SEC v. USTIAN, No. 1:16-cv-03885, Northern District of Illinois (June 29, 2020)
raw: ORDER RE SEC’S MOTION FOR OFFICER-DIRECTOR BAR AGAINST
ORDER RE SEC’S MOTION FOR OFFICER-DIRECTOR BAR AGAINST, No. 1:16-cv-03885 (June 29, 2020)
Exhibit of Daniel C. Ustian
summary
Daniel C. Ustian agreed to a permanent officer and director bar from public companies to resolve the SEC's motion without admitting or denying the underlying allegations.
paragraph
The SEC successfully obtained an order prohibiting Daniel C. Ustian from serving as an officer or director of any issuer with registered securities or reporting requirements. This resolution followed a partial settlement reached in February 2020 and a subsequent motion filed by the SEC. While the specific fraud amounts were not detailed in this order, the court enforced the bar pursuant to the Securities Exchange Act of 1934 and the Securities Act of 1933.
narrative
In the Northern District of Illinois, the SEC and defendant Daniel C. Ustian reached a resolution regarding an officer-director bar. Following a partial settlement in February 2020, the SEC filed a motion to prohibit Ustian from serving in leadership roles at public companies. Without admitting or denying the allegations, Ustian agreed to a permanent prohibition from acting as an officer or director of any issuer that has registered securities or is required to file reports. The court's order, issued on June 23, 2020, applied the bar under Section 21(d)(2) of the Securities Exchange Act of 1934 and Section 20(e) of the Securities Act of 1933. This agreement effectively rendered the SEC's pending motion moot and resolved the remaining issues in the litigation.
Classified unclassified. No EDGAR filing fingerprint (criminal/DOJ-side scheme). detection rule →
Statutes
15 U.S.C. § 78u(d)15 U.S.C. § 77t(e)15 U.S.C. § 78l15 U.S.C. § 78o(d)Section 20(e) of the Securities Act
Parties
Securities and Exchange CommissionDaniel C. UstianDetroit Diesel CorporationAmicus Curiae Alliance of Automobile ManufacturersDeere & CompanyPaccar Inc.Mitsubishi Fuso Truck of America, Inc.Cummins Inc.Volvo Group North America LLCCaterpillar Inc.,Navistar International Corp.
Keywords
motionsecustianbardktmotion officer-directorsecurities exchangedaniel ustianofficer directorsecuritiesexchangeorderofficer-directorpursuantexchange commission
Extracted insights
Entities 5
- company as an officer or director of a public company
- person consent judgment
- person Daniel C. Ustian
- person daniel ustian
- agency on february 27, 2020, resolving partial settlement between sec and ustian
Triples 39
- SEC filed Motion
- Court entered Order
- Ustian agrees not to act as an officer or director of a public company
- Ustian is prohibited from acting as an officer or director of any issuer
- Motion is resolved and is moot
- SEC filed Motion
- Court entered Order
- Ustian agrees not to act as an officer or director of a public company
- Ustian is prohibited from acting as an officer or director of any issuer
- Motion is resolved and is moot
- U.S. Securities and Exchange Commission (SEC) filed a motion seeking an officer-director bar against Daniel C. Ustian
- Daniel C. Ustian agrees not to act as an officer or director of a public company
- Court prohibits Daniel C. Ustian from acting as an officer or director of any issuer with securities registered under Section 12 or required to file reports under Section 15(d) of the Exchange Act
- Court entered a consent judgment on February 27, 2020, resolving partial settlement between SEC and Ustian
- U.S. Securities and Exchange Commission reached partial settlement
- Daniel Ustian agrees not to act as an officer or director
- Court entered consent judgment
- Ustian is prohibited from acting as an officer or director
- Motion is moot
- SEC reached settlement partial settlement with Daniel Ustian in February 2020
- Court entered consent judgment on February 27, 2020
- Court required SEC to file a motion seeking an officer-director bar by March 13, 2020
- Court required Ustian to file a response by April 3, 2020
- Court required SEC to file a reply by April 17, 2020
- SEC filed Motion on March 13, 2020
- General Orders extended dates response to June 19 and reply to July 13 due to Covid-19
- Ustian agreed not to act as an officer or director of a public company
- Ustian is prohibited from acting as an officer or director of any issuer with registered securities or required reporting
- Motion has been resolved and is moot
- U.S. Securities and Exchange Commission reached a partial settlement Daniel Ustian
- U.S. Securities and Exchange Commission filed a motion officer-director bar
- Daniel Ustian agrees not to act officer or director of a public company
- U.S. Securities and Exchange Commission filed the Motion March 13
- Daniel Ustian file a response April 3
- U.S. Securities and Exchange Commission file a reply April 17
- Court entered an Order SEC to file any motion seeking an officer-director bar
- Court extended the dates June 19 and July 13
- Daniel Ustian prohibited from acting officer or director of any issuer
- Sara L. Ellis ordered Ustian is prohibited from acting as an officer or director
Text layers
Extracted body text (2,222c)
IN THE UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
)
UNITED STATES SECURITIES AND )
EXCHANGE COMMISSION, )
)
Plaintiff, ) Case No. 16-cv-03885
)
v. ) Hon. Sara L. Ellis
)
)
)
DANIEL C. USTIAN, )
)
Defendant. )
___________________________________________)
ORDER RE SEC’S MOTION FOR OFFICER-DIRECTOR BAR AGAINST
DEFENDANT DANIEL C. USTIAN
In February 2020, Plaintiff U.S. Securities and Exchange Commission (“SEC”) and
Defendant Daniel Ustian (“Ustian”) reached a partial settlement (see Dkt. No. 330), pursuant to
which the Court entered a consent judgment on February 27, 2020. (Dkt. No. 333). The consent
judgment provided that the issue of an officer and director bar would be resolved after the SEC
filed a motion seeking such a bar. Id. The Court entered an Order that required the SEC to file
any motion seeking an officer-director bar (“Motion”) by March 13, 2020; required Ustian to file
a response by April 3, 2020, and required the SEC to file a reply by April 17, 2020. (Dkt. No.
332). The SEC filed the Motion on March 13. (Dkt. No. 334). Various General Orders related to
Covid-19 extended the dates for the response and reply to June 19, and July 13, respectively.
(Dkt. Nos. 336, 337, 338).
The parties now have informed the Court that without admitting or denying the
allegations of the Motion, Ustian agrees not to act as an officer or director of a public company.
(Dkt. No. 339). The remaining issue in this matter now having been agreed to by the consent of
Ustian, IT IS HEREBY ORDERED as follows:
1. Pursuant to Section 21(d)(2) of the Securities and Exchange Act of 1934 [15 U.S.C.
§ 78u(d)(2)] and/Section 20(e) of the Securities Act of 1933 [15 U.S.C. § 77t(e)],
Ustian is prohibited from acting as an officer or director of any issuer that has a class
of securities registered pursuant to Section 12 of the Exchange Act [15 U.S.C. § 78l]
or that is required to file reports pursuant to Section 15(d) of the Exchange Act [15
U.S.C. § 78o(d)].
2. The Motion, having been resolved, is moot.
.
Dated: June 23, 2020
____________________________________
SARA L. ELLIS
United States District JudgeOCR text (2,486c · tika · 95% conf)
IN THE UNITED STATES DISTRICT COURT
FOR THE NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
)
UNITED STATES SECURITIES AND )
EXCHANGE COMMISSION, )
)
Plaintiff, ) Case No. 16-cv-03885
)
v. ) Hon. Sara L. Ellis
)
)
)
DANIEL C. USTIAN, )
)
Defendant. )
___________________________________________)
ORDER RE SEC’S MOTION FOR OFFICER-DIRECTOR BAR AGAINST
DEFENDANT DANIEL C. USTIAN
In February 2020, Plaintiff U.S. Securities and Exchange Commission (“SEC”) and
Defendant Daniel Ustian (“Ustian”) reached a partial settlement (see Dkt. No. 330), pursuant to
which the Court entered a consent judgment on February 27, 2020. (Dkt. No. 333). The consent
judgment provided that the issue of an officer and director bar would be resolved after the SEC
filed a motion seeking such a bar. Id. The Court entered an Order that required the SEC to file
any motion seeking an officer-director bar (“Motion”) by March 13, 2020; required Ustian to file
a response by April 3, 2020, and required the SEC to file a reply by April 17, 2020. (Dkt. No.
332). The SEC filed the Motion on March 13. (Dkt. No. 334). Various General Orders related to
Covid-19 extended the dates for the response and reply to June 19, and July 13, respectively.
(Dkt. Nos. 336, 337, 338).
The parties now have informed the Court that without admitting or denying the
allegations of the Motion, Ustian agrees not to act as an officer or director of a public company.
Case: 1:16-cv-03885 Document #: 344 Filed: 06/23/20 Page 1 of 2 PageID #:22909
(Dkt. No. 339). The remaining issue in this matter now having been agreed to by the consent of
Ustian, IT IS HEREBY ORDERED as follows:
1. Pursuant to Section 21(d)(2) of the Securities and Exchange Act of 1934 [15 U.S.C.
§ 78u(d)(2)] and/Section 20(e) of the Securities Act of 1933 [15 U.S.C. § 77t(e)],
Ustian is prohibited from acting as an officer or director of any issuer that has a class
of securities registered pursuant to Section 12 of the Exchange Act [15 U.S.C. § 78l]
or that is required to file reports pursuant to Section 15(d) of the Exchange Act [15
U.S.C. § 78o(d)].
2. The Motion, having been resolved, is moot.
.
Dated: June 23, 2020
____________________________________
SARA L. ELLIS
United States District Judge
Case: 1:16-cv-03885 Document #: 344 Filed: 06/23/20 Page 2 of 2 PageID #:22910