The Securities and Exchange Commission today announced that on February 12, 2004, it filed a subpoena enforcement action in U.S. District Court for the Northern District of Georgia against Hulburt Van R. Barringer and Susan Diane Barringer. Pursuant to a subpoena issued on October 24, 2003, the Barringers were obligated to produce documents and to appear for testimony before the Commission on December 10th and 11th, 2003. After informing the Commission of their intentions through counsel, the Barringers failed to appear and failed to produce the required documents. Accordingly, the Commission filed its Application For An Order To Show Cause And For An Order Requiring Obedience To Subpoena, along with a supporting Memorandum and Declaration.
In its Application and supporting filings, the Commission alleges that on August 5, 2003, the Commission issued its Order Directing Private Investigation and Designating Officers to Take Testimony ("Formal Order") in the Wealth Builders International investigation. The Formal Order authorizes the staff to conduct an investigation into whether, among other things, Wealth Builders International or certain persons and entities associated with it violated the anti-fraud provisions of the federal securities laws. According to information received by the Commission, Susan Barringer is the former office manager of Wealth Builders International and Van Barringer is a former promoter; accordingly, their testimony may provide evidence as to whether they or others violated the federal securities laws.
Pursuant to its Application, the Commission is seeking an Order directing the Barringers to show cause why the Court should not enter an Order requiring them to appear for testimony and produce the required documents.