On September 30th, the SEC obtained a temporary restraining order (TRO) against Nationwide Automated Systems, Joel Gillis, Edward Wishner, Oasis Studio Rentals, LLC, Oasis Studio Rentals #2, LLC and Oasis Studio Rentals #3, LLC. This restraining order freezes their assets, prohibits the destruction of documents, grants expedited discovery and appoints a temporary receiver.
This is obviously a huge win as several investors have reported that NASI has continued to receive investor funds after the SEC investigation started back in June and even after they started bouncing checks in August and September.
There is a court date on October 27th at 10AM, at which point NASI will be able to contest the order. If they fail, the SEC will get a preliminary injunction, which is quite a bit more permanent than the TRO.
All NASI victims need to be aware that this order also bars you from trying to get any money you believe you’re owed out of NASI, except through the SEC. The next steps at this point for all victims is to simply wait for more information from the SEC. We’ve been told several times on Quatloos that the SEC will set up a webpage with information you’ll need, but we don’t know when that’ll happen.
At least NASI isn’t scamming more people. We hope. I wouldn’t put it past these guys to try and boot up another scam while this one is going down in flames.