Fed. Sec. L. Rep. P 99,524 Rnr Enterprises, Inc. And Robert J. Carlo, Richard K. Wells v. Securities and Exchange Commission, Applicant-Appellee

JACOBS, Circuit Judge: 1

Respondent-appellant Richard K. Wells challenges the enforceability of an administrative subpoena served on him and a company he controls pursuant to a Formal Order of the SEC that opened an investigation into a particular industry, but did not name either Wells or his company.

In July 1996, the SEC moved in the Southern District of New York for an order enforcing previously issued subpoenas against Wells; Robert J. Carlo; and RNR Enterprises, Inc. (“RNR”). A subpoena ad testificandum dated January 30,1996 directed that Wells appear to give testimony in the Matter of…