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Sec. & Exch. Comm'n v. Rayat

Laches, Estoppel, Unclean Hands Defenses Struck in SEC Enforcement Action

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MEMORANDUM AND ORDER Plaintiff Securities and Exchange Commission (“Plaintiff,” “SEC,” or the “Commission”) moves, pursuant to Federal Rule of Civil Procedure 12(f), to strike the equitable affirmative defenses asserted by defendants Harmel S. Rayat (“Rayat”) and RenovaCare, Inc. (“RenovaCare” and collectively with Rayat, “Defendants”). Dkt. No. 21. For the following reasons, the motion to strike is granted. BACKGROUND Plaintiff filed its complaint against Defendants on May 28, 2021. Dkt. No. 1. The complaint alleges claims for violations of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. §78j(b), and Rule 10b-5(b) promulgated thereunder, 17 C.F.R. §240.10b-5(b), and for violations of Rules 10b-5(a) and (c) promulgated under Section 10(b) of the Exchange Act, 17 C.F.R. §240.10b-5(a) & (c). Id.

81-86. It also alleges against Rayat a claim for aiding and abetting violations of Section 10(b) and Rule 10b-5(a), (b), and (c) thereunder, id.

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