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Securities and Exchange Commission v. Commonwealth Advisors, Inc.

United States District Court, M.D. Louisiana

February 15, 2018

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
COMMONWEALTH ADVISORS, INC. and WALTER A. MORALES, Defendants.

          FINAL JUDGMENT AS TO DEFENDANTS WALTER A. MORALES AND COMMONWEALTH ADVISORS, INC.

          JOHN W. deGRAVELLES JUDGE

         The Securities and Exchange Commission having filed a Complaint and Defendants Commonwealth Advisors, Inc. and Walter A. Morales (“Defendants”) having entered a general appearance; consented to the Court's jurisdiction over each Defendant and the subject matter of this action; consented to entry of this Final Judgment without admitting or denying the allegations of the Complaint (except as to jurisdiction); waived findings of fact and conclusions of law; and waived any right to appeal from this Final Judgment:

         I.

         IT IS HEREBY ORDERED, ADJUDGED, AND DECREED that each Defendant and each Defendant's agents, servants, employees, attorneys, and all persons in active concert or participation with them who receive actual notice of this Final Judgment by personal service or otherwise are permanently restrained and enjoined from violating, directly or indirectly, Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 promulgated thereunder [17 C.F.R. § 240.10b-5], by using any means or instrumentality of interstate commerce, or of the mails, or of any facility of any national securities exchange, in connection with the purchase or sale of any security:

(a) to employ any device, scheme, or artifice to defraud;
(b) to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading; or
(c) to engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.

         II.

         IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that each Defendant and each Defendant's agents, servants, employees, attorneys, and all persons in active concert or participation with them who receive actual notice of this Final Judgment by personal service or otherwise are permanently restrained and enjoined from violating, directly or indirectly, Sections 206(1) and 206(2) of the Investment Advisers Act of 1940 (“Advisers Act”) [15 U.S.C. §§ 80b-6(1) and 80b-6(2)], by using the mails or any means or instrumentality of interstate commerce, directly or indirectly:

(a) to employ any device, scheme, or artifice to defraud any client or prospective client; or
(b) to engage in any transaction, practice, or course of business which operates as a fraud or deceit upon any clients or prospective clients.

         III.

         IT IS HEREBY FURTHER ORDERED, ADJUDGED, AND DECREED that each Defendant and each Defendant's agents, servants, employees, attorneys, and all persons in active concert or participation with them who receive actual notice of this Final Judgment by personal service or otherwise are permanently restrained and enjoined from violating, directly or indirectly, Section 206(4) of the Advisers Act [15 U.S.C. § 80b-6(4)] and Advisers Act Rule 206(4)-8 [17 C.F.R. § 275.206(4)-8], by using the mails or any means or instrumentality of interstate commerce, while engaged in the business of advising a pooled investment vehicle for compensation as to the advisability of investing in, purchasing or selling securities:

(a) to make any untrue statement of a material fact or to omit to state a material fact necessary to make the statements made, in light of the circumstances under which they were made, not misleading, to any investor or ...

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