The FBI and SEC launched an investigation after investors said they never received verification of their investments, sources told The Wall Street Journal.
Regulators said the Tesla CEO's defense "borders on the ridiculous" in a filing late Monday.
The subpoenas are related to litigation involving alleged asbestos contamination in Johnson & Johnson's Baby Powder product line.
The Tesla CEO tweeted last month he had secured funding to take the company private.
The biotech company Holmes started was once worth $9 billion.
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