Judge Otis D. Wright II of the U.S. District Court for the Southern District of California has vacated the hearing in this matter that had been scheduled for March 5, 2010 at 3 pm
Where is a lawyer when you need one? :^)
Can US readers help me out here?
The legal dictionary says to vacate means to void, annul, set aside – I think this is comparable to what I would understand as cancelling or staying the hearing.
If it means cancel it can be for all kinds of reasons. The court ran overtime, a court employee is ill or unavailable…
This was to be a hearing on “Issuance of Order to Show Cause Why Defendants Should Not Be Held in Contempt.”
The civil case against Gordon Driver/Axcess Automation/Funds was filed by the CTFC and the SEC in May 2009.
In December 2009 Gordon Driver, Â a Canadian living in the US, made a deal with the SEC.
A Freelton man accused of running a $14-million Ponzi scheme has agreed to turn over his “ill-gotten gains” and pay a penalty following a settlement reached with the U.S. Securities and Exchange Commission (SEC).
Gordon Driver and his company, Axcess Automation, reached the agreement just days after the SEC had gone to a California court seeking a contempt order against Driver for not complying with previous court-ordered requirements.
The SEC was also asking the judge to consider jail time as a possible sanction against Driver if he was found guilty of contempt.
Has Gordon Driver and the SEC had a hearing to determine the money he has to turn over and the amount he faces in fines?
Another question for US friends.
If the SEC makes a deal, does that void the action the CFTC is taking?
100+ people, mostly in Canada, many connected to Crossroads Christian Communications Inc. lost a lot of money.
Gordon Driver, David Rutledge and Steven Taylor were given a cease and desist order by the Ontario Securities and Exchange Commission even though funds where not traded in Canada.
If the SEC deal with Driver had been approved by the court (California) wouldn’t the settlement be posted on the SEC website?
A lot of people were harmed in this ponzi scheme, Ron and Reynold Mainse of Crossroads have not only admitted being finders, but also admitted investing. It must be very difficult to not see justice for Axcess victims unnamed and silent in this scam.
As the OSC order says:
AND WHEREAS pursuant to subsection 127(8) of theÂ Securities Act, satisfactory information has not been provided to the Commission by any of the Respondents