NEW
YORK, May 7, 2024 /PRNewswire/ -- Naidich Wurman
LLP, counsel for Power Up Lending Group Ltd., Geneva Roth Remark
Holdings, Inc., 1800 Diagonal Lending, LLC, and Curt Kramer, responded to a complaint filed by
the SEC today.
The SEC's charges are unfounded and we will vigorously contest
them.
The SEC, including some of the same SEC attorneys involved in
this investigation, has known for more than a decade of Mr.
Kramer's funding of small public companies and never once suggested
that this required registering as a dealer. And that's because Mr.
Kramer was not required to do so – instead, the SEC, in violation
of Mr. Kramer's due process rights, has attempted to rewrite a
90-year-old statute to try to destroy firms that lend to small
public companies and thereby deprive small public companies of the
critical financing they need to grow their businesses. We agree
with SEC Commissioners Hester Peirce and Mark Uyeda that the SEC's attempt to redefine
dealer registration requirements "obliterates" decades of law and
is "arbitrary and even tyrannical."
"We are surprised and disappointed that the SEC would bring this
action based on loans that the SEC itself reviewed and approved,"
said Curt Kramer, the owner of Power
Up Lending and other related lenders. "I look forward to the
testimony of the SEC attorneys who for more than a decade have
known about my funding of small public companies. I'm confident
that, after the recent resignation of two SEC enforcement attorneys
for making false statements in Court, the SEC attorneys in this
case will feel compelled to tell the truth under oath – that they
never believed that my lending activity required registration, and
that the SEC's current position is an unfair and unconstitutional
bait-and-switch."
Media Contact:
Power Up Lending's litigation counsel Marshall R. King, Gibson Dunn & Crutcher
LLP; 212-351-3905; mking@gibsondunn.com
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SOURCE NAIDICH WURMAN LLP