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Sec. & Exch. Comm'n v. Morgan

Receiver's Settlement, Plans to Disburse Funds in Securities Action Approved by Court

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DECISION AND ORDER INTRODUCTION   The Securities and Exchange Commission (the “SEC”) asserts various claims against defendants Robert C. Morgan (“Morgan”), Morgan Mezzanine Fund Manager LLC (the “Fund Manager”), and Morgan Acquisitions LLC (“Morgan Acquisitions”) (collectively “Defendants”) for violations of the federal securities laws. (Dkt. 1). Currently before the Court is a motion filed by Court-appointed receiver Robert Knuts for disbursement of funds and settlement of certain claims. (Dkt. 117). The SEC supports the relief sought by the Receiver. (Dkt. 132). However, certain investors in Morgan Acquisitions have lodged objections to the Receiver’s proposed distribution plan. (See Dkt. 125; Dkt. 126; Dkt. 133; Dkt. 136; Dkt. 143). Defendants have also urged the Court to adopt a distribution plan different than the one proposed by the Receiver. (Dkt. 134) The Court has considered the objecting investors’ contentions and the parties’ respective positions and concludes, for the reasons set forth below, that the Receiver’s proposed distribution plain is fair and reasonable. The Court accordingly grants the Receiver’s motion in its entirety. BACKGROUND Morgan has owned, operated, and developed commercial real estate, primarily in the northeastern United States, for more than 30 years. (Dkt. 5 at 4)1. From 1998 to April 2018, Morgan managed his portfolio of multifamily properties through his company, Morgan Management. (Id.). Morgan sold Morgan Management in April 2018. (Id.). Morgan is the managing member and sole owner of the Fund Manager, which was formed in 2013 to manage and control the business affairs of certain Notes Funds. (Id. at

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