Tabet v. U.S. Securities and Exchange Commission
United States District Court for the Southern District of California
2012 WL 3205581 (2012)
- Written by Angela Patrick, JD
Facts
The U.S. Securities and Exchange Commission (SEC) (defendant) was investigating possible securities-law violations resulting from a fraudulent investment scheme. As part of the investigation, the SEC served an administrative subpoena on Bank of America (bank) seeking information about bank accounts held by Paul and Jenifer Tabet (plaintiffs) for the prior three years. The SEC believed that the Tabets had been involved in the scheme and that the bank-account information would help the SEC to determine matters such as who had been a potential fraud victim, whether the investors’ money had actually been misused, where the investors’ money currently was, and who else may have been involved in committing the fraud. The SEC also showed that the fraud likely went back at least two years and that some additional information about the scheme might go back even further. The SEC also served a notice of the administrative subpoena on the Tabets. To prevent the bank from producing the records, the Tabets filed a motion to quash the subpoena.
Rule of Law
Issue
Holding and Reasoning (Bartick, J.)
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