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U.S. Securities and Exchange Commission


Litigation Release No. 23186 / February 3, 2015

Securities and Exchange Commission v. Phillip Cory Roberts, Civil Action No. 14-mc-80304-VC

The Securities and Exchange Commission announced today that on January 7, 2015, the United States District Court for the Northern District of California entered an order requiring Phillip Cory Roberts ("Roberts") to testify pursuant to an investigative subpoena.

On November 10, 2014, the Commission filed an application to enforce its investigative subpoena. According to its application, on September 23, 2014, the Commission issued a Formal Order Directing Private Investigation entitled In the Matter of BayPeak LLC. Roberts failed to comply with a validly issued and served subpoena for his testimony relating to this investigation. In enforcing the subpoena, the court required Roberts to appear for testimony at the Commission's San Francisco Regional Office within fourteen days of the date of its order.

BayPeak LLC is a California company wholly-owned and operated by Roberts. As disclosed in the application, the Commission is investigating, among other things, whether Roberts, BayPeak LLC, and possibly others violated the federal securities laws in connection with a series of reverse mergers and financing transactions involving shell companies and operating companies with operations primarily in China.

The Commission is continuing to conduct its fact-finding inquiry and has not concluded that anyone has violated the securities laws.

The ruling represents the second time in recent months that the SEC has obtained favorable decisions in subpoena enforcement actions. A similar order was obtained in SEC v. Stilwell, 2014 WL 4631915 (S.D.N.Y. 2014).

See also: SEC Application for an Order Compelling Compliance with Administrative Subpoena and Order Compelling Compliance with Administrative Subpoena



Modified: 02/03/2015