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Hegrenes v. Nilsen

United States District Court, D. New Jersey

January 2, 2020

JOHN HEGRENES, et al., Plaintiff,
v.
MORTEN NILSEN, et al., Defendant.

          ORDER

          MADELINE COX ARLEO UNITED STATES DISTRICT JUDGE.

         THIS MATTER comes before the Court by way of Plaintiffs John Hegrenes's (“Hegrenes”), LifeClub International, S.A.'s, and LifeClub International LTD.'s (collectively, “LifeClub, ” or, together with Hegrenes, “Plaintiffs”) unopposed Motion for Default Judgment[1]pursuant to Federal Rule of Civil Procedure 55(b)(2), ECF No. 105, against Defendants Orion Trading Institution, Orion Trading Management, Top Unit Management (collectively, the “Entity Defendants”), and Baard Jordal (“Jordal, ” or, together with the Entity Defendants, “Defendants”);

         and it appearing that this action arises out of Defendants' alleged misappropriation of Plaintiffs' investment funds and related material misrepresentations and omissions in violation of federal and New Jersey law, Compl. ¶¶ 12-46, ECF No. 1.1;

         and it appearing that Plaintiff Hegrenes is a resident of an unidentified foreign country, id. ¶ 1;

         and it appearing that Plaintiff LifeClub International, S.A. is a foreign corporation organized under the laws of Panama, id. ¶¶ 2-3;

         and it appearing that Plaintiff LifeClub International Ltd. is a foreign corporation organized under the laws of the United Kingdom, id. ¶¶ 2, 4;

         and it appearing that Defendant Jordal is an individual residing in Barcelona, Spain, id. ¶ 7;

         and it appearing that each of the Entity Defendants is an entity “organized under the laws of a foreign county” that transacts business in New Jersey, id. ¶¶ 8-10;

         and it appearing that Defendants Morten Nilsen and Kimya Nilsen (collectively, the “Nilsen Parties”) are New Jersey residents who were dismissed from this case pursuant to a Stipulation of Dismissal and Order entered on January 22, 2019, id. ¶¶ 5-6; ECF No. 98;

         and it appearing that Defendants made untruthful and misleading representations to LifeClub and its members, including “that they were registered professional traders with significant experience and success in trading” on the foreign exchange market, Compl. ¶ 24;

         and it appearing that LifeClub entered into written agreements with Orion Trading Institution under which Orion Trading Institution, “as the asset manager[, ] would invest LifeClub pooled funds in the foreign currency market, futures and options, indexes, and commodities, ” id. ¶ 22;

         and it appearing that based on Defendants' representations, Plaintiffs invested almost €20 million with Defendants for trading on the foreign exchange market, id. ¶¶ 28-31;

         and it appearing that Defendants caused to be mailed, transmitted, or otherwise disseminated to Plaintiffs falsified monthly statements purporting to show each LifeClub member's account balance and the nature and amount of trades on the foreign exchange market, id. ¶ 34;

         and it appearing that on repeated occasions, Defendants caused to be mailed or transmitted from the United States, including New Jersey, reports and statements containing erroneous and fraudulent information regarding investment strategy ...


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