SEC v. Eric M. Cobb, No. LR-25998, Southern District of New York (May 8, 2024) — Press Release
raw: Eric M. Cobb
Eric M. Cobb, No. LR-25998 (S.D.N.Y. May 8, 2024)
The SEC obtained a court order to enforce investigative subpoenas against former registered representative Eric M. Cobb regarding potential misrepresentations of trade allocation practices.
The SEC is investigating whether Eric M. Cobb and others violated federal securities laws by misrepresenting material facts about trade allocations and practices. Although no specific dollar amounts were disclosed in the filing, the SEC sought to compel the production of documents and testimony. The Southern District of New York granted the application, ordering Cobb to comply or face potential civil contempt.
The U.S. Securities and Exchange Commission (SEC) successfully obtained a court order in the Southern District of New York to enforce investigative subpoenas against former registered representative Eric M. Cobb. The SEC is investigating allegations that Cobb and others misrepresented material facts concerning trade allocations and practices in connection with the offer or sale of securities. Despite multiple attempts to secure compliance, Cobb failed to produce requested documents or appear for testimony, prompting the enforcement action. The court has now ordered Cobb to produce non-privileged responsive documents and appear for testimony. Failure to comply with this order may result in Cobb being held in civil contempt. As of the filing, the SEC's fact-finding investigation is ongoing and has not concluded that any violations of federal securities laws occurred.
Extracted insights
- agency Securities and Exchange Commission
- court u.s. district court for the southern district of new york
- SEC Obtains Court Order to Enforce Investigative Subpoena Against Former Registered Representative
- U.S. District Court for the Southern District of New York granted SEC’s application to enforce a subpoena for production of documents and testimony
- SEC is investigating whether Cobb and others violated federal securities laws by misrepresenting material facts about trade allocations
- Cobb failed to produce documents or appear for testimony
- Court ordered Cobb to produce non-privileged responsive documents and to appear for testimony
- Court may hold Cobb in civil contempt if he does not produce documents or appear for testimony
- Ellenbogen and Primoff litigated the subpoena enforcement action
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25998 / May 8, 2024 Securities and Exchange Commission v. Cobb, Civil Action No. 24-mc-173 (S.D.N.Y. filed Apr. 8, 2024) SEC Obtains Court Order to Enforce Investigative Subpoena Against Former Registered Representative On May 7, 2024, the U.S. District Court for the Southern District of New York granted the Securities and Exchange Commission’s application to enforce a subpoena for the production of documents and testimony issued to Eric M. Cobb (“Cobb”). If a person or entity refuses to comply with a subpoena issued by SEC enforcement staff pursuant to a formal order of investigation, the Commission may file a subpoena enforcement action in federal district court seeking an order compelling compliance. According to the SEC’s filing, the SEC is investigating whether Cobb and others violated the federal securities laws by, among other things, misrepresenting material facts about trade allocations and trade allocation practices in connection with the offer or sale of securities. As stated in the filing, the SEC staff served Cobb multiple times with investigative subpoenas requiring the production of certain documents and compelling his testimony. According to the filing, despite numerous attempts to secure Cobb’s compliance with the subpoena, Cobb failed to produce documents or appear for testimony. The SEC’s application sought a court order directing Cobb to comply fully with the subpoena. On May 7, 2024, the Court granted the SEC’s application and ordered Cobb to produce non-privileged responsive documents and to appear for testimony. The Court’s order also stated that in the event Cobb does not produce documents or appear for testimony, the Court may hold him in civil contempt. The SEC is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws. The SEC’s investigation is being conducted by Bennett Ellenbogen, Lindsay S. Moilanen, and Richard G. Primoff of the SEC’s New York Regional Office under the supervision of Sheldon L. Pollock and Alex Vasilescu. Mr. Ellenbogen and Mr. Primoff litigated the subpoena enforcement action.
U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 25998 / May 8, 2024 Securities and Exchange Commission v. Cobb, Civil Action No. 24-mc-173 (S.D.N.Y. filed Apr. 8, 2024) SEC Obtains Court Order to Enforce Investigative Subpoena Against Former Registered Representative On May 7, 2024, the U.S. District Court for the Southern District of New York granted the Securities and Exchange Commission’s application to enforce a subpoena for the production of documents and testimony issued to Eric M. Cobb (“Cobb”). If a person or entity refuses to comply with a subpoena issued by SEC enforcement staff pursuant to a formal order of investigation, the Commission may file a subpoena enforcement action in federal district court seeking an order compelling compliance. According to the SEC’s filing, the SEC is investigating whether Cobb and others violated the federal securities laws by, among other things, misrepresenting material facts about trade allocations and trade allocation practices in connection with the offer or sale of securities. As stated in the filing, the SEC staff served Cobb multiple times with investigative subpoenas requiring the production of certain documents and compelling his testimony. According to the filing, despite numerous attempts to secure Cobb’s compliance with the subpoena, Cobb failed to produce documents or appear for testimony. The SEC’s application sought a court order directing Cobb to comply fully with the subpoena. On May 7, 2024, the Court granted the SEC’s application and ordered Cobb to produce non-privileged responsive documents and to appear for testimony. The Court’s order also stated that in the event Cobb does not produce documents or appear for testimony, the Court may hold him in civil contempt. The SEC is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws. The SEC’s investigation is being conducted by Bennett Ellenbogen, Lindsay S. Moilanen, and Richard G. Primoff of the SEC’s New York Regional Office under the supervision of Sheldon L. Pollock and Alex Vasilescu. Mr. Ellenbogen and Mr. Primoff litigated the subpoena enforcement action.