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    Securities Regulation Daily Wrap Up, ENFORCEMENT—S.D.N.Y.: Bidtoask.com founder arrested for ignoring SEC subpoenas, (Jan 23, 2014)

    Organizations Mentioned:Bidtoask.com

    By John M. Jascob, J.D.

    The SEC has announced that the founder of Bidtoask.com, Anthony Coronati, was arrested by the U.S. Marshals Service after failing to comply with investigative subpoenas issued by the Commission. The federal district court in Manhattan had held Corona ...

    By John M. Jascob, J.D.

    The SEC has announced that the founder of Bidtoask.com, Anthony Coronati, was arrested by the U.S. Marshals Service after failing to comply with investigative subpoenas issued by the Commission. The federal district court in Manhattan had held Coronati in civil contempt for failing to comply with subpoenas requiring him to produce documents and give testimony in connection with an ongoing SEC fraud investigation. In a news release, the SEC stated that the court ordered Coronati released on $50,000 bond and restricted his travel to the Southern and Eastern Districts of New York (SEC v. Coronati, January 17, 2014, Pauley, W.).

    The SEC is looking into whether Coronati commingled investor funds with other money in an account he controlled and then used the funds to pay personal expenses. According to court documents referenced by the SEC, entities controlled by Coronati solicited investments relating to the securities of private companies such as Facebook that investors hoped would later hold initial public offerings.

    The court’s order of January 17, 2014, had found Coronati in contempt for ignoring a prior order requiring him to comply with the SEC’s subpoenas. The contempt order requires Coronati to pay a fine of $500 per day until he either fully complies with the order to compel or is otherwise discharged pursuant to law. The contempt order also requires Coronati to pay $4,800 to the SEC for the costs of retaining a process server in the proceeding.

    In a statement made via email, Sanjay Wadhwa, the senior associate director for Enforcement in the SEC’s New York Regional Office, said, “We are pleased with the court's rulings and appreciate the efforts of the U.S. Marshals Service. There can and should be serious consequences for those who purposely evade our investigative process when we have questions or suspicions about their interactions with investors.”

    The case is No. 13-Misc.-372-P1.

    Attorneys: Preethi Krishnamurthy for SEC.

    Companies: Bidtoask.com

    LitigationEnforcement: Enforcement SECNewsSpeeches NewYorkNews FraudManipulation

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