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OPINION & ORDER   The Securities and Exchange Commission (“SEC”) brings this enforcement action against Defendant Jason Sugarman for violations of the Securities Act of 1933 (the “Securities Act”), the Securities Exchange Act of 1934 (the “Exchange Act”), and the rules promulgated thereunder. The SEC alleges that Sugarman and his business partner, Jason Galanis, participated in a scheme to defraud investors with bonds issued by the Wakpamni Lake Community Corporation (“WLCC”), affiliated with the Wakpamni District of the Oglala Sioux Nation. Sugarman moves to dismiss the SEC’s Complaint pursuant to Federal Rule of Civil Procedure 12(b)(6). For the following reasons, Sugarman’s motion is denied. BACKGROUND Unless otherwise noted, the following facts are derived from the SEC’s Complaint and are accepted as true for purposes of this motion. I. Overview Over a three-year period beginning in late 2013, Sugarman and Galanis,1 along with their associates, perpetuated a massive fraud in which they stole approximately $43 million from investors to finance the acquisition of a global financial conglomerate. (Compl., ECF No. 6 (“Compl.”), 1.) Along the way, they deceived a Native American tribal entity by convincing the WLCC to issue approximately $60 million in limited recourse bonds (the “Tribal Bonds”) (Compl.

2, 4.) Through a series of complex transactions, Sugarman and Galanis obtained control over two investment advisers, whose clients’ funds were used to purchase the Tribal Bonds. (Compl. 6.) Instead of using the bond proceeds for the benefit of the WLCC, Sugarman and Galanis misappropriated them. (Compl.

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