This case was last updated from PACER on 10/01/2021 at 10:43:04 (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

Fernando M. Olguin

Referral Judge

Autumn D. Spaeth

 

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

 

Court Documents

#6

(#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)

#5

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

#4

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

#3

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

#2

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

#1

(#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)

 

Docket Entries

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

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

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

    Read MoreRead Less
  • 09/30/2021
  • View Court Documents
  • 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
  • View Court Documents
  • 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)

    Read MoreRead Less
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