SEC v. Kevin L. Jefferson, No. 3:25-cv-02635, Northern District of Texas (Nov. 21, 2025) — Judgment

[OCR_UNRECOVERABLE method=recover reason=missing_pdf ts=2026-08-11T14:53:34.691Z]                                                           

FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 1 

IN THE UNITED STATES DISTRICT COURT 
NORTHERN DISTRICT OF TEXAS 

DALLAS DIVISION 
 
SECURITIES AND EXCHANGE 
COMMISSION, 
 

§ 
§ 
§ 

 

                          Plaintiff, § 
§ 

 

v. § 
§ 
§ 

      Civil Action No. 3:25-CV-2635-L
  
 

KEVIN L. JEFFERSON, § 
§ 

 

                           Defendant. §  
 

FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON 

 
The Securities and Exchange Commission having filed a Complaint and Defendant Kevin 

L. Jefferson (“Defendant”) having entered a general appearance; consented to the court’s 

jurisdiction over him and the subject matter of this action; consented to entry of this Final Judgment 

without admitting or denying the allegations of the Complaint (except as to jurisdiction and except 

as otherwise provided herein in paragraph III); waived findings of fact and conclusions of law; and 

waived any right to appeal from this Final Judgment: 

I. PERMANENT INJUNCTIVE RELIEF 

A. Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 

 It is hereby ordered, adjudged, and decreed that Defendant is permanently restrained and 

enjoined from violating, directly or indirectly, Section 10(b) of the Securities Exchange Act of 

1934 (the “Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 promulgated thereunder 

[17 C.F.R. § 240.10b-5], by using any means or instrumentality of interstate commerce, or of the 

mails, or of any facility of any national securities exchange, in connection with the purchase or 

sale of any security: 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 1 of 9     PageID 55



FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 2 

(a) to employ any device, scheme, or artifice to defraud; 

(b) to make any untrue statement of a material fact or to omit to state a material fact 

 necessary in order to make the statements made, in the light of the circumstances 

 under which they were made, not misleading; or 

(c) to engage in any act, practice, or course of business which operates or would 

 operate as a fraud or deceit upon any person 

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally or 

in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about:   

(A) any investment strategy or investment in securities;  

(B) the prospects for success of any product or company; 

(C) the use of investor funds; 

(D) compensation to any person; 

(E) Defendant’s qualifications to advise investors; or 

(F) the misappropriation of investor funds or investment proceeds. 

 It is further hereby ordered, adjudged, and decreed that, as provided in Federal Rule of 

Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual 

notice of this Final Judgment by personal service or otherwise:  (a) Defendant’s officers, agents, 

servants, employees, and attorneys; and (b) other persons in active concert or participation with 

Defendant or with anyone described in (a). 

B. Section 17(a) of the Securities Act of 1933 

 It is further hereby ordered, adjudged, and decreed that Defendant is permanently 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 2 of 9     PageID 56



FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 3 

restrained and enjoined from violating Section 17(a) of the Securities Act of 1933 (the “Securities 

Act”) [15 U.S.C. § 77q(a)] in the offer or sale of any security by the use of any means or 

instruments of transportation or communication in interstate commerce or by use of the mails, 

directly or indirectly: 

(a) to employ any device, scheme, or artifice to defraud; 

(b) to obtain money or property by means of any untrue statement of a material fact 

 or any omission of a material fact necessary in order to make the statements 

 made, in light of the circumstances under which they were made, not misleading; 

 or 

 (c) to engage in any transaction, practice, or course of business which operates or  

  would operate as a fraud or deceit upon the purchaser 

by, directly or indirectly, (i) creating a false appearance or otherwise deceiving any person, or (ii) 

disseminating false or misleading documents, materials, or information or making, either orally or 

in writing, any false or misleading statement in any communication with any investor or 

prospective investor, about:   

(A) any investment strategy or investment in securities;  

(B) the prospects for success of any product or company; 

(C) the use of investor funds; 

(D) compensation to any person; 

(E) Defendant’s qualifications to advise investors; or 

  (F) the misappropriation of investor funds or investment proceeds. 

 It is further hereby ordered, adjudged, and decreed that, as provided in Federal Rule 

of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 3 of 9     PageID 57



FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 4 

notice of this Final Judgment by personal service or otherwise:  (a) Defendant’s officers, agents, 

servants, employees, and attorneys; and (b) other persons in active concert or participation with 

Defendant or with anyone described in (a). 

C. Section 5 of the Securities Act of 1933 

 It is further hereby ordered, adjudged, and decreed that Defendant is permanently 

restrained and enjoined from violating Section 5 of the Securities Act [15 U.S.C. § 77e] by, directly 

or indirectly, in the absence of any applicable exemption: 

 (a) Unless a registration statement is in effect as to a security, making use of any means 

or instruments of transportation or communication in interstate commerce or of the 

mails to sell such security through the use or medium of any prospectus or 

otherwise; 

 (b) Unless a registration statement is in effect as to a security, carrying or causing to 

be carried through the mails or in interstate commerce, by any means or instruments 

of transportation, any such security for the purpose of sale or for delivery after sale; 

or 

 (c) Making use of any means or instruments of transportation or communication in 

interstate commerce or of the mails to offer to sell or offer to buy through the use 

or medium of any prospectus or otherwise any security, unless a registration 

statement has been filed with the Commission as to such security, or while the 

registration statement is the subject of a refusal order or stop order or (prior to the 

effective date of the registration statement) any public proceeding or examination 

under Section 8 of the Securities Act [15 U.S.C. § 77h]. 

 It Is Further Ordered, Adjudged, And Decreed that, as provided in Federal Rule of Civil 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 4 of 9     PageID 58



FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 5 

Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual notice of 

this Final Judgment by personal service or otherwise:  (a) Defendant’s officers, agents, servants, 

employees, and attorneys; and (b) other persons in active concert or participation with Defendant 

or with anyone described in (a). 

D. Section 15(a)(1) of the Securities Exchange Act of 1934 

 It is further hereby ordered, adjudged, and decreed that Defendant is permanently 

restrained and enjoined from violating Section 15(a)(1) of the Exchange Act [15 U.S.C. § 

78o(a)(1)] by, directly or indirectly, while engaging in business as a broker or dealer, making use 

of the mails or any means or instrumentality of interstate commerce to effect any transaction in, or 

to induce or attempt to induce the purchase or sale of, any security (other than as exempted security 

or commercial paper, bankers’ acceptances, or commercial bills) unless registered with the 

Commission in accordance with Section 15(b) of the Exchange Act [15 U.S.C. § 78o(b)] or 

associated with a broker or dealer that is registered with the Commission in accordance with 

Section 15(b) of the Exchange Act [15 U.S.C. § 78o(b)]. 

 It is further hereby ordered, adjudged, and decreed that, as provided in Federal Rule 

of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual 

notice of this Final Judgment by personal service or otherwise:  (a) Defendant’s officers, agents, 

servants, employees, and attorneys; and (b) other persons in active concert or participation with 

Defendant or with anyone described in (a). 

E. Conduct-Based Injunction 

 It is further hereby ordered, adjudged, and decreed that Defendant is permanently 

restrained and enjoined from: 

 (a) directly or indirectly, including, but not limited to, through any entity owned or 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 5 of 9     PageID 59



FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 6 

controlled by him, participating in the issuance, purchase, offer, or sale of any 

security, provided, however, that such injunction shall not prevent him from 

purchasing or selling securities for his own personal accounts; and 

 (b) directly or indirectly acting as or being associated with any broker or dealer.  For 

purposes of these injunctions, a person is associated with a broker or dealer if such 

person is a partner, officer, director, or branch manager of such broker or dealer (or 

occupies a similar status or performs similar functions), directly or indirectly 

controls or is controlled by, or is under common control with, such broker or dealer, 

or is an employee of such broker or dealer. 

 It is further hereby ordered, adjudged, and decreed that, as provided in Federal Rule 

of Civil Procedure 65(d)(2), the foregoing paragraph also binds the following who receive actual 

notice of this Final Judgment by personal service or otherwise:  (a) Defendant’s officers, agents, 

servants, employees, and attorneys; and (b) other persons in active concert or participation with 

Defendant or with anyone described in (a). 

II. DISGORGEMENT, PREJUDGMENT INTEREST AND CIVIL PENALTY 

It is further hereby ordered, adjudged, and decreed that Defendant is liable for 

disgorgement of $580,913.53, representing Defendant’s ill-gotten gains as a result of the conduct 

alleged in the Complaint, together with prejudgment interest thereon in the amount of $35,490.50, 

and a civil penalty in the amount of $236,451.00 pursuant to Section 20(d) of the Securities Act 

[15 U.S.C. § 77t(d)] and Section 21(d)(3) of the Exchange Act [15 U.S.C. § 78u(d)(3)].  Defendant 

shall satisfy this obligation by paying $852,855.03 to the Securities and Exchange Commission 

within 30 days after entry of this Final Judgment. 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 6 of 9     PageID 60



FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 7 

Defendant may transmit payment electronically to the Commission, which will provide 

detailed ACH transfer/Fedwire instructions upon request.   Payment may also be made directly 

from a bank account via Pay.gov through the SEC website at 

http://www.sec.gov/about/offices/ofm.htm.  Defendant may also pay by certified check, bank 

cashier’s check, or United States postal money order payable to the Securities and Exchange 

Commission, which shall be delivered or mailed to:  

Enterprise Services Center 
Accounts Receivable Branch 
6500 South MacArthur Boulevard 
Oklahoma City, OK 73169 
 

and shall be accompanied by a letter identifying the case title, civil action number, and name of 

this court; Kevin L. Jefferson as a defendant in this action; and specifying that payment is made 

pursuant to this Final Judgment.   

Defendant shall simultaneously transmit photocopies of evidence of payment and case 

identifying information to the Commission’s counsel in this action.  By making this payment, 

Defendant relinquishes all legal and equitable right, title, and interest in such funds and no part of 

the funds shall be returned to Defendant.   

 The Commission may enforce the court’s judgment for disgorgement and prejudgment 

interest by using all collection procedures authorized by law, including, but not limited to, moving 

for civil contempt at any time after 30 days following entry of this Final Judgment.  

The Commission may enforce the court’s judgment for penalties by the use of all collection 

procedures authorized by law, including the Federal Debt Collection Procedures Act, 28 U.S.C. § 

3001 et seq., and moving for civil contempt for the violation of any court orders issued in this 

action.   Defendant shall pay post judgment interest on any amounts due after 30 days of the entry 

of this Final Judgment pursuant to 28 U.S.C. § 1961.  The Commission shall hold the funds, 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 7 of 9     PageID 61



FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 8 

together with any interest and income earned thereon (collectively, the “Fund”), pending further 

order of the court.     

The Commission may propose a plan to distribute the Fund subject to the court’s approval.  

Such a plan may provide that the Fund shall be distributed pursuant to the Fair Fund provisions of 

Section 308(a) of the Sarbanes-Oxley Act of 2002.  The court shall retain jurisdiction over the 

administration of any distribution of the Fund and the Fund may only be disbursed pursuant to an 

Order of the court.    

Regardless of whether any such Fair Fund distribution is made, amounts ordered to be paid 

as civil penalties pursuant to this Judgment shall be treated as penalties paid to the government for 

all purposes, including all tax purposes.  To preserve the deterrent effect of the civil penalty, 

Defendant shall not, after offset or reduction of any award of compensatory damages in any 

Related Investor Action based on Defendant’s payment of disgorgement in this action, argue that 

he is entitled to, nor shall he further benefit by, offset or reduction of such compensatory damages 

award by the amount of any part of Defendant’s payment of a civil penalty in this action (“Penalty 

Offset”).  If the court in any Related Investor Action grants such a Penalty Offset, Defendant shall, 

within 30 days after entry of a final order granting the Penalty Offset, notify the Commission’s 

counsel in this action and pay the amount of the Penalty Offset to the United States Treasury or to 

a Fair Fund, as the Commission directs.  Such a payment shall not be deemed an additional civil 

penalty and shall not be deemed to change the amount of the civil penalty imposed in this 

Judgment.  For purposes of this paragraph, a “Related Investor Action” means a private damages 

action brought against Defendant by or on behalf of one or more investors based on substantially 

the same facts as alleged in the Complaint in this action. 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 8 of 9     PageID 62



FINAL JUDGMENT AS TO DEFENDANT KEVIN L. JEFFERSON – Page 9 

III. BANKRUPTCY NONDISCHARGEABILITY 
 

It is further hereby ordered, adjudged, and decreed that, solely for purposes of 

exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 U.S.C. § 523, the 

allegations in the complaint are true and admitted by Defendant, and further, any debt for 

disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant under this 

Final Judgment or any other judgment, order, consent order, decree or settlement agreement 

entered in connection with this proceeding, is a debt for the violation by Defendant of the federal 

securities laws or any regulation or order issued under such laws, as set forth in Section 523(a)(19) 

of the Bankruptcy Code, 11 U.S.C. § 523(a)(19). 

IV. INCORPORATION OF CONSENT 

 It is further hereby ordered, adjudged, and decreed that the Consent is incorporated 

herein with the same force and effect as if fully set forth herein, and that Defendant shall comply 

with all of the undertakings and agreements set forth therein. 

V. RETENTION OF JURISDICTION 

 It is further hereby ordered, adjudged, and decreed that this court shall retain 

jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment; however, 

such retention of jurisdiction is not indefinite. 

VI. RULE 54(b) CERTIFICATION 

There being no just reason for delay, pursuant to Rule 54(b) of the Federal Rules of Civil 

Procedure, the Clerk is ordered to enter this Final Judgment forthwith and without further notice. 

Signed this 21st day of November, 2025. 

 
       _________________________________  
       Sam A. Lindsay 
       United States District Judge 

Case 3:25-cv-02635-L     Document 6     Filed 11/21/25      Page 9 of 9     PageID 63