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records. Rather, Kanter was the custodian of the records.
Respondent immediately served Kanter with a subpoena requesting
records relating to Holding Co. and its subsidiaries, IRA and its
subsidiaries, Carlco, TMT, and BWK, Inc. The subpoena requested
corporate minute books, corporate minutes, articles of
incorporation and all amendments thereto, stock registers, stock
certificates, certificates of authority, bylaws and all
amendments thereto, and all subscription agreements and
agreements thereto. In addition to the books and records,
respondent also requested production of documents reflecting the
ownership of IRA, Holding Co., Carlco, TMT, and BWK.
Specifically, respondent requested production of the following
original documents:
All books, records or other documents evidencing the
ownership of the following entities: IRA, Holding Co.,
Carlco, TMT, BWK, . . . including but not limited to
stock ledgers and records of stockholders.
Although Kanter produced some documents, many records were
not produced. Absent from the record are resolutions by the
board of directors of Carlco and TMT setting forth the
preferences of the preferred stock.
With respect to Holding Co., Kanter produced Holding Co.
trial balances only for the years 1980 and 1981. Respondent had
from prior audits partial general ledgers of Holding Co. for
1983, 1984, and 1985, and partial trial balances of Holding Co.
for 1983, and 1984. There are no receipts and disbursement
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