Following
consent by Steve Chen
, a preliminary injunction was granted against USFIA and related entities on the 6th of October.

The preliminary injunction makes the conditions of the
previously granted TRO
permanent, which

freezes Steve Chen and USFIA’s assets

establishes a Permanent Receiver

prohibits Chan and USFIA from destroying evidence (destruction of documents) and

requires Chen and USFIA to provide the SEC with detailed accounting records within 30 days

Pending the outcome of a trial, Chen and USFIA are also prohibited from

selling, offering the sale of or buying securities

committing any further fraud and

obtaining money or property via untrue statements and/or deception

The current status of Chen, specifically whether or not he is still in the US, is unknown.

Stay tuned…

Footnote: 
Our thanks to Don@ASDUpdates for providing a copy of Judge Klausner’s October 6th Preliminary Injunction order.

Update 22nd October 2015 – 
Steve Chen, through his attorneys, has requested an time-extension to file his response to the SEC lawsuit.

An extension to November 12th was requested, which the SEC has assented to.

🤖 Quick Answer

What preliminary injunction was granted against USFIA in October?
A preliminary injunction was granted against USFIA and Steve Chen on October 6th following his consent. The order makes previous temporary restraining order conditions permanent, freezing assets, establishing a permanent receiver, prohibiting evidence destruction, and requiring detailed accounting records within thirty days.

What restrictions were imposed on Chen and USFIA pending trial?
Chen and USFIA are prohibited from selling, offering for sale, or purchasing securities; committing fraud; and obtaining money or property through false statements or deception. These restrictions remain in effect until the trial outcome is determined.

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