U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18897 / September 24, 2004
COMMISSION FILES SUBPOENA ENFORCEMENT ACTION AGAINST DAVID M. GREY
Securities and Exchange Commission v. David M. Grey (Case No. SACV 04-1116 CBM (VBKx)(C.D. Cal.)
On September 23, 2004, the Securities and Exchange Commission filed an application with the United States District Court for the Central District of California, Southern Division, for an order to enforce an investigative subpoena served on David M. Grey, 47, an attorney with offices in Irvine, California.
The Commission's application and supporting papers allege that on April 22, 2003, the Commission issued a formal order of private investigation entitled In the Matter of Rockbridge Securities, Inc. On February 19, 2004, the Commission issued an administrative subpoena to Grey in the course of that investigation into possible violations of the federal securities laws. Grey and others may have raised approximately $11.45 million in securities offerings from investors when no registration statement has been filed with the Commission or was in effect as to such securities. The subpoena required Grey to produce documents relevant to the investigation. The Commission further alleges that, as of the date of the Commission's application, Grey failed to produce any of the subpoenaed documents, has no valid justification for his failure to comply, and a court order is necessary to compel Grey to provide the subpoenaed documents.
A hearing on the Commission's application has not yet been scheduled.