Pandya v. Securities and Exchange Commission

CourtDistrict Court, S.D. New York
DecidedJanuary 10, 2025
Docket1:23-cv-11180
StatusUnknown

This text of Pandya v. Securities and Exchange Commission (Pandya v. Securities and Exchange Commission) is published on Counsel Stack Legal Research, covering District Court, S.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Pandya v. Securities and Exchange Commission, (S.D.N.Y. 2025).

Opinion

UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK ASHISH S. PANDYA, Plaintiff, Case No. 1:23-cv-11180 (JLR) -against- OPINION AND ORDER SECURITIES AND EXCHANGE COMMISSION, Defendant. JENNIFER L. ROCHON, United States District Judge: Pro se Plaintiff Ashish S. Pandya (“Plaintiff” or “Pandya”) brings this action pursuant to 18 U.S.C. § 242 against the Securities and Exchange Commission (“Defendant” or the “SEC”), alleging that the SEC violated his due process rights. See generally Dkt. 1 (“Compl.”); Dkt. 4 (“Am. Compl.”). On May 24, 2024, the SEC moved to dismiss the Amended Complaint for insufficient service of process under Federal Rule of Civil Procedure (“Rule”) 12(b)(5), for lack of subject matter jurisdiction under Rule 12(b)(1), and for failure to state a claim upon which relief can be granted under Rule 12(b)(6). See Dkt. 17 (“Br.”) at 1. Pandya opposed the motion. See Dkt. 23 (“Opp.”). On December 9, 2024, Pandya filed an additional opposition and moved for summary judgment. See Dkt. 25 (“Opp. and MSJ.”). For the reasons set forth below, the Court GRANTS the SEC’s motion and dismisses the Amended Complaint without leave to amend, and DENIES as moot Pandya’s motion for summary judgment. BACKGROUND I. Factual Allegations1 Plaintiff Ashish S. Pandya, proceeding pro se, is a citizen of Washington State, Compl. at 2, who moved to the United States in 2006 from the United Kingdom, Opp. at 3.2 In 2007, Pandya formed a limited liability company, Miash Holdings LLC, in pursuit of a “creative project.” Am. Compl. at 3. In 2009, Pandya created another company, Miash Capital Management, to trade Forex commodities out of New York, but he never registered

the company with any state or government agency. Id. at 3. Pandya closed Miash Capital Management in or around 2011, id., after a colleague “reported [him]” to the Commodity Futures Trading Commission, Opp. at 3. In 2013, Pandya began working in the mortgage industry. Opp. and MSJ at 8.

1 For purposes of resolving the motion to dismiss, the Court accepts the factual allegations in the Amended Complaint as true and draws all reasonable inferences in Pandya’s favor. See Costin v. Glens Falls Hosp., 103 F.4th 946, 952 (2d Cir. 2024). Given Pandya’s pro se status, the Court construes the Amended Complaint broadly. See, e.g., Triestman v. Fed. Bureau of Prisons, 470 F.3d 471, 474-75 (2d Cir. 2006) (“It is well established that the submissions of a pro se litigant must be construed liberally and interpreted ‘to raise the strongest arguments that they suggest.’” (quoting Pabon v. Wright, 459 F.3d 241, 248 (2d Cir. 2006))).

2 On a motion to dismiss, “consideration is limited to the factual allegations in [the] . . . complaint, which are accepted as true, to documents attached to the complaint as an exhibit or incorporated in it by reference, to matters of which judicial notice may be taken, or to documents either in plaintiffs’ possession or of which plaintiffs have knowledge and relied on in bringing suit.” Brass v. Am. Film Tech., Inc., 987 F.2d 142, 150 (2d Cir. 1993). Courts have discretion, however, to show pro se plaintiffs more leniency. While “material outside a complaint generally is not to be taken into consideration on a motion to dismiss, the policy reasons favoring liberal construction of pro se complaints permit a court to consider allegations of a pro se plaintiff in opposition papers on a motion where, as here, those allegations are consistent with the complaint.” Rodriguez v. McGinnis, 1 F. Supp. 2d 244, 246-47 (S.D.N.Y. 1998). The Court therefore considers Pandya’s allegations in his opposition submissions insofar as they are not inconsistent with the allegations pleaded in his Amended Complaint. At some point in 2018, Pandya discovered that a family trust was fraudulently created in Australia without his knowledge using his identity documents. Am. Compl. at 3. According to Pandya, “well known figure[s] in government and entertainment us[ed] fake” power of attorney (“POA”) documents “with fabricated signatures,” id., to “launder[] money and [d]ebt” through the trust, Opp. at 5; see also Opp. and MSJ. at 3 (“27 trillion dollars was put in the . . . trust . . . and then my ID was attached to the trust.”).

In March 2019, an attorney and “so called business acquaintance who turned out to be a SEC field agent” approached Pandya and “persuaded” him to buy a cryptocurrency called XRP. Am. Compl. at 4. Subsequently, Pandya learned that a life insurance policy was “taken out . . . on [him] and [his] children without [his] consent or permission.” Id. On June 11, 2019, “the SEC field agent[] offered to send [him] a Miash Holdings LLC operating agreement to match the creation of the trust,” which he never signed. Id. On June 13, 2019, SEC Chairman Robert Jackson “conducted a[n] interview on crypto regulation that implicated that he had read the document.” Id. In January 2020, during the COVID-19 pandemic, Pandya began working from home, where the government purportedly targeted him and his family with energy weapons and

cyberattacks. Id.; Opp. at 5-6. Pandya alleges that “[g]overnment leaders and officials had direct access to [his] personal cell phone and internet,” Am. Compl. at 4, which they hacked to take out “[l]oans, credit cards, [and] securities” in his name to accuse him of “unregistered financial securities fraud,” Opp. at 2; see also Am. Compl. at 10 (“[M]y phone and Coinbase account were copied multiple times and crypto was added without my knowledge.”). Due to “all the pain and suffering and trauma” that the government allegedly caused, Pandya began to attend therapy, for which the government “retaliated against” him. Am. Compl. at 4. Defendant further alleges that in December 2020, the SEC brought an enforcement action against Miash Holdings, and that in February 2021, the “SEC conducted . . . an unconventional procedure” and violated HIPAA “in pursuit of . . . regulation by enforcement in the crypto space.” Opp. at 2; see also id. at 8 (alleging that the SEC “tr[ied] to get [him] incarcerated and . . . violated [HIPAA] to push a narrative”). In July 2022, Pandya applied for a home equity line of credit (“HELOC”), and in November 2022, Pandya received a document that “stated [his family’s] death[s] and would

[have] put [them] in to bankruptcy.” Am. Compl. at 4. In November 2023, Pandya applied for another HELOC, after which he received another document indicating that the government “tried to put [him] in to bankruptcy again and stated [their] deaths.” Id. This document “added [a] POA” with “a fraudulent copied signature,” id., in order to “access” the assets from his trust, Opp. at 7. Pandya alleges that “the SEC and its officers” tried “to force bankruptcy on [him] and his family” a total of three times. Am. Compl. at 6. II. Procedural History On December 21, 2023, Pandya filed his Complaint. See generally Compl. On January 12, 2024, the Court dismissed the Complaint sua sponte to the extent that it asserted claims on behalf of other entities, Dkt. 3 (“Order of Dismissal”) at 3, sought the criminal

prosecution of others, id. at 4, and brought claims against the SEC that were barred under the doctrine of sovereign immunity, id. at 4-6. The Court granted Pandya leave to amend the Complaint to correct these deficiencies. Id. at 7. On February 12, 2024, Pandya filed the Amended Complaint. See generally Am. Compl. On March 5, 2024, Pandya filed a motion for default judgment, Dkt. 5, and on March 12, 2024, he filed a motion to transfer the case and recuse the undersigned, Dkt.

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Pandya v. Securities and Exchange Commission, Counsel Stack Legal Research, https://law.counselstack.com/opinion/pandya-v-securities-and-exchange-commission-nysd-2025.