|09-28-2005, 06:55 PM||#1|
Mo' holla fo' yo' dolla!
Join Date: Dec 2002
Location: In a bunker in an undisclosed location
SEC Upgrades Sen. Frist Stock Inquiry
WASHINGTON - The Securities and Exchange Commission, which is examining a stock sale by Senate Majority Leader Bill Frist, has upgraded its initial informal inquiry to a formal investigation.
The change means the agency can issue subpoenas for documents rather than just requesting them. Federal prosecutors also are investigating the Tennessee Republican's recent sale of stock in HCA Inc. about two weeks before its price dropped. Frist's family founded the big hospital operating company.
The SEC has made the investigation formal, a person familiar with the matter said Wednesday, speaking on condition of anonymity because the agency does not comment publicly on its inquiries.
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