Securities & Exchange Commission v. Credit Bancorp, Ltd.

OPINION

SWEET, District Judge.

Carl H. Loewenson Jr. Esq., as Court-appointed Receiver (the “Receiver”) for Credit Bancorp, Ltd. and affiliated entities (individually and collectively, “CBL”) has moved for an order allowing the Receiver to implement the plan of partial distribution, which was approved by this Court on January 19, 2001 (the “Plan”).

For the reasons set forth below, the motion is approved, according to the terms of the revised Implementation Order submitted by the Receiver on October 31, 2003.

Prior Proceedings

This action was initiated on November 17, 1999 by the plaintiff, the…