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4:31 pm
Thu April 15, 2010

SEC/Pre Paid Legal

Oklahoma City, OK – SEC subpoenas Pre-Paid Legal Services documents

ADA, Okla. (AP) Pre-Paid Legal Services Inc. says the Securities and Exchange Commission has subpoenaed documents tied to customer complaints and the resignation of its CEO, among other issues.

The Ada-based legal services company said Thursday the SEC also wants documents on membership information, efforts to achieve compliance with payment card industry requirements and the resignation of Tom Smith as a director.

The company said last month 71-year-old Harland C. Stonecipher would step down as chief executive and be replaced by co-CEOs, 54-year-old Randy Harp and 56-year-old Mark Brown.

Pre-Paid Legal says the subpoena was part of an ongoing inquiry, and it will continue to cooperate with the agency.

The company's shares fell $1.82, or 4.5 percent, to $38.83 in Thursday afternoon trading.

Copyright 2010 The Associated Press.