Benefits Broker Wants SEC Sanctioned Over Witness Subpoena

Law360, New York (July 3, 2012, 3:49 PM EDT) -- Life insurance settlement broker Life Partners Holdings Inc. asked a Texas federal court Monday to sanction the U.S. Securities and Exchange Commission in its accounting fraud suit against Life Partners for allegedly improperly issuing a subpoena to obtain testimony from a witness.

The SEC violated the Federal Rules of Civil Procedure and Life Partners' due process rights by issuing a subpoena and obtaining testimony from nonparty witness Peter T. Cangany Jr., a partner with Life Partners' former auditor Ernst & Young LLP, without giving notice to...
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