SEC Sued For Harassment, Slander During Probe

Law360, Los Angeles (October 21, 2013, 6:14 PM EDT) -- Boutique investment banking firm Arjent LLC and its CEO hit the U.S. Securities and Exchange Commission with a lawsuit in New York federal court on Thursday, accusing the agency of purposely concealing the existence of an investigation of the company and of depriving plaintiffs of their right to counsel.

The lawsuit raises allegations that the SEC concealed the Formal Order of Investigation while interviewing Arjent CEO Robert P. DePalo and repeatedly harassed investors. The SEC also “slanderously insinuated” to investors that DePalo illegally withdrew investor funds...
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