Judge Denies Investors' Subpoena Of FINRA Atty

By Richard Vanderford (April 7, 2011, 10:52 PM EDT) -- Investors with claims connected to Securities America Inc.'s alleged securities fraud will not be able to subpoena a Financial Industry Regulatory Authority enforcement lawyer in their bid to enrich a class action settlement, a Texas federal judge ruled Thursday.

Judge W. Royal Furgeson Jr. of the U.S. District Court for the Northern District of Texas quashed the investors' subpoena ordering FINRA Senior Regional Counsel Marshall Gandy to testify about another defendant in the case, Capital Financial.

The investors claim Capital defrauded them with dodgy private placement offerings, and say that the deal it made with class plaintiffs was not rich enough....

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