US Govt seeks stay of CFTC action against fraudulent FX scheme Oasis International Group
The US Government is seeking to stay the proceedings for a period of 180 days, as the civil matter overlaps with the subject matter of an ongoing federal criminal investigation.
The United States Government is seeking to intervene and stay a civil action brought by the Commodity Futures Trading Commission (CFTC) against Oasis International Group (OIG), Oasis Management, LLC (OM), Satellite Holdings Company, Michael J. DaCorta, Joseph S. Anile, II , Raymond P. Montie, III, Francisco “Frank” L. Duran, and John J. Haas. The CFTC alleges that the defendants solicited approximately $75 million from investors.
Earlier this week, the Government filed an application with the Florida Middle District Court to intervene in the civil action to stay the proceedings, including, but not limited to, a stay of any discovery and the entry of a Case Management and Scheduling Order, for a period of 180 days, or provide other relief to the government as required in the interests of justice.
The Government says it seeks to intervene because it has a direct and substantial interest in the subject matter of this action which, in significant part, overlaps with the subject matter of an ongoing federal criminal investigation now pending in the Middle District of Florida, Tampa Division. The government therefore seeks to intervene in this action to request a limited stay of the civil proceedings to avoid prejudice or harm to the government’s ongoing federal criminal investigation and the parties in this case.
The government has discussed the substance of this motion with the counsel for CFTC, as well as with Burton W. Wiand, the Receiver appointed by the Court. They do not object to the relief requested by the government, so long as such relief does not impede the Receiver’s ability to gather assets and perform the other functions tailored to gathering assets with which to compensate victims. In addition, the CFTC does not object so long as the government’s requested relief does not impact the upcoming Preliminary Injunction hearing and the relief requested therein.
The First Report by the Receiver which covers receivership Information and activity from April 15, 2019 through June 14, 2019, has shown that the Receiver identified and/or froze $11.2 million at various financial institutions in the United States, the United Kingdom, and Belize. The Receiver opened a money market account for the Receivership at ServisFirst Bank. He has deposited $8,404,849.62 of the frozen funds into this account. The remaining money is currently being held in various accounts in the names of the defendants and relief defendants.