Telix received subpoena from US SEC relating to disclosures

Telix received subpoena from US SEC relating to disclosures

Telix Pharmaceuticals has been subpoenaed by the U.S. Securities and Exchange Commission (SEC) in relation to disclosures, according to documents filed on July 2, 2025. The subpoena, issued on May 21, 2025, requests personal financial records from US Bank NA and Wells Fargo Bank NA. This development comes amidst ongoing investigations into Juro System, Inc. (Juro), where Cosimo and Clarissa Constantinos, who were associated with Juro, have been involved.

The SEC's investigation into Juro, which was dissolved in September 2023, centers on alleged violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. The SEC asserts that Juro solicited and received investor funds but failed to repay investors or issue dividends. Juro accepted investments through various mechanisms, including the transfer of qualified retirement funds and direct checks to its business account. The SEC believes that investor funds were transferred to the Constantinoses' personal accounts at the banks subpoenaed.

Cosimo Constantinos filed a Notice of Exempt Offering of Securities for Juro Financial Inc., a holding company for several Juro entities, in May 2025. The SEC issued subpoenas to obtain information about how much money the Juro entities raised, how they used the funds, and to identify other potential investors and bank accounts.

The subpoenas were issued under the Right to Financial Privacy Act (RFPA), which allows federal government agencies to request financial records with proper authorization. Challenges to subpoenas under the RFPA are subject to strict procedural requirements. The SEC must demonstrate that the law enforcement inquiry is legitimate, that the records sought are relevant to the inquiry, and that there has been substantial compliance with the RFPA.

The subpoenas to the Constantinoses were filed on May 27, 2025, and the SEC's response was due on June 30, 2025. On July 14, 2025, the SEC filed its verified response, and on July 16, 2025, the Constantinoses filed a reply with a motion to strike the SEC's response. The court denied both the motion to quash subpoenas and the motion to strike.

The implications for Telix and its investors are uncertain at this stage. The subpoenas and the ongoing investigation into Juro System could have significant legal and financial repercussions. Investors should closely monitor the developments and consult with legal and financial advisors to understand the potential impacts on their investments.

References:
[1] https://law.justia.com/cases/federal/district-courts/nevada/nvdce/3:2025cv00275/175023/10/