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Securities Regulation, Keyed to Choi
RNR Enterprises, Inc. v. Securities and Exchange Commission
Citation:
122 F.3d 93 (1997)Facts
In July 1994, the SEC issued a Formal Order authorizing an investigation into possible violations of federal securities laws in connection with offerings and sales of securities in telecommunications ventures, including specialized mobile radio operations. The Order authorized designated SEC officers to subpoena witnesses and compel their attendance. In January 1996, the SEC issued a subpoena to Richard K. Wells, Chairman and CEO of RNR Enterprises, Inc., a company engaged in acquiring and developing specialized mobile radio properties. The subpoena directed Wells to appear and testify regarding RNR’s 1995 offering of $5 million in unregistered securities to the public. Wells initially appeared and answered some questions but then stopped on advice of counsel and later refused to appear. The SEC moved to enforce the subpoena in district court, and Wells opposed enforcement, arguing violations of due process and the APA because the Formal Order did not specifically name him or RNR, predated RNR’s establishment, and improperly encompassed an entire industry.
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