Securities Exchange Comm. v. Bear, Stearns Co.

Full title: SECURITIES AND EXCHANGE COMMISSION, Plaintiff, v. BEAR, STEARNS CO. INC.…

Court: United States District Court, S.D. New York

Date published: Dec 1, 2006

Civil Action No. 03 Civ. 2937 (WHP), Civil Action No. 03 Civ. 2938 (WHP), Civil Action No. 03 Civ. 2939 (WHP), Civil Action No. 03 Civ. 2940 (WHP), Civil Action No. 03 Civ. 2941 (WHP), Civil Action No. 03 Civ. 2942 (WHP), Civil Action No. 03 Civ. 2943 (WHP), Civil Action No. 03 Civ. 2944 (WHP), Civil Action No. 03 Civ. 2945 (WHP), Civil Action No. 03 Civ. 2946 (WHP), Civil Action No. 03 Civ. 2947 (WHP), Civil Action No. 03 Civ. 2948 (WHP), Civil Action No. 04 Civ. 6909 (WHP), Civil Action No. 04 Civ. 6910 (WHP) (S.D.N.Y. Dec. 1, 2006)

Opinion

Civil Action No. 03 Civ. 2937 (WHP), Civil Action No. 03 Civ. 2938 (WHP), Civil Action No. 03 Civ. 2939 (WHP), Civil Action No. 03 Civ. 2940 (WHP), Civil Action No. 03 Civ. 2941 (WHP), Civil Action No. 03 Civ. 2942 (WHP), Civil Action No. 03 Civ. 2943 (WHP), Civil Action No. 03 Civ. 2944 (WHP), Civil Action No. 03 Civ. 2945 (WHP), Civil Action No. 03 Civ. 2946 (WHP), Civil Action No. 03 Civ. 2947 (WHP), Civil Action No. 03 Civ. 2948 (WHP), Civil Action No. 04 Civ. 6909 (WHP), Civil Action No. 04 Civ. 6910 (WHP).

December 1, 2006

ORDER RE FINAL REPORT AND ACCOUNTING OF INTERIM TAX ADMINISTRATOR AND INTERIM DISTRIBUTION AGENT

WILLIAM PAULEY III, District Judge

By Order dated September 2, 2005, this Court appointed Jude Damasco ("Damasco") Interim Tax Administrator with respect to the investor education funds. By Order dated December 8, 2005, this Court appointed Damasco Interim Distribution Agent for the payment of fees and expenses incurred by the Investor Education Entity. These Orders provided that Damasco would be paid fees and expenses incurred in his capacity as Interim Tax Administrator and Interim Distribution Agent.

On May 19, 2006, this Court entered an Order establishing a reserve of $250,000 (the "Reserve") for the payment of taxes and of Damasco's fees and expenses (the "May 19 Order"). Subsequently, $153,499 was withdrawn from the Reserve to pay the investor education funds' tax liabilities. By Order dated September 25, 2006, this Court authorized that $17,993.97 be withdrawn from the Reserve to pay Damasco's fees and expenses. Pursuant to Paragraph 8 of the May 19, 2006 Order, Damasco forwarded the remaining Reserve balance of $78,507.03 to the NASD Foundation on October 19, 2006.

Pursuant to Paragraph 9 of the May 19 Order, Damasco has submitted a final report affirming that his responsibilities as Interim Tax Administrator and Interim Distribution Agent have been fulfilled. The SEC approves of this report. For the foregoing reasons, this Court hereby relieves Damasco of his responsibilities as Interim Tax Administrator and Interim Distribution Agent.