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I’m not sure about the technicalities, but the preliminary injunction against Mining Capital Coin has undergone a procedural modification.

A preliminary injunction hearing was scheduled for May 19th, according to the case docket on May 10th.

Instead, on May 18th, a Magistrate Judge filed a “report and recommendation” (R&R).

The good news is that the filing suggests granting a preliminary injunction.

The SEC has made a sufficient case for a preliminary injunction against all Defendants, according to the R&R.

As a result, the undersigned respectfully RECOMMEND that the preliminary injunction requested in the Motion be GRANTED.

The SEC’s request for a preliminary injunction was previously discussed.

Defendant Luiz Carlos Capuci (right) argued that the SEC lacked jurisdiction because “the securities scheme described in the Complaint centered on foreign investors and involved, at most, an incidental number of United States investors,” despite fleeing to Brazil in the middle of the investigation.

Both defenses were dismissed by the Magistrate Judge.

Emerson Sousa Pires (right), a co-defendant, has not filed any documents in the SEC’s complaint.

When the SEC contacted the lawyer who represented Pires during the inquiry, he informed them that he no longer represented him.

During the SEC inquiry, Pires also fled to Brazil. Reading between the lines, it appears that Pires, a Brazilian citizen, feels he is safe in the country.

And he may very well be. Brazilian nationals are not extradited.

Capuci and Pires’ flight to Brazil undoubtedly influenced the Magistrate’s judgment.

After the SEC filed subpoenas in its investigation, at least one of the defendants, Capuci, reportedly liquidated several assets and fled the United States for Brazil.

Capuci and Pires were both subpoenaed by the SEC during its investigation of this matter, and both claimed their Fifth Amendment privilege.

Furthermore, both Capuci and Pires are thought to be in Brazil right now, according to the SEC.

Due to the Defendants’ obvious lack of remorse and the ease with which they may resuscitate a similar scheme over the internet, the Court determines that a preliminary injunction is required to prohibit them from participating in future breaches of the securities laws.

In the future, any objections to the R&R filings must be submitted by June 1st. Following that, a preliminary injunction against Mining Capital Coin, Capuci, and Pires is likely.

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