U.S. Securities and Exchange Commission Litigation Release No. 26511, dated March 27, 2026.
The SEC has filed a subpoena enforcement action against Florida executive John Olsen and six affiliated companies. The action seeks to compel the production of documents and information related to an SEC investigation into a potential market manipulation scheme involving the securities of Mondee Holdings, Inc. The respondents have refused to comply with SEC subpoenas issued in October 2024.
In Plain English
Imagine the SEC is like a detective investigating a possible crime. They asked a person and some companies for clues (documents and information) to see if they tried to unfairly boost the price of a company's stock. The person and companies didn't give the clues, so the SEC had to ask a judge to force them to hand them over.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
How the Alleged Scheme Worked
- SEC Investigates Potential Stock Scheme The SEC began investigating whether certain individuals and companies violated securities laws. This investigation focused on a potential scheme to manipulate the market and artificially inflate the stock price of Mondee Holdings, Inc.
- Subpoenas Issued for Information On October 15, 2024, the SEC issued investigative subpoenas to Florida executive John Olsen and six companies affiliated with him. These subpoenas demanded the production of documents, communications, and electronically stored information.
- Respondents Fail to Comply Despite repeated attempts by the SEC to secure compliance, the respondents did not produce the requested materials by the deadline. This non-compliance formed the basis for the SEC's subsequent legal action.
- Partial Production and Subsequent Refusal While one of the companies made a partial document production in April 2025, no further documents were provided. Approximately eight months after the initial subpoenas, on July 3, 2025, the respondents asserted constitutional objections and refused to produce any additional documents.
- SEC Files Enforcement Action On March 27, 2026, the SEC filed a subpoena enforcement action in the U.S. District Court for the Northern District of Texas. The SEC is seeking a court order to compel John Olsen and the six affiliated companies to comply with the investigative subpoenas.
- Court Ordered Compliance Sought The SEC's application requests that the court order the respondents to produce all responsive documents, communications, and electronically stored information. The SEC also seeks any further relief necessary to ensure full compliance with the subpoenas.
The Enforcement Action
On March 27, 2026, the SEC filed a subpoena enforcement action in the U.S. District Court for the Northern District of Texas against Florida executive John Olsen and six affiliated companies. The SEC seeks an order compelling the respondents to produce documents and information in response to investigative subpoenas issued on October 15, 2024. The subpoenas were issued in connection with an investigation into a potential market manipulation scheme involving Mondee Holdings, Inc. The respondents allegedly failed to comply with the subpoenas, asserting constitutional objections after a partial production. The SEC is continuing its fact-finding investigation.