In this case, the SEC is on solid ground as the law enforcing the requirements of investigative demands, or subpoenas, is clear cut, said several former SEC officials.
While the stakes are lower this time, the new case again shines a spotlight on the extraordinary feud between the world’s richest man and most powerful securities regulator, which has for years struggled to bring Musk to heel.
“This case is different from past forays between the SEC and Elon Musk because it’s a subpoena enforcement case. These cases are really cut and dry,” said Stephen Crimmins, a partner with Davis Wright Tremaine law firm and a former SEC trial lawyer.
“The law provides the SEC has subpoena power to take investigative testimony and gather documents.”
‘Enforcement 40’ for 2020
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