SEC Files Subpoena Against President of FX & Beyond Corporation
On December 9, 2015 the Securities and Exchange Commission (SEC) obtained a court order in its subpoena enforcement action against respondent Steve Karroum that requires Mr. Karroum to sign a written consent for the release of his e-mails from his internet service provider. On May 11, 2015 the SEC filed a subpoena enforcement action against Virginia-based FX & Beyond Corporation and its president, Mr. Karroum. After a hearing on the matter, on August 5, 2015 the Hon. Magistrate Judge Deborah Robinson issued an order requiring Mr. Karroum to, among other things, sign a consent for the release of his e-mails from his internet service provider to the SEC. On August 10, 2015 Karroum filed objections to the Magistrate Judge’s order. On December 9, 2015, the Hon. James Boasberg overruled each of Karroum’s objections.
The SEC is continuing its investigation and has not concluded that anyone has violated the securities laws.
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