SEC Files Subpoena Enforcement Action Against John Olsen

SEC Litigation Releases

Filed March 27th, 2026

Detected March 28th, 2026

Summary

The SEC has filed a subpoena enforcement action against Florida executive John Olsen and six affiliated companies in the Northern District of Texas. The action seeks to compel the production of documents and information related to an investigation into a possible market-manipulation scheme involving Mondee Holdings, Inc. securities.

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What changed

The Securities and Exchange Commission (SEC) has initiated a subpoena enforcement action against John Olsen, a Florida executive, and six associated companies (ARCPE 1, LLC; ARCPE Holding, LLC; Gemini 1, LLC; Tamiwest, LLC; Harbor Realty Investment Corp.; and Sunset Harbor Holdings, LLC). The action, filed in the U.S. District Court for the Northern District of Texas, seeks to compel the respondents to comply with investigative subpoenas issued on October 15, 2024. These subpoenas are part of an investigation into a potential market-manipulation scheme aimed at inflating the price of Mondee Holdings, Inc. securities. The SEC alleges that despite repeated attempts and a partial production in April 2025, the respondents have failed to produce responsive documents by their compliance deadline and asserted constitutional objections in July 2025, refusing further production.

Regulated entities, particularly those involved in securities trading or subject to SEC investigations, should be aware of the SEC's aggressive stance on subpoena compliance. This action highlights the potential legal consequences, including court-ordered compliance and further relief, for failing to respond to investigative subpoenas. While the SEC has not concluded that violations have occurred, the respondents face an order compelling full production of all requested materials. Compliance officers should ensure robust internal processes for responding to SEC subpoenas and be prepared for potential enforcement actions if compliance is not met.

What to do next

Review internal procedures for responding to SEC subpoenas.
Ensure timely and complete production of documents requested in SEC investigations.

Source document (simplified)

John Olsen; ARCPE 1, LLC; ARCPE Holding, LLC; Gemini 1, LLC; Tamiwest, LLC; Harbor Realty Investment Corp.; and Sunset Harbor Holdings, LLC

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26511 / March 27, 2026

Securities and Exchange Commission v. John Olsen, et al., Misc. Action No. 4:26-MC-0003 (N.D. Tex. filed Mar. 27, 2026)

SEC Files Subpoena Enforcement Action against Florida Executive and Six Companies in Connection with Investigation into Possible Market-Manipulation Scheme

On March 27, 2026, the Securities and Exchange Commission filed a subpoena enforcement action in the United States District Court for the Northern District of Texas, seeking an order to compel Florida business executive John Olsen and six companies affiliated with him to produce materials in compliance with SEC-issued investigative subpoenas.

According to the SEC’s application and supporting papers, the SEC issued the subpoenas on October 15, 2024. The SEC’s application alleges that the subpoenas required Olsen and entities ARCPE 1, LLC; ARCPE Holding, LLC; Gemini 1, LLC; Tamiwest, LLC; Harbor Realty Investment Corp.; and Sunset Harbor Holdings, LLC (together, “the respondents”) to produce documents, communications, and electronically stored information in response to the SEC’s requests. As alleged, the SEC issued the subpoenas in an investigation to determine whether any persons or entities violated the antifraud or other provisions of the federal securities laws in connection with a potential market-manipulation scheme to inflate the price of securities issued by Mondee Holdings, Inc.

As alleged in the SEC’s application, despite repeated attempts to secure compliance with the subpoenas, the respondents did not produce documents by the compliance deadline. The SEC further alleges that although one of the companies made a partial production in April 2025, no additional documents have been produced. According to the SEC’s application, on July 3, 2025—approximately eight months after receiving the subpoenas—the respondents asserted constitutional objections and advised that they would not produce any additional documents.

The SEC’s application requests that the Court enter an order directing the respondents to produce all documents, communications, and electronically stored information, and tangible items responsive to the subpoenas and granting any further relief necessary to secure full compliance with the subpoenas.

The SEC is continuing its fact-finding investigation and, to date, has not concluded that any individual or entity has violated the federal securities laws.