Key developments in 2023 for the Nanban case
Stay informed on the SEC vs. Krishnan et al. case with a detailed overview of all 2023 docket filings and critical court decisions. We aim to keep victims, journalists, and researchers updated on the progress of this significant legal battle which began in early October 2023 with the Security and Exchange Commission (SEC) filing with the Eastern District Court of Texas its motion for injunctive relief.
Significant Court Action in 2023
The most significant development in the civil case during 2023 was the Court's motion of October 5, 2023, requesting the Court for injunctive relief citing Nanban Ventures and its 3 main partners affinity fraud activities and ponzi scheme along with syphoning money from defrauded investors to private non-Nanban accounts. The SEC requested a freeze of all Nanban Ventures assets.
Reasons for SEC injunctive relief
The Court cited several reasons for approving injunctive relief:
- No statement was ever provided by Nanban parties to doubt defrauded investor claims.
- Due to "the maturity" of the receivership's case and the status of recovery, it was clear that there would not be any dramatic change in asset recovery status. The Court noted that the "state of assets" was not expected to dramatically change.
- The Investors Group's litigation would seek to target assets not in the Receivership or those too costly for the Receiver to pursue.
- The Receiver posed no opposition to the lift in the stay, seeing no negative impact on recovery efforts.
2023 case docket filings
Below is a list of all case docket filings for 2023 in the SEC vs. Krishnan et al. case. Click on any item to view or download the file for detailed information.
| Docket No. | Date of Filing | Description |
|---|---|---|
| 55 | 12/12/2023 | ORDER GOVERNING PROCEEDINGS: Rule 26 Meeting Report due by 1/19/2024. Rule 16 Management Conference SET for 2/14/2024 at 02:00 PM in Ctrm 105 (Plano) before District Judge Sean D. Jordan. Signed by District Judge Sean D. Jordan on 12/12/2023. |
| 54 | 12/06/2023 | Defendants' ANSWER to Complaint, THIRD PARTY COMPLAINT against All Defendants by Gopala Krishnan, Manivannan Shanmugam, Nanban Ventures LLC, Himalayan Fintech LLC, Sakthivel Palani Gounder, Centum FinTech LLC, GSM Eternal LLC. |
| 53 | 12/04/2023 | NOTICE OF FILING OF OFFICIAL TRANSCRIPT of Preliminary Injunction Proceedings, held on November 30, 2023, before Judge Sean D. Jordan. Court Reporter: Gayle Wear, Telephone number: 214-872-4860. NOTICE RE REDACTION OF TRANSCRIPTS: The parties have seven (7) days to file with the Court a Notice of Intent to Request Redaction of this transcript. If no such Notice is filed, the transcript will be made remotely electronically available to the public without redaction after 90 calendar days. The policy is located on our website at www.txed.uscourts.gov Transcript may be viewed at the court public terminal or purchased through the Court Reporter before the deadline for Release of Transcript Restriction. After that date it may be obtained through PACER. Motion to Redact due 12/26/2023. Release of Transcript Restriction set for 3/4/2024. (gwear,) |
| 12/04/2023 | Answer Due Deadline Updated for All Defendants to December 6, 2023. (Text entry; no document attached.) | |
| 52 | 12/04/2023 | ORDER granting 51 Defendants' Unopposed Motion for Second Extension of Time to File Answer to Plaintiff's Complaint. It is further ORDERED that the deadline for Defendants to file their answer to Plaintiff's Complaint shall be extended to December 6, 2023. Signed by District Judge Sean D. Jordan on 12/4/2023. |
| 51 | 12/01/2023 | UNOPPOSED MOTION for Extension of Time to File Answer re 1 Sealed Document by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. |
| 50 | 11/30/2023 | PAPER TRANSCRIPT REQUEST for proceedings held on 11/30/2023 Preliminary Injunction Hearing before Judge Jordan. (forwarded to Gayle Wear) Modified on 11/30/2023. |
| 49 | 11/30/2023 | AGREED PRELIMINARY INJUNCTION AND ORDER EXTENDING ASSET FREEZE AND OTHER ANCILLARY RELIEF AS TO DEFENDANTS. Signed by District Judge Sean D. Jordan on 11/30/2023. |
| 48 | 11/30/2023 | Minute Entry Preliminary Injunction Hearing - held on 11/30/2023. Attorney Appearances: Plaintiff - Clemon Ashley, Keefe Bernstein, Jason Reinsch, Samantha Martin; Defense - Leslye Moseley, David Clouston. (No exhibits)(Court Reporter Gayle Wear.) |
| 47 | 11/29/2023 | Additional Attachments to Main Document: 46 Order Setting Hearing/Deadline, 4 EX PARTE MOTION. [Proposed] Preliminary Injunction and Order Extending Asset Freeze and Other Ancillary Relief as to Defendants. |
| 46 | 11/14/2023 | ORDER granting 45 UNOPPOSED MOTION for Continuance of Preliminary Injunction Hearing and Extension of Temporary Restraining Order. It is therefore ORDERED that the preliminary injunction hearing currently set for Wednesday, November 15, 2023, is RESET to Thursday, November 30, 2023, at 8:00 a.m. It is further ORDERED that the Temporary Restraining Order initially issued on October 11, 2023, (Dkt. # 16), is hereby extended until Wednesday, December 6, 2023, at 6:45 p.m. No other deadlines imposed by the Court's earlier orders are altered by this order. They remain unchanged. Signed by District Judge Sean D. Jordan on 11/14/2023. |
| 45 | 11/14/2023 | UNOPPOSED MOTION to Continue Emergency for Continuance of Preliminary Injunction Hearing and Extension of Temporary Restraining Order by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. |
| 44 | 11/13/2023 | ORDER granting 41 Defendants' Motion for Leave to Exceed Page Limits Under Local Rule CV-7(a)(2). It is ORDERED that Defendants' Response in Opposition to Plaintiff Securities and Exchange Commission's Emergency Ex Parte Motion For Temporary Restraining Order, Preliminary Injunction, Asset Freeze, and Other Ancillary Emergency Relief, and Brief in Support, (Dkt. # 43), is deemed properly filed. Signed by District Judge Sean D. Jordan on 11/13/2023. |
| 43 | 11/13/2023 | RESPONSE in Opposition re 4 EX PARTE MOTION filed by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. |
| 42 | 11/10/2023 | REPLY to Response to Motion re 4 EX PARTE MOTION Plaintiff Securities and Exchange Commissions Reply In Support Of Its Emergency Ex Parte Motion For Temporary Restraining Order, Preliminary Injunction, Asset Freeze, and Other Ancillary Emergency Relief filed by Securities and Exchange Commission. |
| 41 | 11/09/2023 | MOTION for Leave to File Excess Pages by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. |
| 11/08/2023 | NOTICE of Deficiency regarding the 39 RESPONSE in Opposition re 4 EX PARTE MOTION for Temporary Restraining Order, Preliminary Inunction, Asset Freeze, and Other Ancillary Emergency Relief, and Brief in Support submitted The document exceeds page limits. Correction should be made by one business day. (Text entry; no document attached.) | |
| 40 | 11/08/2023 | ORDER granting 38 Unopposed Emergency Motion for Extension of Time to Reply to Briefing. It is further ORDERED that the deadline for Defendants to respond to the motion for preliminary injunction, (Dkt. # 4), shall be extended to Wednesday, November 8, 2023, at 9:30 a.m. It is further ORDERED that the deadline for the SEC to file any reply shall be extended to Saturday, November 11, 2023, at 9:30 a.m. Signed by District Judge Sean D. Jordan on 11/8/2023. |
| 39 | 11/08/2023 | ***DEFICIENT. TO BE REFILED*** RESPONSE in Opposition re 4 EX PARTE MOTION for Temporary Restraining Order, Preliminary Inunction, Asset Freeze, and Other Ancillary Emergency Relief, and Brief in Support filed by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. Modified on 11/8/2023. |
| 38 | 11/07/2023 | UNOPPOSED MOTION for Extension of Time to File Response/Reply as to 4 EX PARTE MOTION by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. |
| 11/06/2023 | Answer Due Deadline Updated for All Defendants to November 28, 2023. (Text entry; no document attached.) | |
| 37 | 11/06/2023 | ORDER granting 36 Unopposed Motion for Extension of Time to File Response to Plaintiff's Complaint. It is further ORDERED that the deadline for Defendants to file their response to Plaintiff's Complaint, (Dkt. # 1), shall be extended to November 28, 2023. Signed by District Judge Sean D. Jordan on 11/6/2023. |
| 36 | 11/06/2023 | UNOPPOSED MOTION for Extension of Time to File Answer re 1 Sealed Document, MOTION for Extension of Time to File Response/Reply as to 1 Sealed Document by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. |
| 35 | 11/01/2023 | PROTECTIVE ORDER. Signed by District Judge Sean D. Jordan on 11/1/2023. |
| 34 | 11/01/2023 | ORDER granting 31 Motion for Protective Order. The Court will issue the protective order by separate order. Signed by District Judge Sean D. Jordan on 11/1/2023. |
| 10/31/2023 | Reset Deadlines/Hearings: Preliminary Injunction Hearing reset for 11/15/2023 at 9:30 a.m. in Ctrm 105 (Plano) before District Judge Sean D. Jordan. (ldm) Modified on 10/31/2023 (Text entry; no document attached.) | |
| 33 | 10/31/2023 | ORDER granting 32 UNOPPOSED MOTION for Extension of Time to File Response/Reply as to 4 EX PARTE MOTION for Extension of Time to Respond to Briefing and Extension of Temporary Restraining Order and resetting hearing on preliminary injunction. Signed by District Judge Sean D. Jordan on 10/31/2023. |
| 32 | 10/31/2023 | UNOPPOSED MOTION for Extension of Time to File Response/Reply as to 4 EX PARTE MOTION for Extension of Time to Respond to Briefing and Extension of Temporary Restraining Order by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. |
| 31 | 10/30/2023 | AGREED MOTION for Protective Order by Centum FinTech LLC, GSM Eternal LLC, Sakthivel Palani Gounder, Himalayan Fintech LLC, Gopala Krishnan, Nanban Ventures LLC, Manivannan Shanmugam. |
| 30 | 10/18/2023 | NOTICE of Attorney Appearance by Leslye E Moseley on behalf of All Defendants |
| 10/17/2023 | Set/Reset Hearings: Preliminary Injunction Hearing RESET for 11/7/2023 at 01:00 PM in Ctrm 105 (Plano) before District Judge Sean D. Jordan. (Text entry; no document attached.) | |
| 29 | 10/17/2023 | ORDER granting in part 26 Joint Motion to Extend Temporary Restraining Order and Other Deadlines. It is ORDERED that the preliminary injunction hearing currently set for Monday, October 23, 2023, at 1:00 p.m., (Dkt. # 27), is reset to Tuesday, November 7, 2023, at 1:00 p.m. It is further ORDERED that the Temporary Restraining Order issued on October 11, 2023, (Dkt. # 16), is hereby extended until Wednesday, November 8, 2023, at 6:45 p.m. It is further ORDERED that the deadline for Defendants to respond to the motion for preliminary injunction, (Dkt. # 4), is Tuesday, October 31, 2023, at 6:00 p.m. It is further ORDERED that the SEC is allowed until Friday, November 3, 2023, at 6:00 p.m., to file any reply. It is further ORDERED that Defendants shall provide the sworn accounting required by the Court's Order, (Dkt. # 16 24), on or before Wednesday, November 1, 2023. Signed by District Judge Sean D. Jordan on 10/17/2023. |
| 28 | 10/17/2023 | NOTICE of Attorney Appearance by David R Clouston on behalf of All Defendants |
| 27 | 10/16/2023 | ORDER RESETTING HEARING. Due to the Court's criminal docket, the hearing on the Securities and Exchange Commission's motion for a preliminary injunction is RESET for 1:00 p.m. on Monday, October 23, 2023, at the United States Courthouse located at 7940 Preston Road in Plano, Texas. All other deadlines provided in the Court's Order, (Dkt. # 16), shall remain unchanged. Signed by District Judge Sean D. Jordan on 10/16/2023. |
| 26 | 10/16/2023 | JOINT MOTION Extend Temporary Restraining Order and Other Deadlines by Securities and Exchange Commission. |
| 10/16/2023 | ***UNSEALED PER DKT 25.*** (Text entry; no document attached.) | |
| 25 | 10/16/2023 | ORDER granting 24 Plaintiff's Notice of Status and Motion to Unseal. The Clerk's Office is directed to unseal the filings in the above-captioned case, as well as the case itself. Signed by District Judge Sean D. Jordan on 10/16/2023. |
| 24 | 10/13/2023 | PLAINTIFF'S NOTICE OF STATUS AND MOTION TO UNSEAL by Securities and Exchange Commission. |
| 23 | 10/13/2023 | SEALED SUMMONS Returned Executed. |
| 22 | 10/13/2023 | SEALED SUMMONS Returned Executed. |
| 21 | 10/13/2023 | SEALED SUMMONS Returned Executed. |
| 20 | 10/13/2023 | SEALED SUMMONS Returned Executed. |
| 19 | 10/13/2023 | SEALED SUMMONS Returned Executed. |
| 18 | 10/13/2023 | SEALED SUMMONS Returned Executed. |
| 17 | 10/13/2023 | SEALED SUMMONS Returned Executed. |
| 16 | 10/11/2023 | SEALED TEMPORARY RESTRAINING ORDER AND ORDERS: (1) FREEZING ASSETS; (2) PROHIBITING THE DESTRUCTION OF DOCUMENTS; (3) GRANTING EXPEDITED DISCOVERY; (4) REQUIRING SWORN ACCOUNTINGS; (5) PERMITTING ALTERNATIVE MEANS OF SERVICE, AND (6) SETTING HEARING DATE ON PLAINTIFF'S MOTION FOR PRELIMINARY INJUNCTION. The Court held an ex parte hearing on the motion (de # 4) on October 10, 2023, at 10:00am. (Dkt. # 14). The TRO Application is GRANTED in part. The SEC's motion for a preliminary injunction is set for a hearing at 10:00 a.m. on Monday, October 23, 2023. Defendants are allowed until 6:00 p.m. on Wednesday, October 18, 2023, to respond to the motion for a preliminary injunction. The SEC is allowed until 6:00 p.m. on Friday, October 20, 2023, to file any reply. As always, the parties may move to modify this schedule for good cause. The SEC must serve on Defendants (i) this order, (ii) the SEC's motion for a preliminary injunction and all supporting materials, and (iii) the complaint. The SEC must serve those materials soon as practicable and must email them to defendants counsel by 5:00 p.m. on Friday, October 13, 2023. The SEC must file a notice of compliance that all defendants have received a copy of this hearing notice by 5:00 p.m. on Monday, October 16, 2023. This order binds only those who receive actual notice of it by personal service or otherwise. See FED. R. CIV. P. 65(d)(2). Signed by District Judge Sean D. Jordan on 10/11/2023. |
| 15 | 10/10/2023 | Minute Entry for proceedings held before District Judge Sean D. Jordan: SEALED Ex Parte Hearing Held on 10/10/2023 regarding 4 Plaintiff's Sealed Ex Parte Emergency Motion for Temporary Restraining Order. (Court Reporter Gayle Wear.) (Counsel for Plaintiff Jason Reinsch, Keefe Bernstein, Clemon Ashley, and Samantha Martin.) (Counsel for Defendants -N/A.) (Time in Court 10:05-11:06.) |
| 14 | 10/06/2023 | EX PARTE ORDER SETTING EX PARTE SEALED HEARING re 4 EX PARTE MOTION filed by Securities and Exchange Commission. Signed by District Judge Sean D. Jordan on 10/06/2023. |
| 13 | 10/06/2023 | SEALED ORDER GRANTING LEAVE TO EXCEED PAGE LIMITS UNDER LOCAL RULE CV-7(a)(2). Signed by District Judge Sean D. Jordan on 10/06/2023. |
| 12 | 10/06/2023 | SEALED ORDER GRANTING PLAINTIFF'S EX PARTE MOTION TO TEMPORARILY SEAL DOCKET AND PROCEEDINGS. Signed by District Judge Sean D. Jordan on 10/06/2023. |
| 11 | 10/05/2023 | SEALED SUMMONS Issued as to Manivannan Shanmugam. |
| 10 | 10/05/2023 | SEALED SUMMONS Issued as to Nanban Ventures LLC. |
| 9 | 10/05/2023 | SEALED SUMMONS Issued as to Gopala Krishnan. |
| 8 | 10/05/2023 | SEALED SUMMONS Issued as to Himalayan Fintech LLC. |
| 7 | 10/05/2023 | SEALED SUMMONS Issued as to GSM Eternal LLC. |
| 6 | 10/05/2023 | SEALED SUMMONS Issued as to Sakthivel Palani Gounder. |
| 5 | 10/05/2023 | SEALED SUMMONS Issued as to Centum FinTech LLC. |
| 4 | 10/05/2023 | EMERGENCY EX PARTE MOTION FOR TEMPORARY RESTRAINING ORDER, PRELIMINARY INJUNCTION, ASSET FREEZE, AND OTHER ANCILLARY EMERGENCY RELIEF by Securities and Exchange Commission. |
| 3 | 10/05/2023 | SEALED MOTION FOR LEAVE TO EXCEED PAGE LIMITS UNDER LOCAL RULE CV-7(a)(2) by Securities and Exchange Commission. Modified TEXT on 10/6/2023. |
| 2 | 10/05/2023 | SEALED PLAINTIFF'S EX PARTE MOTION TO TEMPORARILY SEAL DOCKET AND PROCEEDINGS by Securities and Exchange Commission. Modified text on 10/5/2023. |
| 1 | 10/05/2023 | Sealed COMPLAINT. |
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