SECURITIES AND EXCHANGE COMMISSION
LITIGATION RELEASE No. 16646 / August 8, 2000
SECURITIES AND EXCHANGE COMMISSION v. WILLIAM A. DIBELLA (United States District Court for the District of Massachusetts, MBD No. 00-10235)
The Securities and Exchange Commission ("Commission") announced that the U.S. District Court for the District of Massachusetts granted the Commission's application for enforcement of an investigative subpoena against former Connecticut state senator William A. DiBella. The Court ordered DiBella to appear for testimony at the Commission's Boston District Office by August 11, 2000. According to the Commission's papers, DiBella's testimony was sought in connection with an investigation of payments DiBella received for his work as an alleged consultant or finder on a deal in which former Connecticut Treasurer Paul J. Silvester invested state pension funds with a private equity firm.
According to the Commission's court filing, Commission staff issued an investigative subpoena to DiBella for his appearance and testimony at the Boston District Office. The Commission has the legal authority to have its subpoenaed witnesses either testify substantively or state a proper basis for their refusal. In his appearance, however, DiBella refused either to answer the questions posed by Commission staff or to assert his Fifth Amendment privilege against self-incrimination. Instead, DiBella's attorney attempted to assert DiBella's privilege against self-incrimination, ostensibly on DiBella's behalf. As a result of DiBella's refusal to comply with the subpoena, the Commission filed its application for subpoena enforcement on July 3, 2000. After reviewing the parties' filings, the court granted the Commission's application to enforce its subpoena against DiBella and ordered him to appear at the Commission's Boston District Office and comply with the Commission's investigative subpoena.