The Commission alleges that Lay was Chairman and CEO of Enron during a period when certain fraudulent activities were carried out by Enron and its employees. The Commission's investigation includes whether Lay had knowledge of, or was involved in, fraudulent activities at Enron. The Commission further alleges that documents in Lay's possession that are related to Enron, and generated during his tenure at Enron, are relevant to matters under investigation and within the scope of the Commission's investigative authority. According to the Commission, the documents being withheld by Lay appear to be corporate records, which Lay may not withhold from production based on any personal rights he may have under the Fifth Amendment.
The Commission has requested that the Court order Lay to show cause why he should not comply with the subpoena, and, if appropriate, order Lay to produce the withheld documents for in camera review by the Court. The Commission also seeks such other and further relief as may be necessary and appropriate to achieve compliance with the subpoena.
Memorandum of the SEC in Support of Its Application
Declaration of Richard J. Kutchey in Support of the SEC Application
