This case was last updated from PACER on 09/29/2021 at 05:22:15 (UTC).

Securities and Exchange Commission v. Michael James Ferguson Jr. Foreign Private Trust et al

Case Summary

On September 27, 2021, the Securities and Exchange Commission (the “Commission” or “Plaintiff”), represented by Richard R. Best, attorney at SEC’s New York regional office, filed a civil enforcement action against Michael James Ferguson Jr. Foreign Private Trust (“Ferguson Trust”) and Noble Mikhail Jabal Mohommet Firdaus El (“Firdaus El,” and, with Ferguson Trust, “Defendants”), seeking injunctive relief and payment of civil monetary penalties for the alleged failure to satisfy important statutory and regulatory obligations that apply to transfer agents. This case was filed in the U.S. District Court in the Southern District of New York.

 

In the complaint Plaintiff alleged that, “Defendant Ferguson Trust, a transfer agent registered with the Commission, failed to satisfy important statutory and regulatory obligations that apply to transfer agents. Despite being repeatedly informed about these legal obligations, Defendant Firdaus El, Ferguson Trust’s chief executive officer, treasurer, president, and director, chose not to have Ferguson Trust comply with them and thus aided and abetted Ferguson Trust’s violations of the federal securities laws. In 2019, Ferguson Trust registered with the Commission as a transfer agent.”

 

Plaintiff further alleged that, “Although Ferguson Trust was required to file an annual report for the year 2019 with the Commission by March 31, 2020, Ferguson Trust failed to file an annual report. Starting in July 2020, the Commission’s Division of Examinations (“Examinations”) began an examination of Ferguson Trust. Examinations informed Firdaus El that Ferguson Trust was required to file certain reports with the Commission, including its annual report for 2019, and sent formal requests to Ferguson Trust for documents concerning its transfer agent activities.”

 

Plaintiff also alleged that, “Despite its statutory and regulatory obligations to maintain documents and provide them to the Commission in connection with the examination, Ferguson Trust failed to provide any documents in response. The Commission’s Division of Enforcement (“Enforcement”) later sent Ferguson Trust similar formal requests for documents, addressed to Firdaus El. Ferguson Trust again failed to produce documents, and Defendants ceased communicating with the Commission.”

 

There are eight claims for relief laid down by Plaintiff. The first claim deals with the alleged violation of Exchange Act Sections 17(a)(1), 17(a)(3), 17A(d)(1), and 17A(c)(2) and Rule 17Ac2-2(c) thereunder. The second claim deals with the alleged violation of Exchange Act Sections 17(a)(1), 17(a)(3), 17A(d)(1), and 17A(c)(2) and Rule 17Ac2-1 thereunder. The third and fourth claims deal with the alleged violation of Exchange Act Sections 17(a)(1) and 17(b)(1). The fifth claim deals with the alleged aiding and abetting in violations of Exchange Act Sections 17(a)(1), 17(a)(3), 17A(d)(1), and 17A(c)(2) and Rule 17Ac2-2(c) thereunder. The sixth claim deals with the alleged aiding and abetting in violation of Exchange Act Sections 17(a)(1), 17(a)(3), 17A(d)(1), and 17A(c)(2) and Rule 17Ac2-1 thereunder. The seventh claim is for the alleged aiding and abetting in violation of Exchange Act Sections 17(a)(1). The eighth claim deals with the alleged aiding and abetting in violation of Exchange Act Section 17(b)(1).

 

In its prayer for relief Plaintiff has requested the court to permanently enjoin Defendants and all persons in active concert or participation with any of them and order both Defendants to pay civil monetary penalties under Exchange Act Section21(d)(3).

 

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Case Details Parties Documents Dockets

 

Case Details

  • Case Number:

    1:21-CV-08017

  • Filing Date:

    09/27/2021

  • Case Status:

    Pending - Other Pending

  • Case Type:

    Finance - Security/Commodity/Exchange

 

Party Details

Plaintiff

Securities Exchange Commission

Defendants

Michael James Ferguson Jr. Foreign Private Trust

Noble Firdaus El

Attorney/Law Firm Details

Plaintiff Attorney

Richard R. Best

Attorney at U.S. Securities and Exchange Commission

200 Vesey Street, Ste 400

New York, NY 10281

 

Court Documents

#4

(#4) REQUEST FOR ISSUANCE OF SUMMONS as to Noble Mikhail Jabal Mohommet Firdaus El, re: #1 Complaint. Document filed by Securities Exchange Commission..(Best, Richard) (Entered: 09/27/2021)

#3

(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Michael James Ferguson Jr. Foreign Private Trust, re: #1 Complaint. Document filed by Securities Exchange Commission..(Best, Richard) (Entered: 09/27/2021)

#2

(#2) CIVIL COVER SHEET filed..(Best, Richard) (Entered: 09/27/2021)

#1

(#1) COMPLAINT against Noble Firdaus El, Michael James Ferguson Jr. Foreign Private Trust. Document filed by Securities Exchange Commission..(Best, Richard) (Entered: 09/27/2021)

 

Docket Entries

  • 09/27/2021
  • View Court Documents
  • Docket(#4) REQUEST FOR ISSUANCE OF SUMMONS as to Noble Mikhail Jabal Mohommet Firdaus El, re: #1 Complaint. Document filed by Securities Exchange Commission..(Best, Richard) (Entered: 09/27/2021)

    Read MoreRead Less
  • 09/27/2021
  • View Court Documents
  • Docket(#3) REQUEST FOR ISSUANCE OF SUMMONS as to Michael James Ferguson Jr. Foreign Private Trust, re: #1 Complaint. Document filed by Securities Exchange Commission..(Best, Richard) (Entered: 09/27/2021)

    Read MoreRead Less
  • 09/27/2021
  • View Court Documents
  • Docket(#2) CIVIL COVER SHEET filed..(Best, Richard) (Entered: 09/27/2021)

    Read MoreRead Less
  • 09/27/2021
  • View Court Documents
  • Docket(#1) COMPLAINT against Noble Firdaus El, Michael James Ferguson Jr. Foreign Private Trust. Document filed by Securities Exchange Commission..(Best, Richard) (Entered: 09/27/2021)

    Read MoreRead Less
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