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As SEC Sues DeFrancesco For Pump and Dump of Cool Holdings Motion to Dismiss April 5

by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, March 15 – The US Securities and Exchange Commission sued the operators of a chain of electronics stores, Cool Holdings, Inc., for misrepresenting their relationship with Apple. 

 On March 15, 2023 U.S. District Court for the Southern District of New York Judge Jed S. Rakoff held a proceeding. Inner City Press covered it.  

Andrew DeFrancesco is described in the Complaint as  the chief architect of the scheme, as chairman of Cool's board.

He is charged with funding a series of fraudulent articles that called Cool more profitable per square foot than Tiffany & Co. and Michael Kors.

  Judge Rakoff set a schedule, with motion to dismiss due April 5, SEC response by April 19, and replies by April 26. He moved a date in light of counsel's planned vacation to Greece, of which he joked that he was jealous. 

There will be an oral argument on May 3, and a pre-trial conference is scheduled for August 14.

The case is Securities and Exchange Commission v. DeFrancesco et al., 23-cv-131 (Rakoff)


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