of the Securities Act [15 U.S.C. § 77t(d)]. Plaintiff also requested the court for an order prohibiting them from participating in an offering of penny stock pursuant to Section 20(g) of the Securities Act, 15 U.S.C. § 77t(g) or any other relief that deems just and proper.

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    2:21-CV-07787

  • Filing Date:

    09/30/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

Judge Details

Presiding Judge

Andre Birotte Jr

Referral Judge

Alka Sagar

 

Party Details

Plaintiff

Securities and Exchange Commission

Defendants

Punch TV Studios Inc.

Joseph Collins

Attorney/Law Firm Details

Plaintiff Attorneys

Lucee S Kirka

Attorney at US Securities and Exchange Commission

444 South Flower Street Suite 900

Los Angeles, CA 90071

Amy J. Longo

Attorney at US Securities and Exchange Commission

444 South Flower Street Suite 900

Los Angeles, CA 90071

Defendant Attorney

Lahdan S Rahmati

Attorney at PULLP

111 Broadway 8Th Floor

New York, NY 10006

 

Court Documents

#1

#2

#3

#4

#5

#6

#7

(#7) 21 DAY Summons Issued re Complaint (Attorney Civil Case Opening) #1 as to Defendant Joseph Collins, Punch TV Studios Inc. (iv) (Entered: 10/01/2021)

#8

(#8) ORDER RE TRANSFER PURSUANT TO GENERAL ORDER 21-01-Related Case- filed. Related Case No: 2:20-cv-00654 AB(ASx). Case transferred from Judge Fernando M. Olguin and Magistrate Judge Autumn D. Spaeth to Judge Andre Birotte Jr and Magistrate Judge Alka Sagar for all further proceedings. The case number will now reflect the initials of the transferee Judge 2:21-cv-07787 AB(ASx). Signed by Judge Andre Birotte Jr (rn) (Entered: 10/05/2021)

#9

(#9) STANDING ORDER upon filing of the complaint by Judge Andre Birotte Jr. (cb) (Entered: 10/06/2021)

#10

(#10) PROOF OF SERVICE filed by Plaintiff Securities and Exchange Commission, re Notice to Counsel Re: Consent to Proceed before a US Magistrate Judge - optional html form #5 , Notice to Parties of Court-Directed ADR Program (ADR-8) - optional html form #4 , Civil Cover Sheet (CV-71) #2 , Transferring Case purs GO 21-01 (Related Case)(CV-34), #8 , Summons Request #6 , Summons Issued #7 , Notice of Assignment to United States Judges(CV-18) - optional html form #3 , Initial Order upon Filing of Complaint - form only #9 , Complaint (Attorney Civil Case Opening) #1 served on 10/18/2021. (Longo, Amy) (Entered: 11/08/2021)

#11

(#11) PROOF OF SERVICE filed by Plaintiff Securities and Exchange Commission, re Notice to Counsel Re: Consent to Proceed before a US Magistrate Judge - optional html form #5 , Notice to Parties of Court-Directed ADR Program (ADR-8) - optional html form #4 , Civil Cover Sheet (CV-71) #2 , Transferring Case purs GO 21-01 (Related Case)(CV-34), #8 , Summons Request #6 , Summons Issued #7 , Notice of Assignment to United States Judges(CV-18) - optional html form #3 , Initial Order upon Filing of Complaint - form only #9 , Complaint (Attorney Civil Case Opening) #1 served on 10/27/2021. (Longo, Amy) (Entered: 11/08/2021)

#12

(#12) DECLARATION OF SERVICE filed by Plaintiff Securities and Exchange Commission, re Proof of Service (subsequent documents),, #10 , Proof of Service (subsequent documents),, #11 served on 10/18/2021 and 10/27/2021. (Longo, Amy) (Entered: 11/08/2021)

#13

(#13) Notice of Appearance or Withdrawal of Counsel: for attorney Lahdan S. Rahmati counsel for Defendants Joseph Collins, Punch TV Studios Inc.. Adding Lahdan S. Rahmati as counsel of record for Punch TV Studios, Inc., and Joseph Collins for the reason indicated in the G-123 Notice. Filed by Defendant Punch TV Studios, Inc., and Joseph Collins. (Attorney Lahdan S. Rahmati added to party Joseph Collins(pty:dft), Attorney Lahdan S. Rahmati added to party Punch TV Studios Inc.(pty:dft))(Rahmati, Lahdan) (Entered: 11/18/2021)

#14

(#14) First STIPULATION Extending Time to Answer the complaint as to Punch TV Studios Inc. answer now due 12/1/2021, re Complaint (Attorney Civil Case Opening) #1 filed by DEFENDANT Punch TV Studios Inc..(Rahmati, Lahdan) (Entered: 11/19/2021)

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Docket Entries

  • 11/19/2021
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  • Docket(#14) First STIPULATION Extending Time to Answer the complaint as to Punch TV Studios Inc. answer now due 12/1/2021, re Complaint (Attorney Civil Case Opening) #1 filed by DEFENDANT Punch TV Studios Inc..(Rahmati, Lahdan) (Entered: 11/19/2021)

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  • 11/18/2021
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  • Docket(#13) Notice of Appearance or Withdrawal of Counsel: for attorney Lahdan S. Rahmati counsel for Defendants Joseph Collins, Punch TV Studios Inc.. Adding Lahdan S. Rahmati as counsel of record for Punch TV Studios, Inc., and Joseph Collins for the reason indicated in the G-123 Notice. Filed by Defendant Punch TV Studios, Inc., and Joseph Collins. (Attorney Lahdan S. Rahmati added to party Joseph Collins(pty:dft), Attorney Lahdan S. Rahmati added to party Punch TV Studios Inc.(pty:dft))(Rahmati, Lahdan) (Entered: 11/18/2021)

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  • 11/08/2021
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  • Docket(#12) DECLARATION OF SERVICE filed by Plaintiff Securities and Exchange Commission, re Proof of Service (subsequent documents),, #10 , Proof of Service (subsequent documents),, #11 served on 10/18/2021 and 10/27/2021. (Longo, Amy) (Entered: 11/08/2021)

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  • 11/08/2021
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  • Docket(#11) PROOF OF SERVICE filed by Plaintiff Securities and Exchange Commission, re Notice to Counsel Re: Consent to Proceed before a US Magistrate Judge - optional html form #5 , Notice to Parties of Court-Directed ADR Program (ADR-8) - optional html form #4 , Civil Cover Sheet (CV-71) #2 , Transferring Case purs GO 21-01 (Related Case)(CV-34), #8 , Summons Request #6 , Summons Issued #7 , Notice of Assignment to United States Judges(CV-18) - optional html form #3 , Initial Order upon Filing of Complaint - form only #9 , Complaint (Attorney Civil Case Opening) #1 served on 10/27/2021. (Longo, Amy) (Entered: 11/08/2021)

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  • 11/08/2021
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  • Docket(#10) PROOF OF SERVICE filed by Plaintiff Securities and Exchange Commission, re Notice to Counsel Re: Consent to Proceed before a US Magistrate Judge - optional html form #5 , Notice to Parties of Court-Directed ADR Program (ADR-8) - optional html form #4 , Civil Cover Sheet (CV-71) #2 , Transferring Case purs GO 21-01 (Related Case)(CV-34), #8 , Summons Request #6 , Summons Issued #7 , Notice of Assignment to United States Judges(CV-18) - optional html form #3 , Initial Order upon Filing of Complaint - form only #9 , Complaint (Attorney Civil Case Opening) #1 served on 10/18/2021. (Longo, Amy) (Entered: 11/08/2021)

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  • 10/06/2021
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  • Docket(#9) STANDING ORDER upon filing of the complaint by Judge Andre Birotte Jr. (cb) (Entered: 10/06/2021)

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  • 10/05/2021
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  • Docket(#8) ORDER RE TRANSFER PURSUANT TO GENERAL ORDER 21-01-Related Case- filed. Related Case No: 2:20-cv-00654 AB(ASx). Case transferred from Judge Fernando M. Olguin and Magistrate Judge Autumn D. Spaeth to Judge Andre Birotte Jr and Magistrate Judge Alka Sagar for all further proceedings. The case number will now reflect the initials of the transferee Judge 2:21-cv-07787 AB(ASx). Signed by Judge Andre Birotte Jr (rn) (Entered: 10/05/2021)

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  • 10/01/2021
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  • Docket(#7) 21 DAY Summons Issued re Complaint (Attorney Civil Case Opening) #1 as to Defendant Joseph Collins, Punch TV Studios Inc. (iv) (Entered: 10/01/2021)

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  • 09/30/2021
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  • Docket(#6) Request for Clerk to Issue Summons on Complaint (Attorney Civil Case Opening) #1 , Civil Cover Sheet (CV-71) #2 filed by PLAINTIFF Securities and Exchange Commission. (Longo, Amy) (Entered: 09/30/2021)

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  • 09/30/2021
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  • Docket(#5) Notice to Counsel Re Consent to Proceed Before a United States Magistrate Judge. (esa) (Entered: 09/30/2021)

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  • 09/30/2021
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  • Docket(#4) NOTICE TO PARTIES OF COURT-DIRECTED ADR PROGRAM filed. (esa) (Entered: 09/30/2021)

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  • 09/30/2021
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  • Docket(#3) NOTICE OF ASSIGNMENT to District Judge Fernando M. Olguin and Magistrate Judge Autumn D. Spaeth. (esa) (Entered: 09/30/2021)

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  • 09/30/2021
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  • Docket(#2) CIVIL COVER SHEET filed by Plaintiff Securities and Exchange Commission. (Longo, Amy) (Entered: 09/30/2021)

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  • 09/30/2021
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  • Docket(#1) COMPLAINT No Fee Required - US Government, filed by PLAINTIFF Securities and Exchange Commission. (Attorney Amy J. Longo added to party Securities and Exchange Commission(pty:pla))(Longo, Amy) (Entered: 09/30/2021)

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