TRO Hearing Transcript — May 11, 2022 (Dkt. #414)
Official transcript of the May 11, 2022 telephonic hearing before Judge Mary M. Rowland in which the CFTC obtained an ex parte statutory restraining order, receiver appointment, and asset freeze in 11 minutes — with no defense counsel present, missing exhibits, and the judge announcing "which I plan to do" before any argument was presented. The CFTC attorney stated on the record: "We have remained in a covert posture based on what we have observed in the records." Transcript filed as Docket #414 on November 20, 2024.
Document Details
IN THE UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS
EASTERN DIVISION
COMMODITY FUTURES TRADING ) Case No. 22 C 2465
COMMISSION, )
Plaintiff, )
)
v. )
)
SAM IKKURTY A/K/A SREENIVAS I. )
RAO, RAVISHANKAR AVADHANAM, and )
JAFIA LLC, )
Defendants, )
)
v. )
)
IKKURTY CAPITAL, LLC D/B/A ROSE )
CITY INCOME FUND, ROSE CITY )
INCOME FUND II LP, and SENECA )
VENTURES, LLC, ) Chicago, Illinois
) May 11, 2022
Relief Defendants. ) 1:03 p.m.
TRANSCRIPT OF PROCEEDINGS - TELEPHONIC MOTION
BEFORE THE HONORABLE MARY M. ROWLAND
APPEARANCES:
For the Plaintiff: U.S. COMMODITY FUTURES TRADING COMMISSION
BY: MS. CANDICE R. HAAN
MR. DAVID A. TERRELL
77 W. Jackson Boulevard, Suite 800
Chicago, Illinois 60604
Also Present: MS. HEATHER DASSO
Court Reporter: LAURA R. RENKE, CSR, RDR, CRR
Official Court Reporter
219 S. Dearborn Street, Room 1224
Chicago, Illinois 60604
312.435.6053
[email protected]
* * * * *
PROCEEDINGS REPORTED BY STENOTYPE
TRANSCRIPT PRODUCED USING COMPUTER-AIDED TRANSCRIPTION
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Case: 1:22-cv-02465 Document #: 414 Filed: 11/20/24 Page 1 of 10 PageID #:5757
Key Points
Entire hearing lasted only 11 minutes (1:03–1:14 pm) — no defense counsel present
CFTC attorney Haan stated on the record: 'We have remained in a covert posture' — deliberately withheld notice to counsel
Judge Rowland announced 'which I plan to do' before any argument was presented — prejudgment on the record
Receiver KSR appointed without the judge reviewing his CV: 'I trust that Mr. Kopecky has done this before'
Orders granted with missing exhibits — judge acknowledged she was missing Exhibits A through K
Judge deferred to CFTC on every procedural question: duration, sealing, discovery, receiver selection
Asset freeze of $209 million and receiver appointment entered in a single 11-minute telephonic call