SEC v. James J. Farley; and Shelley J. Farley, No. LR-18708, Northern District of Georgia (May 12, 2004) — Press Release
raw: James J. Farley and Shelley J. Farley
James J. Farley and Shelley J. Farley, No. LR-18708 (May 12, 2004)
The SEC filed a subpoena enforcement action against James J. Farley and Shelley J. Farley for failing to comply with subpoenas in its investigation into CryoLife, Inc.'s potential securities fraud.
The SEC issued subpoenas to James J. Farley and Shelley J. Farley on August 11, 2003, requiring document production by August 22, 2003, and testimony on September 8, 2003. The Farleys partially complied by producing some documents but failed to produce all requested materials and did not appear for testimony. The SEC sought a court order to compel their compliance with the subpoenas.
The U.S. Securities and Exchange Commission (SEC) filed a subpoena enforcement action against James J. Farley and Shelley J. Farley in the Northern District of Georgia on May 7, 2004. The action was part of the SEC's investigation into CryoLife, Inc. (CRY) for potential violations of federal securities laws, specifically anti-fraud provisions. The Farleys were issued subpoenas on August 11, 2003, requiring them to produce documents by August 22, 2003, and testify on September 8, 2003. Although they produced some documents and agreed to reschedule their testimony, they failed to produce all requested documents and did not appear for testimony. The SEC's Formal Order, issued on June 3, 2003, authorized the investigation into CRY and associated parties. The SEC sought a court order compelling the Farleys to comply with the subpoenas, alleging they obstructed the formal investigation. No fraud charges were filed against the Farleys; the matter was focused on their procedural noncompliance.
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- Securities and Exchange Commission filed a subpoena enforcement action against James J. Farley and Shelley J. Farley in the U.S. District Court for the Northern District of Georgia
U.S. Securities and Exchange Commission Litigation Release No. 18708 / May 12, 2004 Securities and Exchange Commission v. James J. Farley and Shelley J. Farley, United States District Court for the Northern District of Georgia, Civil Action No. 1:04-MI-0118 The Securities and Exchange Commission announced today that on May 7, 2004, it filed a subpoena enforcement action in the U. S. District Court for the Northern District of Georgia against James J. Farley and Shelley J. Farley. Pursuant to subpoenas issued on August 11, 2003, the Farleys were obligated to produce documents by August 22, 2003, and to appear for testimony before the Commission on September 8, 2003. After communications with the Commission through counsel establishing a new testimony date, the Farleys did produce certain documents but failed to produce other documents called for by the subpoenas, and did not ultimately appear for testimony. Accordingly, the Commission filed its Application For An Order To Show Cause And For An Order Requiring Obedience To Subpoenas, along with a supporting Memorandum and Declaration. In its Application and supporting filings, the Commission alleges that on June 3, 2003, the Commission issued its Order Directing Private Investigation and Designating Officers to Take Testimony (Formal Order) in the CryoLife, Inc. (CRY) investigation. The Formal Order authorizes the staff to conduct an investigation into whether, among other things, CRY or certain persons and entities associated with it violated the anti-fraud provisions of the federal securities laws. Pursuant to its Application, the Commission is seeking an order directing the Farleys to show cause why the Court should not enter an order requiring them to appear for testimony and produce the required documents.
U.S. Securities and Exchange Commission Litigation Release No. 18708 / May 12, 2004 Securities and Exchange Commission v. James J. Farley and Shelley J. Farley, United States District Court for the Northern District of Georgia, Civil Action No. 1:04-MI-0118 The Securities and Exchange Commission announced today that on May 7, 2004, it filed a subpoena enforcement action in the U. S. District Court for the Northern District of Georgia against James J. Farley and Shelley J. Farley. Pursuant to subpoenas issued on August 11, 2003, the Farleys were obligated to produce documents by August 22, 2003, and to appear for testimony before the Commission on September 8, 2003. After communications with the Commission through counsel establishing a new testimony date, the Farleys did produce certain documents but failed to produce other documents called for by the subpoenas, and did not ultimately appear for testimony. Accordingly, the Commission filed its Application For An Order To Show Cause And For An Order Requiring Obedience To Subpoenas, along with a supporting Memorandum and Declaration. In its Application and supporting filings, the Commission alleges that on June 3, 2003, the Commission issued its Order Directing Private Investigation and Designating Officers to Take Testimony (Formal Order) in the CryoLife, Inc. (CRY) investigation. The Formal Order authorizes the staff to conduct an investigation into whether, among other things, CRY or certain persons and entities associated with it violated the anti-fraud provisions of the federal securities laws. Pursuant to its Application, the Commission is seeking an order directing the Farleys to show cause why the Court should not enter an order requiring them to appear for testimony and produce the required documents.