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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
LAY SUBPOENA ENRON SECURITIES EXCHANGE COMMISSION COURT KENNETH SUBPOENA ENFORCEMENT ACTION CHAIRMAN AMENDMENT COURT ORDER CHIEF EXECUTIVE OFFICER REFUSES DISTRICT PRODUCING RIGHTS REQUIRING ALLEGES FRAUDULENT ACTIVITIES WITHHELD SCOPE INVESTIGATIVE AUTHORITY ACCORDING CORPORATE RECORDS WITHHOLD PERSONAL RIGHTS REVIEW RELIEF COMPLIANCE |
U. S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 18372 / September 29, 2003
Securities and Exchange Commission v. Kenneth L. Lay,
Civil Action No. 1 03 MS 01962 (RCL) (D.D.C., September 29, 2003)
SECURITIES AND EXCHANGE COMMISSION FILES
SUBPOENA ENFORCEMENT ACTION AGAINST KENNETH L. LAY
Former Enron Chairman and Chief Executive Officer
Refuses to Produce Documents on Fifth Amendment Grounds
The Securities and Exchange Commission today announced the filing of a
subpoena enforcement action in the U.S. District Court for the
District of Columbia against Kenneth L. Lay, the former Chairman and
Chief Executive Officer of Enron Corp. Lay has refused to produce
documents lawfully subpoenaed by the Commission on the grounds that
his act of producing certain documents responsive to the subpoena
would violate his Fifth Amendment rights. The Commission seeks a court
order requiring Lay to comply with the subpoena and requiring him to
produce the requested documents.
The Commission alleges that Lay was Chairman and CEO of Enron during a
period when certain fraudulent activities were carried out by Enron
and its employees. The Commission's investigation includes whether Lay
had knowledge of, or was involved in, fraudulent activities at Enron.
The Commission further alleges that documents in Lay's possession that
are related to Enron, and generated during his tenure at Enron, are
relevant to matters under investigation and within the scope of the
Commission's investigative authority. According to the Commission, the
documents being withheld by Lay appear to be corporate records, which
Lay may not withhold from production based on any personal rights he
may have under the Fifth Amendment.
The Commission has requested that the Court order Lay to show cause
why he should not comply with the subpoena, and, if appropriate, order
Lay to produce the withheld documents for review by the Court. The
Commission also seeks such other and further relief as may be
necessary and appropriate to achieve compliance with the subpoena.
_________________________________________________________________
Modified 09/29/2003
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