Indiana Uniform Securities Act: How The Asset Freeze Remedy Affects Both The Defendant And Alleged Victims

In mid 2008 the Indiana Uniform Securities Act was amended, and several significant changes were made to it. One of the amendments dealt with remedies that the Indiana Securities Division, through the Securities Commissioner, could seek in court against alleged violators of the law. The new amendment provided, in IC § 23-19-6-3(b)(2)(A), that upon a proper showing that a court could  “order other appropriate or ancillary relief, which may include: (A) an asset freeze.”

This issue of an asset freeze remedy recently became relevant when the Indiana Securities Division filed a complaint against Indiana money manager, Keenan Hauke, in Hamilton County, alleging in its complaint that Hauke “misled investors by failing to inform them that the fund they were investing would be converted to his personal use.” In addition to these allegations, the Securities Commissioner moved the court for a temporary freeze of Hauke’s assets, alleging that “good and reasonable cause exists to believe [Hauke and his businesses] violated the Indiana Uniform Securities Act.” On April 15, 2011, a Hamilton County judge issued a temporary asset freeze against Hauke, even though the case is still very much in the preliminary stages.

This real life case where this new remedy of an asset freeze has been used successfully by the State is an interesting new twist in securities law in Indiana. It does, however, make us ponder some issues regarding this remedy, especially as it relates to such an order prior to the conclusion of the entire case.

Who is going to replace Judy Levine on Hamilton County Council?

It is a crowded field trying to replace Judy Levine.  It appears that there will be seven people vying for that position.  As the caucus nears, who are the favorites?  Greg Puls has the inside track as he has worked over the last few years to position himself as the leader of the pack.  Initially, he ran as a Libertarian against Judy Levine but suffered a large defeat.  After that loss, he has worked within the Republican Party especially in Fishers to get her seat after she resigned.  Amy Massillamany is vying to be the lead challenger to Puls.  Full disclosure, she is my wife.  After years of working behind the scenes in organizing events for the Republican Party and supporting the party, Amy is coming from behind the scenes to become a serious challenger.  Five other challengers have come for the seat though they have not had much involvement with the Republican Party over the last few years.  They are hoping that their professional experience will carry the day.  Good luck everyone.  It will be a tough seven days as the competition heats up.  Who is your favorite?

Golf course manager suing DuPont over alleged herbicide damage | 2011-07-19 | Indianapolis Business Journal | IBJ.com

Golf course manager suing DuPont over alleged herbicide damage | 2011-07-19 | Indianapolis Business Journal | IBJ.com

Hundreds of thousands of spruce and pine trees in Indiana and even more across the country have been dying unexpectedly, and a nationwide class action lawsuit alleges DuPont did not properly test their new herbicide Imprelis and did not warn applicators of the potential side effects when applying this new herbicide. Starr Austen & Miller LLP on behalf of the damaged victims filed the class action lawsuit against DuPont on Monday. DuPont's new wonder herbicide Imprelis was advertised as being environmentally friendly. As reports are continuing to come in, damages could potentially be in the hundreds of millions. Victims are asked to go to www.starrausten.com and follow the protocol in collecting a soil sample to preserve the evidence of Imprelis damage. If you have a complaint and need more information, please call 574-722-6676 and ask for Mario Massillamany, attorney at Starr Austen & Miller, LLP.