SEC v. O.J. Chidolue, No. LR-20139, District of Columbia (June 1, 2007) — Press Release
raw: O.J. Chidolue
O.J. Chidolue, No. LR-20139 (D.D.C. June 1, 2007)
The SEC filed a subpoena enforcement action against Houston attorney O.J. Chidolue for refusing to produce documents or testify in its investigation into potential anti-bribery, books and records, and internal controls violations by ERHC Energy and its affiliates, including Chrome Energy, but no fraud charges have been filed yet.
The SEC sought a court order to enforce an investigative subpoena issued to O.J. Chidolue, a Houston-based attorney, who failed to comply despite multiple extensions. Chidolue, who served as counsel to Chrome Energy, LLC (the majority shareholder of ERHC Energy Inc.) and as Secretary and director of Chrome Management Services Inc., was required to produce documents and testify regarding possible violations of anti-bribery, books and records, and internal controls provisions under federal securities laws. No formal charges or monetary penalties have been alleged; the action is solely to compel compliance with the subpoena, and no hearing has been scheduled.
The Securities and Exchange Commission filed an application on June 1, 2007, seeking a court order to enforce an investigative subpoena issued to O.J. Chidolue, a Houston-based attorney, for his failure to produce documents or appear for testimony. The subpoena, served on November 15, 2006, related to an investigation into potential violations of anti-bribery, books and records, and internal controls provisions by ERHC Energy Inc. and its affiliates, including Chrome Energy, LLC, which holds a majority stake in ERHC. Chidolue served as legal counsel to Chrome Energy and also held the positions of Secretary and director at Chrome Management Services Inc., a Texas affiliate. Despite multiple extensions granted by the SEC, Chidolue did not comply with any part of the subpoena, prompting the enforcement action. The SEC alleges that his non-cooperation is obstructing its investigation into possible securities law violations tied to ERHC’s business activities. No formal charges, fraud allegations, or monetary penalties have been brought against Chidolue at this stage—the action is strictly to compel compliance. A hearing on the application has not yet been scheduled, leaving the matter pending judicial review.
Extracted insights
- agency Securities and Exchange Commission
- organization Securities and Exchange Commission
- Securities and Exchange Commission filed an application to enforce an investigative subpoena served on O.J. Chidolue of Houston, Texas
- Commission issued a formal order of private investigation on February 2, 2006
Litigation Release No. 20139 \ June 1, 2007 Securities and Exchange Commission v. O.J. Chidolue, Civil Action No. 1: 07-MC-00247 (D.D.C.) (filed June 1, 2007). Commission Files Subpoena Enforcement Action Against O.J. Chidolue The Securities and Exchange Commission filed an application on June 1, 2007, in the United States District Court for the District of Columbia for an order to enforce an investigative subpoena served on O.J. Chidolue of Houston, Texas. The Commission's application and supporting papers allege that, on February 2, 2006, the Commission issued a formal order of private investigation authorizing its staff to investigate whether ERHC Energy Inc., a Colorado-incorporated, publicly-traded company operating out of Houston, Texas ("ERHC"), and others may have violated certain of the anti-bribery, books and records, and internal controls provisions of the federal securities laws. On November 15, 2006, the Commission served an investigative subpoena on Chidolue, requiring him to produce documents relevant to the investigation and to appear before the Commission staff for testimony. The Commission alleges that, despite a number of extensions of time granted to Chidolue, as of the date of the application, he has failed to produce the subpoenaed documents and has failed to appear for testimony. Accordingly, the Commission seeks a court order to compel him to produce the subpoenaed documents and to appear for testimony. The Commission alleges that Chidolue, an attorney licensed and practicing in Houston, Texas, is counsel for Chrome Energy, LLC ("Chrome Energy"), a Delaware limited liability company also based in Houston, Texas. Chrome Oil Services Ltd., a subsidiary of Chrome Energy, is the majority shareholder of ERHC. The Commission further alleges that, in addition to Chidolue's legal representation of Chrome Energy, he also served, during at least a portion of the time period of 2005-2007, as the Secretary and a director of Chrome Management Services Inc. ("Chrome Management"). Chrome Management is a Texas corporation affiliated with Chrome Energy. The Commission's subpoena required Chidolue to produce, among other things, certain documents concerning the business activities of ERHC, Chrome Energy, and its affiliates. A hearing on the Commission's application has not yet been scheduled.Litigation Release No. 20139 \ June 1, 2007 Securities and Exchange Commission v. O.J. Chidolue, Civil Action No. 1: 07-MC-00247 (D.D.C.) (filed June 1, 2007). Commission Files Subpoena Enforcement Action Against O.J. Chidolue The Securities and Exchange Commission filed an application on June 1, 2007, in the United States District Court for the District of Columbia for an order to enforce an investigative subpoena served on O.J. Chidolue of Houston, Texas. The Commission's application and supporting papers allege that, on February 2, 2006, the Commission issued a formal order of private investigation authorizing its staff to investigate whether ERHC Energy Inc., a Colorado-incorporated, publicly-traded company operating out of Houston, Texas ("ERHC"), and others may have violated certain of the anti-bribery, books and records, and internal controls provisions of the federal securities laws. On November 15, 2006, the Commission served an investigative subpoena on Chidolue, requiring him to produce documents relevant to the investigation and to appear before the Commission staff for testimony. The Commission alleges that, despite a number of extensions of time granted to Chidolue, as of the date of the application, he has failed to produce the subpoenaed documents and has failed to appear for testimony. Accordingly, the Commission seeks a court order to compel him to produce the subpoenaed documents and to appear for testimony. The Commission alleges that Chidolue, an attorney licensed and practicing in Houston, Texas, is counsel for Chrome Energy, LLC ("Chrome Energy"), a Delaware limited liability company also based in Houston, Texas. Chrome Oil Services Ltd., a subsidiary of Chrome Energy, is the majority shareholder of ERHC. The Commission further alleges that, in addition to Chidolue's legal representation of Chrome Energy, he also served, during at least a portion of the time period of 2005-2007, as the Secretary and a director of Chrome Management Services Inc. ("Chrome Management"). Chrome Management is a Texas corporation affiliated with Chrome Energy. The Commission's subpoena required Chidolue to produce, among other things, certain documents concerning the business activities of ERHC, Chrome Energy, and its affiliates. A hearing on the Commission's application has not yet been scheduled.