SEC v. BLUEPOINT INVESTMENT COUNSEL LLC; MICHAEL G. HULL; CHRISTOPHER J. WOHL; CHRYSALIS FINANCIAL LLC; GREENPOINT ASSET MANAGEMENT II LLC; GREENPOINT TACTICAL INCOME FUND LLC, et al., No. 3:19-cv-00809, Western District of Wisconsin (Nov. 19, 2025) — Judgment

IN THE UNITED STATES DISTRICT COURT
I
FOR THE WESTERN DISTRICT OF WISCONSIN
I
UNITED STATES SECURITIES
AND EXCHANGE COMMISSION,
Plaintiff,
V.
BLUEPOINT INVESTMENT COUNSEL,
1
LLC,
MICHAEL G. HULL, CHRISTOPHER J. WOHL,
I
CHRYSALIS FINANCIAL LLC, GREENPOINT
'
ASSET MANAGEMENT II LLC, GREENPOINT
TACTICAL INCOME FUND LLC and G~ RARE
EARTH TRADING ACCOUNT LLC,
Defendants. I
I
JUDGMENT IN A CIVIL CASE
I
I
Case No. l 9-cv-809-wrnc
IT IS ORDERED AND ADJUDGEID that judgment is entered in favor of plaintiff
United States Securities and Exchange Combission ("the Commission") against defendants
I
'
Michael G. Hull, Christopher J. Noh!, Greep point Asset Management II LLC ("GAM II"),
Chrysalis Financial LLC ("Chrysalis"), Blu~point Investment Counsel LLC ("Bluepoint"),
'
Greenpoint Tactical Income Fund LLC ("GTIF"), and Greenpoint Rare Earth Trading
Account LLC ("GPRE") as follows:
1. finding that defendants violated ~ection 1 0(b) of the Securities Exchange
Act of 1934 ("the Exchange Act"), 15 U.S.C. § 78j(b), and Rule l0b-5
under the Exchange Act; ,
2. finding that defendants knowing!~ or recklessly violated Section l 7(a)(l)
of the Securities Act of 1933 ("the Securities Act"), 15 U.S.C. § 77q(a)(l);
I

Judgment in a Civil Case
3. finding that defendants knowingly, recklessly, or negligently violated
Section l 7(a)(2) of the Securities Act, 15 U.S.C. § 77q(a)(2};
4. finding that defendants knowingly, recklessly, or negligently violated
Section 17(a)(3) of the Securities Act, 15 U.S.C. § 77q(a)(3);
5. finding that defendants Michael G. Hull, Christopher J. Noh!, GAM II,
Chrysalis, and Bluepoint violated Section 206(1} of the Investment
Advisers Act of 1940 ("the Advisers Act"}, 15 U.S.C. § S0b-6(1 };
6. finding that defendants Michael G. Hull, Christopher J. Noh!, GAM II,
Chrysalis, and Bluepoint violated Section 206(2) of the Advisers Act, 15
U.S.C. § S0b-6(2); and
7. finding that defendants Michael G. Hull, Christopher J. Noh!, Chrysalis,
and Bluepoint violated Section 206(4) of the Advisers Act, 15 U.S.C. §
S0b-6(4), and Rule 206(4)-8 under the Advisers Act.
Page2
IT IS FURTHER ORDERED AND ADJUDGED that defendants Hull and Noh!,
GAM II, Chrysalis, and Bluepoint are jointly and severally liable to the Commission for
$12,560,647 in disgorgement and $3,537,378 in prejudgment interest.
IT IS FURTHER ORDERED AND ADJUDGED that defendants Hull and Noh!
are ordered to pay $5,000,000 each in civil penalties, while defendants GAM II, Chrysalis,
and Bluepoint are ordered to pay $500,000 each in civil penalties.
IT IS FURTHER ORDERED AND ADJUDGED that defendants shall satisfy their
obligations by paying the ordered amounts to the Commission within 30 days after entry
of this judgment, and that by making these payments, defendants relinquish all legal and
equitable right, title, and interest in such funds, and no part of the funds shall be returned
to defendants. The Commission may enforce the 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

Judgment in a Civil Case Page 3
judgment. The Commission may enforJ the judgment for civil penalties by using all
Act, 28 U.S.C. § 3001 et seq., and moving for civil contempt for the violation of any court
orders issued in this action. j .  ·  _ ~
IT IS FURTHER ORDERED AND ADJUDGED that the Commission shall hold
the funds, together with any interest and Jcome earned thereon (collectively, "the fund"),
pending further order of this court. The cbmmission may propos~ ; p~ah tci distrib~{e the
I
Fund subject to the approval of the court. Such a plan may provide that the Fund shall be
i
distributed pursuant to the Fair Fund pro-&i.sions of Section 308(a) of the Sarbanes-Oxley
I
Act of 2002.
'
I
IT IS FURTHER ORDERED AND> ADJUDGED that defendants Hull and Noh!
I
are permanently enjoined from participating, either directly or indirectly, in managing or
I
liquidating GTIF (n/k/a "Alluvium") and iJs subsidiaries, as well as the issuance, purchase,
I
offer, or sale of any other security more generally, including through any entity owned or
controlled by them. Hull and Noh! may tjianage, buy, and sell investments for their own
!
personal accounts, as well as on behalf of any immediate family members.
I
I
IT IS FURTHER ORDERED ANID ADJUDGED that defendants Hull and Noh!
I
are permanently enjoined from seeking to
1
collect any fees, including via any organization
I
controlled by them (e.g., H Informatics), from GTIF and its subsidiaries.
I

Judgment in a Civil Case
Page4
FINALLY, IT IS ORDERED AND ADJUDGED that the court retains jurisdiction
of this matter for the purposes of enforcing the terms of its September 5, 2025, order, dkt.
449, as well as for the purposes of the administration of any distribution of the Fund.
Approved as to form this {ptlA,day of October, 2025.
Date

IN THE UNITED STATES DISTRICT COURT 
I 

FOR THE WESTERN DISTRICT OF WISCONSIN 
I 

UNITED STATES SECURITIES 
AND EXCHANGE COMMISSION, 

Plaintiff, 

V. 

BLUEPOINT INVESTMENT COUNSEL,
1
LLC, 

MICHAEL G. HULL, CHRISTOPHER J. WOHL, 
I 

CHRYSALIS FINANCIAL LLC, GREENPOINT 
' ASSET MANAGEMENT II LLC, GREENPOINT 

TACTICAL INCOME FUND LLC and G~ RARE 
EARTH TRADING ACCOUNT LLC, 

Defendants. I 

I 
JUDGMENT IN A CIVIL CASE 

I 

I 

Case No. l 9-cv-809-wrnc 

IT IS ORDERED AND ADJUDGEID that judgment is entered in favor of plaintiff 

United States Securities and Exchange Combission ("the Commission") against defendants 
I 
' 

Michael G. Hull, Christopher J. Noh!, Greep point Asset Management II LLC ("GAM II"), 

Chrysalis Financial LLC ("Chrysalis"), Blu~point Investment Counsel LLC ("Bluepoint"), 
' 

Greenpoint Tactical Income Fund LLC ("GTIF"), and Greenpoint Rare Earth Trading 

Account LLC ("GPRE") as follows: 

1. finding that defendants violated ~ection 1 0(b) of the Securities Exchange 
Act of 1934 ("the Exchange Act"), 15 U.S.C. § 78j(b), and Rule l0b-5 
under the Exchange Act; , 

2. finding that defendants knowing!~ or recklessly violated Section l 7(a)(l) 
of the Securities Act of 1933 ("the Securities Act"), 15 U.S.C. § 77q(a)(l); 

I 

Case: 3:19-cv-00809-wmc     Document #: 453     Filed: 10/06/25     Page 1 of 4



Judgment in a Civil Case 

3. finding that defendants knowingly, recklessly, or negligently violated 
Section l 7(a)(2) of the Securities Act, 15 U.S.C. § 77q(a)(2}; 

4. finding that defendants knowingly, recklessly, or negligently violated 
Section 17(a)(3) of the Securities Act, 15 U.S.C. § 77q(a)(3); 

5. finding that defendants Michael G. Hull, Christopher J. Noh!, GAM II, 
Chrysalis, and Bluepoint violated Section 206(1} of the Investment 
Advisers Act of 1940 ("the Advisers Act"}, 15 U.S.C. § S0b-6(1 }; 

6. finding that defendants Michael G. Hull, Christopher J. Noh!, GAM II, 
Chrysalis, and Bluepoint violated Section 206(2) of the Advisers Act, 15 
U.S.C. § S0b-6(2); and 

7. finding that defendants Michael G. Hull, Christopher J. Noh!, Chrysalis, 
and Bluepoint violated Section 206(4) of the Advisers Act, 15 U.S.C. § 
S0b-6(4), and Rule 206(4)-8 under the Advisers Act. 

Page2 

IT IS FURTHER ORDERED AND ADJUDGED that defendants Hull and Noh!, 

GAM II, Chrysalis, and Bluepoint are jointly and severally liable to the Commission for 

$12,560,647 in disgorgement and $3,537,378 in prejudgment interest. 

IT IS FURTHER ORDERED AND ADJUDGED that defendants Hull and Noh! 

are ordered to pay $5,000,000 each in civil penalties, while defendants GAM II, Chrysalis, 

and Bluepoint are ordered to pay $500,000 each in civil penalties. 

IT IS FURTHER ORDERED AND ADJUDGED that defendants shall satisfy their 

obligations by paying the ordered amounts to the Commission within 30 days after entry 

of this judgment, and that by making these payments, defendants relinquish all legal and 

equitable right, title, and interest in such funds, and no part of the funds shall be returned 

to defendants. The Commission may enforce the 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 

Case: 3:19-cv-00809-wmc     Document #: 453     Filed: 10/06/25     Page 2 of 4



Judgment in a Civil Case Page 3 

judgment. The Commission may enforJ the judgment for civil penalties by using all 

Act, 28 U.S.C. § 3001 et seq., and moving for civil contempt for the violation of any court 

orders issued in this action. j . · _ ~ 

IT IS FURTHER ORDERED AND ADJUDGED that the Commission shall hold 

the funds, together with any interest and Jcome earned thereon (collectively, "the fund"), 

pending further order of this court. The cbmmission may propos~ ; p~ah tci distrib~{e the 
I 

Fund subject to the approval of the court. Such a plan may provide that the Fund shall be 
i 

distributed pursuant to the Fair Fund pro-&i.sions of Section 308(a) of the Sarbanes-Oxley 
I 

Act of 2002. 
' 
I 

IT IS FURTHER ORDERED AND> ADJUDGED that defendants Hull and Noh! 

I 
are permanently enjoined from participating, either directly or indirectly, in managing or 

I 

liquidating GTIF (n/k/a "Alluvium") and iJs subsidiaries, as well as the issuance, purchase, 

I 
offer, or sale of any other security more generally, including through any entity owned or 

controlled by them. Hull and Noh! may tjianage, buy, and sell investments for their own 
! 

personal accounts, as well as on behalf of any immediate family members. 
I 
I 

IT IS FURTHER ORDERED ANID ADJUDGED that defendants Hull and Noh! 
I 

are permanently enjoined from seeking to1 collect any fees, including via any organization 

I 
controlled by them (e.g., H Informatics), from GTIF and its subsidiaries. 

I 

Case: 3:19-cv-00809-wmc     Document #: 453     Filed: 10/06/25     Page 3 of 4



Judgment in a Civil Case Page4 

FINALLY, IT IS ORDERED AND ADJUDGED that the court retains jurisdiction 

of this matter for the purposes of enforcing the terms of its September 5, 2025, order, dkt. 

449, as well as for the purposes of the administration of any distribution of the Fund. 

Approved as to form this {ptlA,day of October, 2025. 

Date 

Case: 3:19-cv-00809-wmc     Document #: 453     Filed: 10/06/25     Page 4 of 4