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Litigation Release No. 23426 / December 14, 2015

Securities and Exchange Commission v. FX & Beyond Corporation and Steve H. Karroum, Civil Action No. 1:15-mc-00590 (D.D.C.)

SEC Obtains Court Order in Subpoena Enforcement Action Requiring Respondent to Consent to the Release of E-Mails from His Internet Service Provider

The Securities and Exchange Commission today announced that, on December 9, 2015, it obtained a court order in its subpoena enforcement action against respondent Steve H. Karroum that requires Mr. Karroum to sign a written consent for the release of his e-mails from his internet service provider.

On May 11, 2015, the SEC filed a subpoena enforcement action against Virginia-based FX & Beyond Corporation and its president, Mr. Karroum.  After a hearing on the matter, on August 5, 2015 the Hon. Magistrate Judge Deborah A. Robinson issued an order requiring Mr. Karroum to, among other things, sign a consent for the release of his e-mails from his internet service provider to the SEC.  On August 10, 2015, Karroum filed objections to the Magistrate Judge’s order.  On December 9, 2015, the Hon. James E. Boasberg overruled each of Karroum’s objections.

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

 The SEC’s litigation was led by Melissa Armstrong and Stephen Kaiser with assistance from Supervisory Trial Counsel Fred L. Block.

For further information, please see Litigation Release No. 23258 (May 12, 2015).



Modified: 12/14/2015