July 28, 2004 Read today’s legal news, law firm announcements & l…

July 28, 2004 Read today’s legal news, law firm announcements & legal research at LAWFUELLITIGATION RELEASE NO. 18804 / July 28, 2004

Securities and Exchange Commission v. Drake Tempest, Civil Action No. 04-B-1547 (OES)(D.Co.)

The Securities and Exchange Commission announced today that on July 28, 2004, it filed a subpoena enforcement action in the U.S. District Court for the District of Colorado against Drake Tempest, the former General Counsel of Qwest Communications International, Inc. (“Qwest”). Pursuant to a subpoena issued on November 12, 2003, Tempest was initially obligated to appear for testimony before the Commission on December 16 – 18, 2003. At Tempest’s request, the Commission agreed to postpone the testimony. The Commission rescheduled Tempest’s testimony for June 22-24, 2004. Through counsel, Tempest objected to having to comply with the subpoena to provide testimony and after informing the Commission of his intention, he failed to appear to testify. Accordingly, the Commission filed its Application For An Order To Show Cause And For An Order For Order to Enforce Administrative Subpoena, along with a supporting Memorandum and Declaration.

In its Application and supporting filings, the Commission alleges that on April 3, 2002, the Commission issued its Order Directing Private Investigation and Designating Officers to Take Testimony (“Formal Order”) in the Qwest investigation. The Formal Order authorizes members of the SEC staff to investigate whether antifraud and/or reporting provisions of the federal securities laws have been or are being violated by any persons or entities in connection with the offer, sale and/or purchase of securities in Qwest. Pursuant to its Application, the Commission is seeking an order directing Tempest to show cause why the Court should not enter an order requiring him to appear for testimony.

A hearing on the Commission’s application has not yet been scheduled.

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