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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