Statement Summary
The Securities and Exchange Commission (SEC) has issued an order granting the Division of Enforcement’s request for a subpoena directing Clear Street, LLC to produce documents related to a FINRA arbitration proceeding involving Respondent Gregory Lemelson. The subpoena seeks documents that include testimony transcripts and specific exhibits from the case. This request comes despite being outside the original discovery timeline, primarily due to Lemelson’s previous noncompliance with an earlier subpoena. The order emphasizes the need for these documents to ensure a fair administrative process, allowing Clear Street or Lemelson to challenge the subpoena until May 23, 2025.
Original Statement
UNITED STATES OF AMERICA
Before the
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Administrative Proceedings Rulings
Release No. 6937 / May 16, 2025
Administrative Proceeding
File No. 3-20828
In the Matter of
Gregory Lemelson
Order Granting Motion for Subpoena
The Division of Enforcement requests the issuance of a subpoena directing third party Clear Street, LLC, to produce documents. The documents sought are substantially similar to those that a previously issued subpoena sought from Respondent: “All documents filed and served by the parties in the FINRA arbitration proceeding titled The Amvona Fund, LP v. Clear Street, LLC, No. 20-01555, and any transcripts or audio/visual recordings of Respondent’s testimony in that proceeding and exhibits to that proceeding including Clear Street’s exhibits 128, 130, 132, 134, 135, 136, 137, 138, and 139.” Cf. Order on Subpoena Request, at 4, Admin. Proc. Rulings Release No. 6921 (ALJ Jan. 30, 2025), 6921.pdf.
While this request is outside the time allotted for discovery requests in the original scheduling order, that delay is largely attributable to Respondent’s refusal to comply with the previously issued subpoena. The request to Clear Street is a facially reasonable attempt to discover the evidence that Respondent has withheld and meets the standards for issuance under Rule 232. See 17 C.F.R. § 201.232.
For these reasons, and for the reasons explained in the Order on Subpoena Request dated January 30, the Division’s motion is granted. Clear Street, LLC, or Respondent may move to quash the subpoena by May 23, 2025.
The Division must serve this order on Clear Street along with the subpoena.
/s/ Jason S. Patil
Administrative Law Judge
