Source: s3://data.kl3m.ai/documents/govinfo/USCOURTS/USCOURTS-casd-3_18-cv-01530/USCOURTS-casd-3_18-cv-01530-0/pdf.json

Nature of Suit Code: 850
Nature of Suit: Securities, Commodities, Exchange
Cause of Action: 15:0078m(a) Securities Exchange Act

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18-cv-1530-WQH-JLB

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UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF CALIFORNIA

SECURITIES AND EXCHANGE 

COMMISSION,

Plaintiff,

v.

GANNON GIGUIERE, OLIVERBARRET LINDSAY, ANDREW 

HACKETT, KEVIN GILLESPIE, 

and ANNETTA BUDHU,

Defendants.

Case No.: 18-cv-1530-WQH-JLB

ORDER

HAYES, Judge:

On July 6, 2018, Plaintiff Securities and Exchange Commission filed the Complaint 

in this action against Defendants Gannon Giguiere, Oliver-Barret Lindsay, Andrew 

Hackett, Kevin Gillespie, and Annetta Budhu. (ECF No. 1). The Complaint alleges

violations of Section 10(b) of the Securities Exchange Act and Rules 10b-5(a) and (c)

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resulting from Defendants’ alleged schemes to “pump and dump” the common stock of 

three issuers—Kelvin Medical, Inc., Arias Intel Corp., and Eco Science Solutions, Inc.

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On July 6, 2018, the United States of America moved to unseal a four-count criminal 

indictment charging Gannon Giguiere, and Oliver Lindsay with conspiracy and securities 

fraud relating to a “pump and dump” scheme involving Kelvin Medical, Inc. stock, and 

charging Gannon Giguiere with conspiracy and securities fraud relating to a “pump and 

dump” scheme involving Eco Science Solutions, Inc. stock. See United States of America 

v. Giguiere et al., No. 18-cr-3071-WQH.

On July 6, 2018, the United States of America moved to unseal a two-count 

indictment charging Andrew Hackett, Annetta Budhu, Vikram Khanna, Kuldeep Sidhu, 

and Kevin Gillespie with conspiracy and securities fraud relating to a “pump and dump” 

scheme involving Arias Intel Corp. stock. See United States of America v. Hackett et al., 

No. 18-cr-3072-BTM.

On October 24, 2018, the Court issued an Order granting United States of America’s 

Motion to Intervene and Stay Proceedings pending resolution of the parallel criminal 

proceedings and requiring United States of America to file a status report “addressing the 

proceedings in the parallel criminal proceedings” every ninety days. (ECF No. 44 at 6).

On June 14, 2022, United States of America filed a Status Report. (ECF No. 75). 

The Status Report states:

The [c]riminal [c]ases have resolved by way of plea or trial, and the living 

defendants have been sentenced, except that restitution is outstanding as to the 

U.S. v. Hackett defendants .... It is the view of the United States that relevant 

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“In a ‘pump and dump’ scheme, a group of individuals who control the ‘free trading’ shares of an issuer 

with a thinly-traded stock, also referred to as the issuer’s ‘float,’ inflate the issuer’s share price and trading 

volume through, among other things, engaging in wash and matched trading, issuing false or misleading 

press releases, and paying for stock promotions. When the issuer’s share price reaches a desirable level or 

target price, the individuals ‘dump’ their shares into the buying volume generated during the ‘pump’ phase 

for substantial financial gain.” (ECF No. 1 ¶ 11 n. 1).

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factors no longer weigh strongly in favor of a continued stay of the civil 

proceedings. The United States therefore supports lifting the stay.

(Id. at 2-3).

The dockets in U.S v. Giguiere and U.S. v. Hackett reflect that the defendants 

in the parallel criminal proceedings have been sentenced and judgment has been 

entered. (See U.S v. Giguiere, ECF Nos. 283-84, 288-89; U.S. v. Hackett, ECF Nos. 

326, 331, 352-53, 370-71, 412-13). The Court concludes that a stay of this action is 

no longer warranted.

IT IS HEREBY ORDERED that the stay of this action (see ECF No. 44) is 

lifted.

Dated: June 16, 2022

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