SEC Obtains Court Order Directing Witness to Produce Documents and Testify
Litigation Release No. 24040/February 2, 2018
Securities and Exchange Commission v. Tom Simeo, Misc. Action No. 1:17-MC-03194 (TNM) (D.D.C. filed Dec. 5, 2017)
The U.S. District Court for the District of Columbia entered an order on January 31, 2018, directing Tom Simeo, the former Executive Chairman of a public company, to comply with subpoenas issued in an ongoing investigation by the SEC's Division of Enforcement.
The SEC filed the subpoena enforcement action against Simeo on December 5, 2017. The SEC staff had issued a subpoena to Simeo on March 10, 2017, requiring the production of, among other things, communications relating to former members of the company's board of directors. Simeo produced no communications in response to the subpoena. The SEC staff issued a second subpoena to Simeo on August 3, 2017, compelling his testimony. Simeo initially agreed to appear for testimony, but subsequently declined to testify and failed to appear on the appointed date.
The district court's order requires Simeo to fully comply with the subpoenas by producing responsive documents and appearing for testimony. The SEC staff is continuing its investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws.
The SEC's investigation is being conducted by Laura D'Allaird and Jeffrey Anderson, and supervised by Peter Rosario, Yuri B. Zelinsky, and Antonia Chion. John Worland led the subpoena enforcement litigation.
See also: Litigation Release No. 24002 (Dec. 5, 2017)