SEC Sanctioned For Doc Bid Against $147M Fraudster's Wife

Law360, New York (November 18, 2016, 2:38 PM EST) -- A Nevada federal judge on Thursday sanctioned the U.S. Securities and Exchange Commission for issuing a "blatantly overbroad" subpoena to the wife of a possibly deceased real estate investment fraudster who was ordered to pay $148 million earlier this year.

A California federal judge in February ordered Louis V. Schooler to pay $147 million in disgorgement and a $1 million civil penalty over a real estate investment scam. Days after reports of Schooler's death in July, the SEC issued a subpoena to his wife, Linda Schooler, for a trove of documents, and U.S. Magistrate Judge William G. Cobb on Thursday ordered...

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