U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20186 / July 9, 2007
SEC v. The Hockey Barn LLC and Jeffrey J. Coleman, Civ. Action No. 07-CV-438-C (W.D.N.Y.)
Court Enters Temporary Restraining Order Freezing Defendants' Assets and Ordering Defendants to Provide Sworn Accountings, and Schedules Preliminary Injunction Hearing
The Securities and Exchange Commission announced that on July 5, 2007 the United States District Court for the Western District of New York entered a temporary restraining order against defendants The Hockey Barn LLC and Jeffrey J. Coleman, Hockey Barn's Chief Executive Officer. The Court's order, among other things, temporarily restrains defendants from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Further, the order temporarily freezes defendants' assets and orders them to provide sworn accountings. In addition, the order prohibits the destruction of records, and permits the Commission to conduct expedited discovery. The Court scheduled a hearing on the Commission's request for a preliminary injunction for July 19, 2007 in Buffalo, New York.
In the complaint, the Commission alleged that from approximately October 2006 through the present, Coleman and the Hockey Barn defrauded investors through an offering of promissory notes and other investment contracts. Among other things, Coleman falsely told investors that they could obtain a return of at least 400% within 60 days from an investment in a purported bond trading program.
For more information, see Litigation Release No. 20180 (July 3, 2007).