Esteves-Jimenez v. Sosa Llorens

OPINION AND ORDER

PEREZ-GIMENEZ, District Judge.

I. Introduction

This action is brought pursuant to 42 U.S.C. § 1983, seeking to enjoin and declare unconstitutional an order issued by José A. Sosa-Lloréns — Commissioner of Financial Institutions of the Commonwealth of Puerto Rico (the “Commissioner”) — mandating that plaintiffs cease and desist from (1) offering and selling of securities without legal registration in violation of sections 101, 201, 301 and 305 of the Puerto Rico Uniform Securities Act, and (2) engaging in banking operations without the authorization required by the local Banking…