Joseph Stilwell, an activist investor who has targeted community banks, has been ordered to appear in federal court in New York in connection to a subpoena request for an investigation into potential securities fraud.

The Securities and Exchange Commission on Wednesday asked the U.S. District Court for the Southern District of New York to order Stilwell to respond to its subpoena, after the investor said he wouldn't respond. The SEC said it's investigating possible fraud or securities law violations at funds managed by Stilwell.

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