SEC v. Rey D. Acosta, No. 3:23-cv-00323, Middle District of Pennsylvania (Mar. 6, 2025) — Judgment

.  . ..J.._
IN THE UNITED STATES DISTRICT COURT
FOR THE MIDDLE DISTRICT OF PENNSYLVANIA
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff,
Case No. 3:25-cv-00323 (RDM)
V.
REY D. ACOSTA,
Defendant.
FINAL JUDGMENT AS TO DEFENDANT REY D. A COST A
The Securities and Exchange Commission having filed a Complaint and Defendant Rey
D. Acosta having entered a general appearance; consented to the Court's jurisdiction over
Defendant and the subject matter of this action; consented to entry of this Final Judgment
without admitting or denying the a
llegations of the Complaint ( except as to jurisdiction and
except as otherwise provided herein in paragraph IV); waived findings of fact and conclusions of
law; and waived any right to appeal from this Final Judgment:
I.
IT IS HEREBY ORDERED, ADruDGED, AND DECREED that Defendant is
permanently restrained and enjoined from violating, directly or indirectly, Section 1 0(b)
of the
Securities Exchange Act
of 1934 (the "Exchange Act") [15 U.S.C. § 78j(b)] and Rule l0b-5
promulgated thereunder [17 C.F.R. § 240.1 0b-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:
(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 about
(A) the availability or balance
of funds in a bank, brokerage, or other account; (B) Defendant' s
ability
to fund a brokerage account, or any purchase in such brokerage account; or (C) the
sufficiency
of funds in any bank or brokerage account to pay for any purchase in a brokerage
account; 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 person, about (A) the availability or balance
of funds in a bank, brokerage, or other account;
(B) Defendant' s ability to fund a brokerage account or any purchase in such brokerage account;
or (C) the sufficiency of available funds in any bank or brokerage account to pay for any
purchase
in a brokerage account.
IT
IS FURTHER 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 attorney
s; and (b) other persons in active concert or
participation with Defendant or with anyone described
in (a).
II .
IT
IS FURTHER ORDERED, ADJUDGED, AND DECREED that pursuant to Section
2l(d)(5)
of the Exchange Act [15 U.S.C. § 78u(d)(5)], Defendant is permanently restrained and
2

enjoined from opening a brokerage account without first providing to the relevant brokerage
fim1(s) a copy
of the filed complaint in this matter and this Final Judgment.
IT
IS FURTHER 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).
III.
IT
IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant shall pay a
civil penalty in the amount
of $15,000.00 to the Securities and Exchange Commission pursuant
to Section 2l(d)(3) of the Exchange Act. Defendant shall satisfy this obligation by paying
$15,000.00
to the Securities and Exchange Commission within one year after entry of this Final
Judgment.
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; Rey D . Acosta as a defendant in this action; and specifying that payment is made
3

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 shall send the funds paid pursuant
to this Final Judgment to the United States Treasury.
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.
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
4

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.
IV.
IT IS FURTHER 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)(l9) of the Bankruptcy Code, 11 U.S.C. §523(a)(l 9).
V.
IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain
jurisdiction
of this matter for the purposes of enforcing the terms of this Final Judgment.
}JON. OBE . MARIANI
UNITED STATES DISTRICT JUDGE
5

. . ..J .._ 

IN THE UNITED STATES DISTRICT COURT 
FOR THE MIDDLE DISTRICT OF PENNSYLVANIA 

SECURITIES AND EXCHANGE COMMISSION, 

Plaintiff, 
Case No. 3:25-cv-00323 (RDM) 

V. 

REY D. ACOSTA, 

Defendant. 

FINAL JUDGMENT AS TO DEFENDANT REY D. A COST A 

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

D. Acosta having entered a general appearance; consented to the Court's jurisdiction over 

Defendant 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 IV); waived findings of fact and conclusions of 

law; and waived any right to appeal from this Final Judgment: 

I. 

IT IS HEREBY ORDERED, ADruDGED, AND DECREED that Defendant is 

permanently restrained and enjoined from violating, directly or indirectly, Section 1 0(b) of the 

Securities Exchange Act of 1934 (the "Exchange Act") [15 U.S.C. § 78j(b)] and Rule l0b-5 

promulgated thereunder [17 C.F.R. § 240.1 0b-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: 

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

Case 3:25-cv-00323-RDM     Document 8     Filed 03/06/25     Page 1 of 5



(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 about 

(A) the availability or balance of funds in a bank, brokerage, or other account; (B) Defendant' s 

ability to fund a brokerage account, or any purchase in such brokerage account; or (C) the 

sufficiency of funds in any bank or brokerage account to pay for any purchase in a brokerage 

account; 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 person, about (A) the availability or balance of funds in a bank, brokerage, or other account; 

(B) Defendant' s ability to fund a brokerage account or any purchase in such brokerage account; 

or (C) the sufficiency of available funds in any bank or brokerage account to pay for any 

purchase in a brokerage account. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that, as provided in 

Federal Rule of Civi l 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. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that pursuant to Section 

2l(d)(5) of the Exchange Act [15 U.S.C. § 78u(d)(5)] , Defendant is permanently restrained and 

2 

Case 3:25-cv-00323-RDM     Document 8     Filed 03/06/25     Page 2 of 5



enjoined from opening a brokerage account without first providing to the relevant brokerage 

fim1(s) a copy of the filed complaint in this matter and this Final Judgment. 

IT IS FURTHER 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). 

III. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that Defendant shall pay a 

civil penalty in the amount of $15,000.00 to the Securities and Exchange Commission pursuant 

to Section 2l(d)(3) of the Exchange Act. Defendant shall satisfy this obligation by paying 

$15,000.00 to the Securities and Exchange Commission within one year after entry of this Final 

Judgment. 

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; Rey D. Acosta as a defendant in this action; and specifying that payment is made 

3 

Case 3:25-cv-00323-RDM     Document 8     Filed 03/06/25     Page 3 of 5



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 shall send the funds paid pursuant 

to this Final Judgment to the United States Treasury. 

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. 

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 

4 

Case 3:25-cv-00323-RDM     Document 8     Filed 03/06/25     Page 4 of 5



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. 

IV. 

IT IS FURTHER 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)(l9) of the Bankruptcy Code, 11 U.S.C. §523(a)(l 9) . 

V. 

IT IS FURTHER ORDERED, ADJUDGED, AND DECREED that this Court shall retain 

jurisdiction of this matter for the purposes of enforcing the terms of this Final Judgment. 

}JON. OBE . MARIANI 
UNITED STATES DISTRICT JUDGE 

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