defendant appeared pursuant to a subpoena duces tecum. It furthermore appears that the proceedings were conducted by a trial examiner of the Securities and Exchange Commission. There is, therefore, no dispute that defendant was sworn, was called as a witness on behalf of the Commission, testified in a proceeding before the Commission, and appeared pursuant to subpoena.
Whether he "claimed his privilege against self-incrimination" as required by the above statute as a basis for immunity, is disputed. It appears that defendant gave testimony covering 50 pages of transcript. Then the attorney for the Commission referred to the registration statement of the Annapolis Industrial Loan Company, the hearing being "In the Matter of the Southeastern Industrial Loan Company," and asked defendant whether a statement in the Annapolis company's registration statementby defendant that he filed a consent to the use of his name in the filing of a registration statement by the Frederick Industrial Loan Company, which stated that defendant was retained by that company to conduct semiannual audits, the audits to consist of complete examination of all books, records, and accounts and certification thereof, and that it was his signature on the paper.
Looking at the whole record, I cannot escape the conclusion that there is sufficient therein to have apprised the examiner that defendant claimed his privilege at least as to questions relating to the Frederick Industrial Loan Company, and enough in the context to have enabled him to determine intelligently that there was a reasonable likelihood of incrimination if he permitted the examination to continue. Mason