EXHIBIT 19

Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 1 of 29
From: Rutkowski, Joanne

To: "David Jarvis"

Subject: RE:

Date: Friday, January 05, 2018 10:15:00 AM

David, could you use this dial-in for our call this morning, thx:

202-551-7000 (US/Canada)

888-732-8001 (US/Canada Toll-free)

17000 (SEC Internal)

Access Code:

980 530 750

From: David Jarvis [mailto:djarvis@alpine-securities.com] 

Sent: Thursday, January 04, 2018 4:41 PM

To: Rutkowski, Joanne

Subject: RE:

Again, I’m not asking about the order. I am asking a far more general question. How about 11:00

EST? I will conference in one of my colleagues at that time.

I can be reached at 804 357 0567

Thanks!

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the use of the individual or entity to which it is addressed and may contain information that

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you.

From: Rutkowski, Joanne [mailto:RutkowskiJ@sec.gov] 

Sent: Thursday, January 4, 2018 1:53 PM

To: David Jarvis <djarvis@alpine-securities.com>

Subject: RE:

Mr. Jarvis,

Thank you for writing. I’m not sure I can add any gloss to the Commission’s order but would be

happy to talk with you. Is there a time tomorrow I could call you?

Many thx,

Joanne Rutkowski

Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 2 of 29
From: David Jarvis [mailto:djarvis@alpine-securities.com] 

Sent: Thursday, January 04, 2018 10:36 AM

To: Rutkowski, Joanne

Subject:

Importance: High

Dear Ms. Rutkowski:

I write to you, unfortunately, after having unsuccessful interaction with one of your colleagues. I

give you the entire history of the inquiry that I have on behalf of my organization.

Fairly recently the Commission filed an action against Microcap Equity Group and an individual that

can be found here: https://www.sec.gov/litigation/complaints/2017/comp23992.pdf

The gravamen of the Complaint can be found in numerical paragraph 2. It alleges: Between January

2013 and July 2016, Defendants, as part of a regular business, engaged in the buying and selling of

securities for Defendants’ own accounts. Defendants purchased from debtholders the aged debts of

various microcap issuers of securities. Contemporaneously, and as part of their purchase of the aged

debt, Defendants obtained

agreements with the issuers permitting Defendants to, at their discretion, convert the debt into

shares of the issuers’ common stock. Defendants deposited these shares (once converted from the

debt) into their brokerage accounts and sold significant numbers of them into the market.

Finally, Defendants deposited the net proceeds from the stock sales into their bank accounts.

Generally speaking, the Defendants acquired aged convertible debt or simply aged where the issuer

agreed to conversion terms because it could not pay the obligation. Thereafter, Defendants

converted the debt and sold the positions. In a scheduled conference call with the Staff Attorneys

who brought this action they would not provide us guidance in terms of our inquiries and instead

directed us to OCIE.

What we as an organization are trying to understand is whether or not the Staff

and/or the Commission are deeming the acquisition of third party debt,

conversion of that debt, and sale into the public marketplace a business model

(if you will) that requires registration as a dealer? We are aware that the

definition of dealer excludes routine trading transactions for ones own account

as well as other potentially relevant carve outs. Here we are simply trying to

gain our regulators posture.

Despite advising you colleague that we do not seek any information or insight into pending litigation,

she has refused to provide any guidance responsive to our inquiry basing her refusal on an errant

belief that we are seeking comment on an enforcement action, where we clearly are not. Rather,

what we are trying to be is a compliant firm that operates well within the confines of propriety and

our inquiry is on all fours with how we seek to operate our business.

Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 3 of 29
Moreover, you colleague suggests we should obtain a no action letter where she certainly should

know that the SEC will not provide no action relief or responses to hypothetical scenarios.

I, along with my organization, appreciate your assistance in this regard.

Thank you.

DHJ

David H . Jarvis

Special Counsel

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you.

Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 4 of 29
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Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 11 of 29
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Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 12 of 29
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Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 14 of 29
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Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 15 of 29
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Case 1:20-cv-21254-BB Document 47-20 Entered on FLSD Docket 07/02/2021 Page 24 of 29
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/ŚŽƉĞLJ͛ĂůůĂƌĞĚŽŝŶŐǁĞůůƚŚŝƐŚŽůŝĚĂLJƐĞĂƐŽŶ͘DLJŝŶƋƵŝƌLJƐƚĂƌƚƐǁŝƚŚĂŶĞdžƉůĂŶĂƚŝŽŶĨŽƌĐůĂƌŝƚLJ͛Ɛ

ƐĂŬĞ͘

&ĂŝƌůLJƌĞĐĞŶƚůLJƚŚĞŽŵŵŝƐƐŝŽŶĨŝůĞĚĂŶĂĐƚŝŽŶĂŐĂŝŶƐƚDŝĐƌŽĐĂƉƋƵŝƚLJ'ƌŽƵƉĂŶĚĂŶŝŶĚŝǀŝĚƵĂůƚŚĂƚ

ĐĂŶďĞĨŽƵŶĚŚĞƌĞ͗ŚƚƚƉƐ͗ͬͬǁǁǁ͘ƐĞĐ͘ŐŽǀͬůŝƚŝŐĂƚŝŽŶͬĐŽŵƉůĂŝŶƚƐͬϮϬϭϳͬĐŽŵƉϮϯεεϮ͘ƉĚĨ

dŚĞŐƌĂǀĂŵĞŶŽĨƚŚĞŽŵƉůĂŝŶƚĐĂŶďĞĨŽƵŶĚŝŶŶƵŵĞƌŝĐĂůƉĂƌĂŐƌĂƉŚϮ͘/ƚĂůůĞŐĞƐ͗ĞƚǁĞĞŶ:ĂŶƵĂƌLJ

ϮϬϭϯĂŶĚ:ƵůLJϮϬϭς͕ĞĨĞŶĚĂŶƚƐ͕ĂƐƉĂƌƚŽĨĂƌĞŐƵůĂƌďƵƐŝŶĞƐƐ͕ĞŶŐĂŐĞĚŝŶƚŚĞďƵLJŝŶŐĂŶĚƐĞůůŝŶŐŽĨ

ƐĞĐƵƌŝƚŝĞƐĨŽƌĞĨĞŶĚĂŶƚƐ͛ŽǁŶĂĐĐŽƵŶƚƐ͘ĞĨĞŶĚĂŶƚƐƉƵƌĐŚĂƐĞĚĨƌŽŵĚĞďƚŚŽůĚĞƌƐƚŚĞĂŐĞĚĚĞďƚƐŽĨ

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ǀĂƌŝŽƵƐŵŝĐƌŽĐĂƉŝƐƐƵĞƌƐŽĨƐĞĐƵƌŝƚŝĞƐ͘ŽŶƚĞŵƉŽƌĂŶĞŽƵƐůLJ͕ĂŶĚĂƐƉĂƌƚŽĨƚŚĞŝƌƉƵƌĐŚĂƐĞŽĨƚŚĞĂŐĞĚ

ĚĞďƚ͕ĞĨĞŶĚĂŶƚƐŽďƚĂŝŶĞĚ

ĂŐƌĞĞŵĞŶƚƐǁŝƚŚƚŚĞŝƐƐƵĞƌƐƉĞƌŵŝƚƚŝŶŐĞĨĞŶĚĂŶƚƐƚŽ͕ĂƚƚŚĞŝƌĚŝƐĐƌĞƚŝŽŶ͕ĐŽŶǀĞƌƚƚŚĞĚĞďƚŝŶƚŽ

ƐŚĂƌĞƐŽĨƚŚĞŝƐƐƵĞƌƐ͛ĐŽŵŵŽŶƐƚŽĐŬ͘ĞĨĞŶĚĂŶƚƐĚĞƉŽƐŝƚĞĚƚŚĞƐĞƐŚĂƌĞƐ;ŽŶĐĞĐŽŶǀĞƌƚĞĚĨƌŽŵƚŚĞ

ĚĞďƚͿŝŶƚŽƚŚĞŝƌďƌŽŬĞƌĂŐĞĂĐĐŽƵŶƚƐĂŶĚƐŽůĚƐŝŐŶŝĨŝĐĂŶƚŶƵŵďĞƌƐŽĨƚŚĞŵŝŶƚŽƚŚĞŵĂƌŬĞƚ͘

&ŝŶĂůůLJ͕ĞĨĞŶĚĂŶƚƐĚĞƉŽƐŝƚĞĚƚŚĞŶĞƚƉƌŽĐĞĞĚƐĨƌŽŵƚŚĞƐƚŽĐŬƐĂůĞƐŝŶƚŽƚŚĞŝƌďĂŶŬĂĐĐŽƵŶƚƐ͘

'ĞŶĞƌĂůůLJƐƉĞĂŬŝŶŐ͕ƚŚĞĞĨĞŶĚĂŶƚƐĂĐƋƵŝƌĞĚĂŐĞĚĐŽŶǀĞƌƚŝďůĞĚĞďƚŽƌƐŝŵƉůLJĂŐĞĚǁŚĞƌĞƚŚĞŝƐƐƵĞƌ

ĂŐƌĞĞĚƚŽĐŽŶǀĞƌƐŝŽŶƚĞƌŵƐďĞĐĂƵƐĞŝƚĐŽƵůĚŶŽƚƉĂLJƚŚĞŽďůŝŐĂƚŝŽŶ͘dŚĞƌĞĂĨƚĞƌ͕ĞĨĞŶĚĂŶƚƐ

ĐŽŶǀĞƌƚĞĚƚŚĞĚĞďƚĂŶĚƐŽůĚƚŚĞƉŽƐŝƚŝŽŶƐ͘/ŶĂƐĐŚĞĚƵůĞĚĐŽŶĨĞƌĞŶĐĞĐĂůůǁŝƚŚƚŚĞ^ƚĂĨĨƚƚŽƌŶĞLJƐ

ǁŚŽďƌŽƵŐŚƚƚŚŝƐĂĐƚŝŽŶƚŚĞLJǁŽƵůĚŶŽƚƉƌŽǀŝĚĞƵƐŐƵŝĚĂŶĐĞŝŶƚĞƌŵƐŽĨŽƵƌŝŶƋƵŝƌŝĞƐĂŶĚŝŶƐƚĞĂĚ

ĚŝƌĞĐƚĞĚƵƐƚŽK/͘

tŚĂƚǁĞĂƐĂŶŽƌŐĂŶŝnjĂƚŝŽŶĂƌĞƚƌLJŝŶŐƚŽƵŶĚĞƌƐƚĂŶĚŝƐǁŚĞƚŚĞƌŽƌŶŽƚƚŚĞ^ƚĂĨĨĂŶĚͬŽƌƚŚĞ

ŽŵŵŝƐƐŝŽŶŝƐĚĞĞŵŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚŝƌĚƉĂƌƚLJĚĞďƚ͕ĐŽŶǀĞƌƐŝŽŶŽĨƚŚĂƚĚĞďƚ͕ĂŶĚƐĂůĞŝŶƚŽƚŚĞ

ƉƵďůŝĐŵĂƌŬĞƚƉůĂĐĞĂďƵƐŝŶĞƐƐŵŽĚĞů;ŝĨLJŽƵǁŝůůͿƚŚĂƚƌĞƋƵŝƌĞƐƌĞŐŝƐƚƌĂƚŝŽŶĂƐĂĚĞĂůĞƌ͍tĞĂƌĞ

ĂǁĂƌĞƚŚĂƚƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĚĞĂůĞƌĞdžĐůƵĚĞƐƌŽƵƚŝŶĞƚƌĂĚŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐĨŽƌŽŶĞƐŽǁŶĂĐĐŽƵŶƚĂƐ

ǁĞůůĂƐŽƚŚĞƌƉŽƚĞŶƚŝĂůůLJƌĞůĞǀĂŶƚĐĂƌǀĞŽƵƚƐ͘,ĞƌĞǁĞĂƌĞƐŝŵƉůLJƚƌLJŝŶŐƚŽŐĂŝŶŽƵƌƌĞŐƵůĂƚŽƌƐ

ƉŽƐƚƵƌĞ͘

dŚĂŶŬLJŽƵǀĞƌLJŵƵĐŚ͘

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