Securities and Exchange Commission v. Blockvest, LLC

CourtDistrict Court, S.D. California
DecidedMarch 2, 2020
Docket3:18-cv-02287
StatusUnknown

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

Bluebook
Securities and Exchange Commission v. Blockvest, LLC, (S.D. Cal. 2020).

Opinion

1 2 3 4 5 6 7 8 UNITED STATES DISTRICT COURT 9 SOUTHERN DISTRICT OF CALIFORNIA 10 11 SECURITIES AND EXCHANGE Case No.: 18CV2287-GPB(BLM) COMMISSION, 12 ORDER GRANTING DEFENDANT Plaintiff, 13 RINGGOLD’S EX PARTE v. APPLICATION FOR EXTENSION 14 OF TIME TO FILE OPOSITION TO BLOCKVEST, LLC and REGINALD 15 SUMMARY JUDGMENT MOTION BUDDY RINGGOLD, III a/k/a RASOOL

16 ABDUL RAHIM EL, [Dkt. No. 103.] 17 Defendants. 18 19 Before the Court is pro se Defendant Ringgold’s ex parte application for extension 20 of time to file opposition to Plaintiff’s motion for summary judgment. (Dkt. No. 103.) 21 Plaintiff filed an opposition on February 27, 2020. (Dkt. No. 105.) 22 Background 23 On October 3, 2018, Plaintiff Securities and Exchange Commission (“SEC” or 24 “Plaintiff”) filed a Complaint against Defendants Blockvest, LLC and Reginald Buddy 25 Ringgold, III a/k/a Rasool Abdul Rahim El alleging violations of Section 10(b) of the 26 Securities Exchange Act of 1934 (“Exchange Act’) and Rule 10b-5(b); violations under 27 Section 10(b) of the Exchange Act and Rule 10b-5(a) and Rule 10b-5(c); fraud in 28 violation of Section 17(a)(2) of the Securities Act of 1933 (“Securities Act”), fraud in 1 violation of Sections 17(a)(1) and 17(a)(3) of the Securities Act; and violations of 2 Sections 5(a) and 5(c) of the Securities Act for the offer and sale of unregistered 3 securities. (Dkt. No. 1, Compl.) Plaintiff also concurrently filed an ex parte motion for 4 temporary restraining order seeking to halt Defendants’ fraudulent conduct and freezing 5 their assets, prohibiting the destruction of documents, seeking expedited discovery and an 6 accounting of Defendants’ assets. (Dkt. No. 3.) On October 5, 2018, the Court granted 7 Plaintiff’s ex parte motion for temporary restraining order. (Dkt. Nos. 5, 6.) On 8 November 27, 2018, the Court denied a preliminary injunction. (Dkt. No. 41.) On 9 February 14, 2019, the Court partially granted Plaintiff’s motion for reconsideration on 10 Plaintiff’s motion for preliminary injunction. (Dkt. No. 61.) Pursuant to the injunction, 11 Defendants are “preliminarily enjoined from violating Section 17(a) of the Securities Act 12 [15 U.S.C. § 77q(a)] in the offer or sale of any security by the use of any means or 13 instruments of transportation or communication in interstate commerce or by use of the 14 mails, directly or indirectly:” 15 (a) to employ any device, scheme, or artifice to defraud; (b) to obtain money or property by means of any untrue statement of a 16 material fact or any omission of a material fact necessary in order to make 17 the statements made, in light of the circumstances under which they were made, not misleading; or 18 (c) to engage in any transaction, practice, or course of business which 19 operates or would operate as a fraud or deceit upon the purchaser.

20 (Dkt. No. 61 at 23.) On the same day, the Court granted defense counsel’s request to 21 withdraw as counsel. (Dkt. No. 62.) While Defendant Ringgold, an individual, can 22 proceed pro per, Defendant Blockvest LLC, cannot. (Id. at 3.) Defendants were granted 23 until March 15, 2019 to obtain substitute counsel. (Id.) On March 18, 2019, the Court 24 granted Defendants’ ex parte request for additional time to obtain counsel until March 29, 25 2019. (Dkt. No. 64.) To date, Defendants have not retained counsel. 26 A scheduling order was issued in the case on April 24, 2019. (Dkt. No. 72.) The 27 SEC served initial disclosures to Defendants on February 4, 2019, and in May and June, 28 1 2019, it produced over 5,000 documents to Ringgold, which included documents 2 identified in the initial disclosures as well as documents produced in response to 3 Ringgold’s requests for production. (Dkt. No. 105-1, Wilner Decl. ¶¶ 3, 4.) On August 4 12, 2019, the SEC responded to 55 interrogatories propounded by Ringgold. (Id. ¶ 5.) 5 The SEC also took third party depositions. (Id. ¶ 6.) The fact discovery deadline was 6 September 9, 2016 and expert discovery deadline was December 26, 2019. (Dkt. No. 7 72.) 8 Discussion 9 In the ex parte application, Defendant Ringgold invokes Federal Rule of Civil 10 Procedure (“Rule”) 6(b)1 seeking an extension of time to file his opposition to summary 11 judgment motion, which was due on February 21, 2020, in order to obtain additional 12 discovery and time to seek counsel. Ringgold does not state how much additional time 13 he needs. He claims that his prior counsel withdrew from the case and left Petitioner 14 with a pile of documents and being unschooled in the law, it makes it extremely difficult 15 or impossible to respond to Plaintiff’s motion. Ringgold states that he has made a 16 diligent effort to locate new counsel but has not been successful due to the voluminous 17 number of documents in the case and seeks additional time to seek counsel and respond 18 to the summary judgment motion. (Dkt. No. 103, Ringgold Decl. at pgs. 4-52.) 19 Plaintiff opposes arguing Ringgold has flouted the procedural rules by failing to 20 comply with the ex parte application procedure by filing the ex parte past the opposition 21 deadline and failing to provide it with advance notice. Further, Ringgold has not 22 provided a sufficient basis to delay the hearing date on its motion for summary judgment. 23 Plaintiff contends that Ringgold seeks additional time to review discovery and conduct 24 further discovery but does not provide specifics as what discovery he needs to obtain and 25 his request for more time to retain counsel is without merit because his prior counsel’s 26

27 1 Ringgold relies on Rule 6(b), not Rule 56(d) as the SEC argues. 28 1 withdrawal was approved months ago on February 14, 2019. (Dkt. No. 62.) Despite 2 having had ample opportunity to obtain counsel, Ringgold has failed to do so. Finally, 3 his pro se status is not a reason why he should be granted leniency. 4 Rule 6(b) permits a court, at its discretion, to accept a late filing when the movant's 5 failure to meet the deadline was the result of excusable neglect. Fed. R. Civ. P. (“[w]hen 6 an act may or must be done within a specified time, the court may, for good cause extend 7 the time: (A) with or without motion or notice if the court acts, or if a request is made, 8 before the original time or its extension expires; or (B) on motion made after the time has 9 expired if the party failed to act because of excusable neglect.”). 10 In assessing excusable neglect, the court must consider a four-part test that takes 11 “account of all relevant circumstances surrounding the party's omission. These include . . 12 . the danger of prejudice to the [other party], the length of the delay and its potential 13 impact on judicial proceedings, the reason for the delay, including whether it was within 14 the reasonable control of the movant, and whether the movant acted in good faith.” 15 Pioneer Inv. Servs. Co. v. Brunswick Assocs. Ltd. P'ship, 507 U.S. 380, 395 (993). A 16 district court abuses its discretion when it fails to consider each of these four factors 17 when evaluating a Rule 6(b) excusable neglect motion. Bateman v. U.S. Postal Serv., 18 231 F.3d 1220, 1225 (9th Cir. 2000); Alexander v. Principi, 16 Fed. App’x 755, 759 (9th 19 Cir. 2001) (district court abused its discretion when it only considered two of the four 20 factors). 21 First, Plaintiff appears to address the prejudice factor by arguing that the 22 proceedings have been going on for over a year and the SEC has expended considerable 23 resources to prosecute its claims.

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Securities and Exchange Commission v. Blockvest, LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/securities-and-exchange-commission-v-blockvest-llc-casd-2020.