UNITED STATES DISTRICT COURT 

EASTERN DISTRICT OF MICHIGAN 

UNITED STATES SECURITIES 

AND EXCHANGE CO1\1MISSION, 

Plaintiff, 

: CASE NO. 2:14-cv-13902-MOB-MKM 

v. 

The Estate of VINCENT JAMES SA VIANO, 

And PALMETTO INVESTMENTS, LLC, 

Defendants, 

CONSENT OF DEFENDANT ESTATE OF VINCENT JAMES SAVIANO 

1. Defendant Estate of Vincent James Saviano ("Defendant") - through its counsel -

acknowledges having been served with the complaint in this action, enters a general appearance, 

and admits the Court's jurisdiction over Defendant and over the subject matter of this action. 

2. Without admitting or denying the allegations of the complaint (except as provided 

herein in paragraph [9] and except as to personal and subject matter jurisdiction, which 

Defendant admits), Defendant hereby consents to the entry of the final Judgment in the form 

attached hereto (the "Final Judgment") and incorporated by reference herein, which, among other 

things: 

(a) orders Defendant to pay disgorgement - on a joint and several basis with 

Defendant Palmetto Investments LLC - in the amount of $4,417 ,129.20, 

plus prejudgment interest thereon in the amount of $145,608 .15. To satisfy 

this disgorgement and prejudgment interest obligation, the Receiver in this 

matter has directed - and, if necessary, shall continue to direct - payment 

2:14-cv-13902-MOB-MKM Doc # 98-3 Filed 09/25/17 Pg 1 of 4 Pg ID 1127
of assets from the Estate of the Receivership Defendant (i.e., Palmetto 

Investments, LLC) as required by the Court in its orders for distribution 

until such time as the Court grants a motion to dissolve the Receivership. 

Upon termination of the Receivership, this disgorgement obligation shall 

be deemed satisfied . 

3. Defendant waives the entry of findings of fact and conclusions of law pursuant to 

Rule 52 of the Federal Rules of Civil Procedure . 

4. Defendant waives the right, if any, to a jury trial and to appeal from the entry of 

the Final Judgment. 

5. Defendant enters into this Consent voluntarily and represents that no threats, 

offers, promises, or inducements of any kind have been made by the Commission or any 

member, officer, employee, agent, or representative of the Commission to induce Defendant to 

enter into this Consent. 

6. Defendant agrees that this Consent shall be incorporated into the Final Judgment 

with the same force and effect as if fully set forth therein. 

7. Defendant will not oppose the enforcement of the Final Judgment on the ground, 

if any exists, that it fails to comply with Rule 65(d) of the Federal Rules of Civil Procedure, and 

hereby waives any objection based thereon. 

8. Defendant waives service of the Final Judgment and agrees that entry of the Final 

Judgment by the Court and filing with the Clerk of the Court will constitute notice to Defendant 

of its terms and conditions. Defendant further agrees to provide counsel for the Commission , 

within thirty days after the Final Judgment is filed with the Clerk of the Court, with an affidavit 

or declaration stating that Defendant has received and read a copy of the Final Judgment. 

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2:14-cv-13902-MOB-MKM Doc # 98-3 Filed 09/25/17 Pg 2 of 4 Pg ID 1128
9. Defendant understands and agrees to comply with the terms of 17 C.F.R. 

§ 202 .5(e), which provides in part that it is the Commission's policy "not to permit a defendant or 

respondent to consent to a judgment or order that imposes a sanction while denying the 

allegations in the complaint or order for proceedings," and "a refusal to admit the allegations is 

equivalent to a denial, unless the defendant or respondent states that he neither admits nor denies 

the allegations." As part of Defendant's agreement to comply with the terms of Section 202.5(e) , 

Defendant: (i) will not take any action or make or permit to be made any public statement 

denying, directly or indirectly, any allegation in the complaint or creat ing the impression that the 

complaint is without factual basis; (ii) will not make or perm it to be made any public statement 

to the effect that Defendant does not admit the allegations of the complaint, or that this Consent 

contains no admission of the allegations , without also stating that Defendant does not deny the 

allegations; (iii) upon the filing of this Consent, Defendant hereby withdraws any papers filed in 

this action to the extent that they deny any allegation in the complaint; and (iv) stipulates solely 

for purposes of exceptions to discharge set forth in Section 523 of the Bankruptcy Code, 11 

U.S.C. §523, that the allegations in the complaint are true, and further, that any debt for 

disgorgement, prejudgment interest, civil penalty or other amounts due by Defendant under the 

Final Judgment or any other judgment , order, consent order, decree or settlement agreement 

entered in connection with this proceeding , is a debt for the violation by Defendant of the federal 

securities laws or any regulation or order issued under such laws, as set forth in Section 

523(a)(l9) of the Bankruptcy Code , 11 U.S .C. §523(a)(19). If Defendant breaches this 

agreement, the Commission may petition the Court to vacate the Final Judgment and restore this 

action to its active docket. Nothing in this paragraph affects Defendant's right to take legal or 

factual positions in litigation or other legal proceedings in which the Commission is not a party. 

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2:14-cv-13902-MOB-MKM Doc # 98-3 Filed 09/25/17 Pg 3 of 4 Pg ID 1129
10. Defendant hereby waives any rights under the Equal Access to Justice Act , the 

Small Business Regulatory Enforcement Fairness Act of 1996, or any other provision of law to 

seek from the United States, or any agency, or any official of the United States acting in his or 

her official capacity, directly or indirectly, reimbursement of attorney's fees or other fees, 

expenses, or costs expended by Defendant to defend against this action. For these purposes , 

Defendant agrees that Defendant is not the prevailing party in this action since the parties have 

reached a good faith settlement. 

11. Defendant agrees that the Commission may present the Final Judgment to the 

Court for signature and entry without further notice . 

12. Defendant agrees that this Court shall retain jurisdiction over this matter for the 

purpose of enforcing the terms of the Final Judgment. 

By: ~.....,.,J.~-/-'-,L. '...L._-/-~ :::::::::: ~~~ 

Bri 

134 arket Street 

Mt. Clemens, MI 48043 

phone: (248) 827-4100 

fax: (248) 827-4106 

blegghio@legghiolaw.com 

Counsel for Defendant Estate of Vincent .lames Saviano 

On D»-i cl-if{ f , 2017, Brian Legghio, a person known to me, personally appeared 

before me and ~knowledged execut ing the foregoing Consent with full authority to do so on 

behalf of the Estate of Vincent James Saviano as its Court-appointed Receiver . 

Notary Public 1 5Tit7G ~F ),( I fHl6AAj,; ~t'ONr/ ~F f,/ff('OHl!J 

Commission expires: C/-J.q~~,J/9 

( /k'1 JrJG I JJ M fl cp 1-11J C'o v Nr() 

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