According to a Dow Jones report, the SEC has welcomed a court order issued last Friday which seeks to compel a Bermuda-based brokerage and investment banking firm to respond to subpoenas issued by the securities regulator.
The Securities and Exchange Commission revealed on Tuesday that Magistrate Judge Alan Kay, ruling in the US District Court for the District of Columbia, stated that managing director of Lines Overseas Management, Scott Lines had failed to prove that the confidentiality laws in place in Bermuda meant that the firm could not comply with the SEC's demands.
According to Dow Jones, the Commission is seeking information relating to "extensive trading" via accounts held with Lines Overseas Management in three technology firms that are currently under investigation.
Judge Kay reportedly ordered the company to supply the SEC with the documents requested by February 14, and called on Mr Lines to give testimony in Washington on the matter, within 20 days of submitting the documents.
A comprehensive report in our Intelligence Report series examining offshore confidentiality is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report1.asp
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