TARGET OIL & GAS CORP. V. COM.
ADMINISTRATIVE LAW: Agency’s subpoena power
Target Oil and Gas Corporation and Target’s president, Michael Smith, (Target) appeal from an order of the Franklin Circuit Court requiring Target to comply with a subpoena duces tecum issued by the executive director of the Commonwealth’s Office of Financial Institutions. Target maintains that the subpoena exceeds the director’s investigative authority and otherwise amounts to an unconstitutional invasion of its internal affairs. An inquiry into potential securities fraud is within the director’s authority as is a subpoena to further that inquiry.
Digested, M. Stevens