Friday, November 15, 2013

SEC Litigation Releases: Week in Review

Court Orders Charles T. Lawrence to Comply with Commission Subpoena, November 13, 2013, (Litigation Release No. 22869)

This week, the Court ordered Charles T. Lawrence to "to comply with an investigative subpoena previously served on him and relating to his formerly registered investment adviser, Chasson Group." According to a previous litigation release, the SEC's application (PDF) alleges that in April of this year, "the SEC issued a Formal Order Directing Private Investigation entitled In the Matter of Chasson Group, Inc." Lawrence has allegedly failed to comply with the "subpoena for documents and testimony relating to this investigation, which involves, among other things, possible (i) misappropriation of client funds, (ii) false or misleading statements in forms Chasson Group filed with the Commission, and (iii) acting as an unregistered broker-dealer."

Commission Files Subpoena Enforcement Action Against Bobby Jones, Raymon Chadwick, Terry Johnson, Innovative Group, Redwater Funding Group, LLC and Expectrum, LLC, November 13, 2013, (Litigation Release No. 22868)

Last week, the SEC filed an application to enforce "investigative subpoenas served on" Bobby Jones, Raymon, Terry Johnson, Innovative Group, Redwater Funding Group, LLC, and Expectrum, LLC. In June, the SEC issued a "Formal Order of Private Investigation entitled In the Matter of Janus Spectrum that authorized its staff to investigate, among other things, whether Janus Spectrum LLC or its affiliates may be involved in the possible offer or sale of unregistered securities, or other violations of the securities laws." The respondents allegedly refused to comply with the subpoenas "based on several objections, including objections under the First, Fourth, Fifth, and Fourteenth Amendments."

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