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eBook details

• Title: In Re Securities and Exchange Commission
• Author : Second Circuit Circuit Court Of Appeals
• Release Date : January 01, 1936
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 61 KB

Description

The appellee, acting under the authority of section 21 (a) and (b) of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78u (a, b), on November 16, 1935, had ordered that an investigation be made to determine whether Pirnie Simons & Company, Inc., had violated, or were about to violate, section 9 (a) (1-5) of the act, 15 U.S.C.A. § 78i (a) (1-5), in transactions in the stock of Dictograph Products Company, Inc. The order appointed an officer of the Commission to administer oaths and subpoena witnesses. Each of the appellants, alleged to be employees of Pirnie Simons & Co., were duly subpoenaed to appear and testify before the officer. All appeared, pursuant to the subpoena, represented by an attorney who was also the attorney for Pirnie Simons & Co., Inc. When they appeared, they stated that they were ready and willing to testify before the Commission upon matters pertaining to its investigation provided the Commission would furnish each of them with a copy of the transcript of his testimony. The Commission refused to agree to furnish such transcript and claiming that the Commission was "unjust, unreasonable and improper," the appellants "refused to testify unless such condition is removed." The Commission thereupon petitioned the court below, pursuant to section 21 (c) of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78u (c), for an order requiring them to testify. In the answer filed, respondents stated: They "have at all times been ready and willing to testify before the Securities & Exchange Commission upon matters pertaining to its investigation but the Securities & Exchange Commission has placed a condition upon such testimony, to wit, that no copy of the transcript thereof shall be furnished to said witnesses or any of them. That the said condition so placed upon the testimony of respondents is unreasonable, unjust, illegal and improper and for that reason the respondents have refused to testify unless such condition is removed."

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