LaMountain v. United States Securities and Exchange Commission Rhode Island District Court Judge: William E Smith Referred: Patricia A Sullivan Case #: 1:19-mc-00001 Case Filed: Jan 02, 2019 Terminated: Feb 05, 2019 Docket Parties Docket last updated: 04/09/2023 11:59 PM EDT Tuesday, February 05, 2019 order Order on Motion to Quash Tue 02/05 1:48 PM TEXT ORDER: After a careful review of the parties' filings, the Court finds there is a demonstrable basis to believe the SEC is pursuing a legitimate investigation. The SEC is charged with investigating possible violations of U.S. securities laws and here has issued a formal order of investigation. Moreover, it is reasonable to conclude that the subpoena seeks bank records that could contain information relevant to the investigation. Petitioner's lack of a position with the company under scrutiny and his current small percentage of ownership of the same are irrelevant. The scope of the subpoena, which seeks records since January 2016, is not overbroad. See Sandsend Financial Consultants, Ltd. v. Federal Home Loan Bank Bd. , 878 F.2d 875, 877 (5th Cir. 1989). Accordingly, Petitioner's Motion for Order Pursuant to Customer Challenge (ECF No.1 ) is DENIED - So Ordered by Chief Judge William E. Smith on 2/5/2019. (Urizandi, Nisshy)
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