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UNITED STATES DISTRICT COURT 

FOR THE NORTHERN DISTRICT OF ILLINOIS 

U.S. COMMODITY FUTURES TRADING 

COMMISSION, 

) 

) 

) 

). 

) 

Plaintiff, 

v. 

NA V SARAO FUTURES LIMITED PLC AND 

NA VINDER SINGH SARAO, 

Defendants. 

) CIVILACTIONNO. \5- c.-v- 0~3G.~ 

) 

) 

) 

) 

) 

) _______________________________ ) 

[BE SF 2 ?FDI ORDER 

GRANTING PLAINTIFF'S EX PARTE MOTION FOR STATUTORY RESTRAINING 

ORDER AND OTHER RELIEF 

This matter is before the on Plaintiff's Ex Parte Motion for a Statutory Restraining Order, 

Preliniinary Injunction, and Other Equitable Relief, and Incorporated Memorandum in Support 

("Motion") in the above-captioned proceeding. Simultaneously with the Motion, Plaintiff U.S. 

Commodity Futures Trading Commission ("Commission" or "CFTC") filed a Complaint for 

Injunctive Relief, Civil Monetary Penalties, and Other Equitable Relief against Defendants Nav 

Sarao Futures Limited PLC and Navinder Singh Sarao (collectively, "Defendants"). In the 

Motion, the Commission mov~s, pursl;Ulllt to Section 6c( a) of the Commodity Exchange Act 

("the Act"), 7 U.S. C. § 13a-l(a) (2012), for an ex parte statutory restraining order freezing assets 

and prohibiting the· destruction of books, records, or other documents; an accounting; and for an 

order requiring Defendants to show cause why a preliminary injunction should not issue. 

The Court has considered the pleadings, declarations, exhibits, and memorandum filed in 

support of the Commission's Motion, and now, being fully advised, finds as follows: 

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. . . 1. This Court has jurisdiction over the parties and over the subject matter of this action 

pursuant to Section 6c of the Act, 7 U.S.C. § 13a-1 (2012). 

2. Venue properly lies within this District pursuant to Section 6c( e) of the Act, 7 

U.S.C. § 13a-1(e) (2012). 

· 3. There is good cause to believe that Defendants have engaged, are engaging, and/or 

may . continue to engage in acts and practices constituting violations of the Act Sections 

4c(a)(5)(C), 6(c)(l) and (3), 1 and 9(a)(2) of the Act, 7 U.S.C. §§ 6c(a)(5)(C), 9(1) & (3), and 

13(a)(2) (2012), and Commission Regulations ("Regulations") 180.1 and 180.2, 17 C.F.R. §§ 

180.1 and 180.2 (2014), which, among other things, make it unlawful for any person to 

manipulate, attempt to manipulate, use a manipulative device, or attempt to use a manipulative 

device, or spoof the market of any commodity in interstate commerce or for future delivery on or 

subject to the rules of any registered entity, including any contract market. 

4. The Commission has presented evidence that, from at least April2010 to January 

2012; July 2012 to June 2014; and September 2014 to present ("Relevant Period"), Defendants 

have manipulated, attempted to manipulate and/or spoofed the near month of the Chicago 

Mercantile Exchange E-mini S&P futures .contract ("E-mini S&P"). Similarly, the CFTC has 

presented evidence that Defendants have profited over $40 million from E-mini S&P trading 

during the Relevant Period. 

5. Prior notice to Defendants of an asset freeze is likely to result in dissipation of 

Defendants' assets making it difficult for this Court ultimately to grant effective relief. 

Similarly, given the ease of destroying books, records, and other documents, an order prohibiting 

the destruction of relevant documents and granting the Commission-immediat~ccess-tG--iaspeH.fct----~ 

1 Section 6(c)(l) and (3) of the Act became effective on August 15,2011. Prior to that date, Defendants' conduct is 

alleged to have violated Section 6(c) of the Act, 7 U.S.C. §§ 9, 15 (2008). 

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and copy those documents will increase the likelihood of a meaningful opportunity for the 

Commission, and ultimately this Court, to determine the full scope of Defendants' allegedly 

unlawful scheme. 

6. There is good cause to believe that immediate and irreparable damage to the 

Court's ability to grant effective final sanctions in the form of monetary or other redress will 

occur from the sale, transfer, assignment, or other disposition by Defendants of assets· or 

documents unless Defendants are immediately restrained and enjoined by Order of the Court. 

7. There is good cause for entry of an order freezing assets owned, controlled, 

managed, or held by, on behalf of, or for the benefit of Defendants. 

8. There is good cause for entry of an order prohibiting Defendants, their agents, 

servants, employees, assigns, attorneys, and persons in active concert or participation with 

Defendants, from destroying relevant books, records, and other documents and/or denying agents 

of the Commission immediate and complete access to Defendants' books and records for 

inspection and copying. 

DEFINITIONS 

9. For purposes of this Order, the following definitions apply: 

a. The term "document" is synonymous in meaning and equal in scope to the 

usage of the term in Fed. R. Civ. P. 34(a), and includes, but is not limited to, writings, drawings, 

graphs, charts, photographs, audio and video recordings, computer records, and other data 

compilations from which information can be obtained and translated, if necessary, through 

detection devices into a reasonably usable form. A draft or non-identical copy is a separate 

document within the meaning of the t 

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b. The term "~set" means any legal or equitable interest in, right to, or claim 

to any real or personal property, whether individually or jointly or directly or indirectly 

controlled, and wherever located (including within or outside the United States), including but 

not limited to: chattels, goods, instruments, equipment, fixtures, general intangibles, effects, 

leaseholds, mail or other deliveries, inventory, checks, notes, accounts (including, but not limited 

to, bank accounts and accounts at other finanCial institutions), credits, receivables, Jines of credit, 

contracts (including futures or option contracts), insurance policies, and all cash, wherever 

located, regardless of when the asset is or was obtained. 

c. "Defendants" shall mean and refer to not only Nav Sarao Futures Limited 

PLC and Navide~ Singh Sarao, but also to their agents, servants, employees, assigns, attorneys, 

and persons in active concert or participa~ion with any of the Defendants, including any 

successor thereof, and any d/b/a, successor, affiliate, subsidiary, or other entity owned, 

controlled, managed, or held by, on behalf of, or for the benefit of any of the Defendants. For 

purposes of this Order, "Defendants" shall include International Guarantee · ColJloration, an 

Anguillan, British West Indies corporation. 

RELIEF GRANTED 

I. ASSETS 

A. Order A~ainst rransfer, Dissipation, and Disp·osal of Assets 

IT IS HEREBY ORDERED that: 

10. Defendants and any other persons who receive actual notice of this Order, by 

personal service or otherwise, are restrained and enjoined from directly or indirectly transferring, 

selling, alienating, liquidating, encumbering, pledging, leasing, loaning, assigning, concealing, 

· dissipating, converting, withdrawing, or otherwise disposing of any of Defendants' assets, . 

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wherever located, including assets held outside the United States, unless otherwise ordered by 

. the Court. 

B. Directives to Financial Institutions and Others 

IT IS FURTHER ORDERED that: 

11. Any financial or brokerage institution, business entity, or person that holds or has 

held, controls or has control~ed, or maintains or has maintained custody of any account or other 

of Defendants' assets at any ti~e since April 17, 2010, shall: 

a. Immediately upon receipt of a copy of this Order prohibit Defendants and 

all other persons from withdrawing, removing, aSsigning, transferring, pledging, encumbering, 

disbursing, dissipating, converting, selling, or otherwise disposing of any of Defendants' assets, 

except as directed by further order of the Court; 

b. Immediately upon receipt of a copy of this Order deny Defendants and all 

other persons access to any safe deposit box that is: (a) owned, controlled, managed, or held by, 

on behalf of, or for the benefit of Defendants, either individually or jointly, whether in the name, 

alias, or fictitious "doing business as" name of; or (b) otherwise subject to access by Defendants, 

·except as directed by further order of the Court; 

c. . Within five (5) business days of receiving a copy of this Order provide 

counsel for the Commission a statement setting forth: (a) the identification number of each and 

every account or other asset owned, controlled, managed, or held by, on behalf of, or for the 

. benefit of Defendants, either individually or jointly; (b) the balance of each such account, or a 

d~scription of the nature and value of such asset as of the close of business on the day on which 

this Order is served, and, if the account or other asset has been closed or removed, the date 

closed or removed, .fb.e total funds removed in order to close the account, and the name of the 

person or entity to whom such account or other asset was remitted; and (c) the icJep.tification of 

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any safe deposit box that is owned, controlled, managed, or held by, on behalf .of, or for the 

benefit of Defendants, either individually or jointly, or is otherwise subject to access by 

Defendants; and 

d. Upon request by the Commission, within ten (1 0) business days or such 

longer period as specified by the Commission, provide the Commission with copies of all 

records or other documentation pertaining to any such account or asset, including, but. not limited 

to, originals or copies of account applications, account statements, signature cards, checks, 

· drafts, deposit tickets, transfers to and from the accounts, all other debit and credit instruments or 

slips, currency transaction reports, Forms 1099, and safe deposit box logs. 

C. Injunction Against Interference with Assets 

IT IS FURTHER ORDERED that: 

12. Absent express permission and leave by this Court, all persons, including but not 

limited to Defendants and all trust beneficiaries, note holders, creditors, claimants, lessors, and 

all other pe~sons or entities seeking relief of any kind from Defendants' assets (other than the 

pr~sent action by the Commission and/or any civil or criminal action brought by another federal 

or state agency), in law or in equity, and all persons acting on behalf of any such trust 

beneficiary, note holder, creditor, claimant, lessor, con.sultant group, or other person, including 

sheriffs, marshals, and all officers and deputies, and their respective attorneys, servants, agents 

and employees, are, until further order of this Court, hereby restrained and enjoined from doing 

anything, directly or indirectly, to i~terfere with Defendants' assets. Accordingly, all such 

persons are enjoined from engaging in any self-help, including set-offs, and from filing or 

prosecuting any actions or proceedings which affect Defendants' assets, specifically including 

any proceeding initiated pursuant to the U.S. Banlauptcy Code, except with prior. permission of 

this Court. Moreover, any such actions that are so authorized shall be filed in this Court. 

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II. BOOKS, RECORDS, AND OTHER DOCUMENTS 

A. Maintenance of Business Re~ords 

IT IS FURTHER ORDERED that: 

13. Defendants and any other persons who receive actual notice qfthis Order, by 

personal service or otherwise, are restrained and enjoined from directly or indirectly destroying, 

· mutilating, erasing, altering, concealing or disposing of, in any manner, directly or indirectly, 

any books, records, or other documents, wherever such materials may be situated, that refer or 

relate in any manner to the allegations in the Complaint or to Defendants' assets. 

B. Inspection and Copying of Books and· Records 

IT IS FURTHER ORDERED that: 

14. Representatives of the Commission (accompanied by representatives of other 

international, federal, or state authorities or the National Futures Association, if the Commission 

so desires) shall be allowed immediate and continued access, until further Order of this Court, to 

inspect the books, records, and other documents of Defendants and their agents, including but 

not limited to electronically stored information, tape recordings, and computer discs, that refer or 

relate in any manner to the allegations in the Complaint or to Defendants' assets, wherever they 

may be situated and whether such materials are in the possession of Defendants, or others, and to 

copy said books, record.s, and other documents, either on or off the premises where they may be 

situated; 

15. Within five (5) business days following the service of this Order, Defendants shall 

provide the Commission immediate access to all records of Defendants held by financial 

institutions located within or outside the territorial United States by signing the Consent to 

Release of Financial Records attached to this Order and submitting same to the Commiss~on. 

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III. REQUIRED ACCOUNTING 

IT IS FURTHER ORDERED that: 

16. Defendants shall prepare, sign and submit to the Commission, by Apri127, 20!5, 

a complete and accurate accounting of Defendants' assets as of the date of this Order. Such 

accounting shall include, without limitation, the ~dentification of: 

a. All banks, futures commissions merchants, fmancial or brokerage institutions, 

including account numbers, which hold funds, securities, commodity interests, 

assets, liabilities, and other property owned or controlled (legally, equitably, or 

otherwise) directly or indirectly· by Defendants, whether individually or jointly; 

b. All funds, securities, commodity interests, assets, liabilities, and other property 

owned or controlled (legally, equitably, or otherwise) directly or indirectly by 

Defendants, whether indivi~ually or jointly; and 

c. The names and last known addresses of each bailee, debtor' or other person or 

entity currently holding any funds, securities, commodity interests, assets or 

other pr9perty owned or controlled (legally, equitably or otherwise) by 

Defendants, whether individually or jointly. 

IV. BOND NOT R,EQUIRED OF PLAINTIFF 

IT IS FURTHER ORDERED that: 

17. As an agency of the United States of America and pursuant to 7 U.S.C. § 13a-1(b) 

(2012), Plaintiff Commission need not post a bond. 

V. ORDER TO SHOW CAUSE 

IT IS FURTHER·ORDERED that: 

18. Defendants shall appear before thisCourt on the 1.s~ day of_____;M:.__..z...;;.;G.;~1----; 

2015, at \a • ..'?>o, 0-..m., before the Honorable .A.vviv:r" ~ \Noo d.._ at the U. 

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S. Courthouse for the Northern District of Illinois, 219 South Dearborn Street, Chicago, IL 

60604, to show cause, if there be any, why an Order for Preliminary Injunction should not be 

granted to prohibit further violations of the Act and Regulations and why the other relief 

requested should not be granted pending trial on the merits of this action~ 

19. Should any party wish to file a memorandum of law or other papers in opposition 

to Plaintiff's Motion for a Preliminary Injunction, all papers shall be filed on or before 

,f-,;.A~.~~'S"~\...,1\_-:::·2..=~......__ ___ ., 2015 with concurrent electronic service on the Commission's 

counsel of record and served on the Commission's Kansas City, Missouri office to the attention 

of the Commission's counsel in this case no later than 24 hours after filing with the <:!ourt. Any 

reply papers shall be filed with the Court and delivered to opposing counsel no later than 

$": ()() o'clock -12--.m. on Avs-\\ '29. , 2015. Service of all papers shall be by 

electronic mail, facsimile, overnight delivery, or personal service. 

VI. SERVICE 

IT IS FURTHER ORDERED that: 

20. Copies of this Order may be served by any means, including facsimile and e-mail 

transmission, upon any entity or person that may have possession, custody, or control of any of 

Defendants' documents or any of Defendants' assets that may be subject to any provision of this 

Order, and, additionally, that Charles Marvine, Jeff Le Riche, Jennifer Chapin, Jo Mettenburg, 

Allison Sizemore, Jessica Harris, and Jeremy Christianson, or other representatives of the 

Commission, representative(s) of the U.S. Marshals Service, and representatives ofinternati9nal 

state or local law enforcement agencies in the jurisdictions within which Defendants reside or 

may be located are specially appointed by the Court to effect service Further, service of th~-----

Summons, Complaint, or other process may be effected by any Commission representative, any 

U.S. Marshal or deputy U.S. Marshal, or in accordance with Fed. R. Civ. P. 4, and service on 

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corporate entities may ~e effected by serving the Summons, Complaint, or other process via 

. overnight delivery to the registered agent of said corporate entities. 

VII. FORCE AND EFFECT 

IT IS FURTHER ORDERED that: 

21. This· Order shall remain in full force and effect until further Order of this Court, 

and that this Court retains jurisdiction of this matter for all_purposes. 

IT IS SO ORDERED, at Chicago, Illinois, on the t.,""" day of 

-..:...A~~..a..c_._,\.....__ ____ , 2015, at s :Od ~.m. 

ITED STATES DISTRICT E 

NORTHERN DISTRICT OF ILLINOIS 

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CONSENT TO RELEASE OF FINANCIAL RECORDS 

I, Navinder Singh Sarao, a resident of __________ ___.. do hereby direct 

· any bank, trust, or other financial company, as well as any of its officers, employees, and agents, 

at which I have or had a bank account or other fmancial account of any kind operated under my 

name or any other name (including any corporation or other entity) for which I am or was 

authorized to ~aw on the account, to disclose all information and de~iver copies of all documents 

of every nature in the bank's, trust's, or other financial company's· possession or control which 

relate to said bank or other financial accounts to any attorney or investigator of the United States 

Commodity Futures Trading Commission 3:Dd to give evidence relevant thereto, in the matter of 

United States Commodi.ty Futures Trading Commission v. Nav Sarao Futures Limited, PLC, et 

al., Case No. --------~ now pending before the United States District Court for 

the. Northern District of Dlinois and this shall be irrevocable authority for so doing. This 

direction is intended to apply to not only the laws of the United States, but also to the laws of 

countries other than the United States which restrict or prohibit the disclosure of bank 

information without the consent of the holder of the account, and shall be construed as consent 

with respect thereto, and the same shall apply to any of the bank accounts or other fmancial 

accounts for which. I may be a relevant principal. 

Dated: ------------------ Printed Name 

Signature 

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