The United States Securities and Exchange Commission (SEC) is getting near the close of its action against Global Investment Strategy UK Ltd (GIS) and its principal and founder John William Gunn. This becomes clear from documents filed with the New York Southern District Court and seen by FX News Group.

According to these documents, the Commission requests that the Court approve the proposed consent judgments to which the Commission and the defendants have agreed. As background, the Commission filed its Complaint on December 22, 2020. The Complaint alleges that GIS, a financial services firm based in the United Kingdom, violated Section 15(a) of the Securities Exchange Act of 1934 by acting as an unregistered broker, and that Gunn, as GIS’s chairman and principal, aided and abetted GIS’s violations.

On October 19, 2021, the Court issued an Order Denying Motion to Dismiss for Insufficient Service of Process, Lack of Personal Jurisdiction, and Failure to State a Claim.

According to the SEC, the Court should approve the parties’ proposed consent judgments because they are fair and reasonable and in the public interest. Among other things, the proposed judgments would: (1) permanently enjoin GIS and Gunn from violating Section 15(a) of the Exchange Act; and (2) order GIS to pay a civil penalty of $1 million and Gunn to pay a civil penalty of $100,000.

The Commission therefore requests that the Court approve the proposed consent judgments.