SEC v. Hulburt Van R. Barringer; and Susan Diane Barringer, No. LR-18589, Northern District of Georgia (Feb. 12, 2004) — Press Release
raw: Hulburt Van R. Barringer and Susan Diane Barringer
Hulburt Van R. Barringer and Susan Diane Barringer, No. LR-18589 (Feb. 12, 2004)
The SEC filed a subpoena enforcement action against Hulburt Van R. Barringer and Susan Diane Barringer for failing to appear for testimony or produce documents in connection with its investigation into potential securities fraud by Wealth Builders International, where Susan was the former office manager and Van was a former promoter, but no fraud charges had yet been filed.
On February 12, 2004, the SEC filed a subpoena enforcement action in U.S. District Court for the Northern District of Georgia against Hulburt Van R. Barringer and Susan Diane Barringer for failing to comply with a December 10–11, 2003 subpoena. The subpoena stemmed from a Formal Order issued on August 5, 2003, authorizing an investigation into whether Wealth Builders International and associated individuals violated federal securities anti-fraud laws; Susan Barringer was the company’s former office manager, and Van Barringer was a former promoter. Despite notifying the SEC through counsel of their intent not to comply, they failed to appear or produce documents, prompting the SEC to seek a court order compelling obedience, though no fraud charges had been filed against them at that time.
On August 5, 2003, the SEC issued a Formal Order authorizing an investigation into whether Wealth Builders International and associated individuals violated the anti-fraud provisions of federal securities laws. Susan Diane Barringer, the company’s former office manager, and Hulburt Van R. Barringer, a former promoter, were identified as key individuals whose testimony and documents could provide critical evidence. On October 24, 2003, the SEC issued a subpoena requiring them to produce documents and appear for testimony on December 10–11, 2003. Despite informing the Commission through counsel of their intention not to comply, the Barringers failed to appear or produce any requested materials. As a result, on February 12, 2004, the SEC filed an Application for an Order to Show Cause and for an Order Requiring Obedience to Subpoena in U.S. District Court for the Northern District of Georgia. The enforcement action sought only to compel compliance with the subpoena, not to impose penalties or file fraud charges at that stage. The SEC’s goal was to secure testimony and documents necessary to determine whether securities fraud had occurred, not to prosecute the Barringers directly at this point.
Extracted insights
- agency the securities and exchange commission
- The Securities and Exchange Commission filed a subpoena enforcement action in U.S. District Court for the Northern District of Georgia against Hulburt Van R. Barringer and Susan Diane Barringer
- The Securities and Exchange Commission announced that it filed a subpoena enforcement action
- The Barringers were obligated to produce documents and to appear for testimony before the Commission
- The Barringers informed the Commission of their intentions through counsel
- The Barringers failed to appear before the Commission
The Securities and Exchange Commission today announced that on February 12, 2004, it filed a subpoena enforcement action in U.S. District Court for the Northern District of Georgia against Hulburt Van R. Barringer and Susan Diane Barringer. Pursuant to a subpoena issued on October 24, 2003, the Barringers were obligated to produce documents and to appear for testimony before the Commission on December 10th and 11th, 2003. After informing the Commission of their intentions through counsel, the Barringers failed to appear and failed to produce the required documents. Accordingly, the Commission filed its Application For An Order To Show Cause And For An Order Requiring Obedience To Subpoena, along with a supporting Memorandum and Declaration. In its Application and supporting filings, the Commission alleges that on August 5, 2003, the Commission issued its Order Directing Private Investigation and Designating Officers to Take Testimony ("Formal Order") in the Wealth Builders International investigation. The Formal Order authorizes the staff to conduct an investigation into whether, among other things, Wealth Builders International or certain persons and entities associated with it violated the anti-fraud provisions of the federal securities laws. According to information received by the Commission, Susan Barringer is the former office manager of Wealth Builders International and Van Barringer is a former promoter; accordingly, their testimony may provide evidence as to whether they or others violated the federal securities laws. Pursuant to its Application, the Commission is seeking an Order directing the Barringers to show cause why the Court should not enter an Order requiring them to appear for testimony and produce the required documents.The Securities and Exchange Commission today announced that on February 12, 2004, it filed a subpoena enforcement action in U.S. District Court for the Northern District of Georgia against Hulburt Van R. Barringer and Susan Diane Barringer. Pursuant to a subpoena issued on October 24, 2003, the Barringers were obligated to produce documents and to appear for testimony before the Commission on December 10th and 11th, 2003. After informing the Commission of their intentions through counsel, the Barringers failed to appear and failed to produce the required documents. Accordingly, the Commission filed its Application For An Order To Show Cause And For An Order Requiring Obedience To Subpoena, along with a supporting Memorandum and Declaration. In its Application and supporting filings, the Commission alleges that on August 5, 2003, the Commission issued its Order Directing Private Investigation and Designating Officers to Take Testimony ("Formal Order") in the Wealth Builders International investigation. The Formal Order authorizes the staff to conduct an investigation into whether, among other things, Wealth Builders International or certain persons and entities associated with it violated the anti-fraud provisions of the federal securities laws. According to information received by the Commission, Susan Barringer is the former office manager of Wealth Builders International and Van Barringer is a former promoter; accordingly, their testimony may provide evidence as to whether they or others violated the federal securities laws. Pursuant to its Application, the Commission is seeking an Order directing the Barringers to show cause why the Court should not enter an Order requiring them to appear for testimony and produce the required documents.