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SEC v. PORTO

October 22, 1990

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
Carl PORTO, et al., Defendants



The opinion of the court was delivered by: BUA

 NICHOLAS J. BUA, UNITED STATES DISTRICT JUDGE

 Unpersuaded by Porto's reference to his financial plight, this court sees no reason to reconsider the contempt order. In overruling Porto's previous objections to the order of contempt, the court concluded that Porto had the ability to pay $ 20,000. Porto has not demonstrated that his financial status has significantly changed since that time.

 In this court's view, Porto has not made a good faith attempt to satisfy the judgment entered against him. Porto has not even tendered partial payment. Up to this point in time, Porto has been given every opportunity to make the disgorgement payments, and the SEC has patiently awaited payment from Porto. Frustrated with Porto's persistent contumacy, this court will not tolerate any further dilatory tactics. In light of Porto's failure to make any good faith effort to make payment, this court finds that Porto is not entitled to relief from the contempt order. Efforts at obtaining compliance with the orders of this court have proven to be futile; imprisonment appears to be the only viable alternative at this juncture.

 Accordingly, Porto's motion for relief from the order of contempt or, alternatively, to file a security lien to purge the contempt, is denied. The SEC's motion to modify the contempt order is granted. Porto is hereby ordered to pay $ 20,000 into the Registry of the Court by November 20, 1990. If Porto fails to pay by that date, he shall be incarcerated until he makes payment. Porto "holds the key to the jailhouse door." United States v. Ayer, 866 F.2d 571, 573 (2d Cir. 1989); Hicks v. Feiock, 485 U.S. 624, 99 L. Ed. 2d 721, 108 S. Ct. 1423 (1988).

19901022

© 1992-2004 VersusLaw ...

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