SEC Can't Shake Sanctions Over Subpoena In Life Partners Suit

Law360, New York (September 28, 2012, 8:34 PM EDT) -- A Texas federal judge refused Thursday to reconsider sanctions he imposed on the U.S. Securities and Exchange Commission after it allegedly misused its authority to subpoena a witness while investigating securities issued by Life Partners Holdings Inc.

U.S. District Judge James R. Nowlin rejected the SEC's attempt to evade a $5,000 fine on grounds that the agency's latest bid relied on the same arguments it used in the first bid to get the sanctions lifted.

"Although plaintiff possesses broad investigatory powers, such powers do not abdicate...
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