U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 20195 / July 12, 2007
SEC v. The Hockey Barn LLC and Jeffrey J. Coleman, Civ. Action No. 07-CV-438-C (W.D.N.Y.)
Court Enters a Preliminary Injunction Order Continuing the Freeze of Defendants' Assets Pending Conclusion of the Action
The Securities and Exchange Commission announced that on July 12, 2007 the United States District Court for the Western District of New York entered a preliminary injunction order against defendants, The Hockey Barn LLC and Jeffrey J. Coleman, Hockey Barn's Chief Executive Officer. The Court's July 12 Order, among other things, preliminarily enjoins 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 pending a final disposition of the action. Further, the July 12 Order freezes defendants' assets and requires defendants to provide accountings of, among other things, all of the funds received from investors.
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.
The defendants consented to the entry of the order without admitting or denying the Commission's allegations.