Regardless of who you are, or why it happened, if you receive a subpoena from the SEC you need to speak to an SEC subpoena lawyer before doing anything regarding that subpoena.
Since we first published these tips, nothing much has changed. The SEC is attempting to expand the scope of its authority into cryptocurrency. It is intruding on the attorney-client privilege. It is also investigating employee severance agreements, all through the use of its subpoena power.
Increasing numbers of individuals and entities are finding themselves with SEC subpoenas. They are learning, as I originally said, being served with an SEC subpoena can be a harrowing experience.
This is true whether you are a market professional, the CEO of a regulated entity, or an investor. That investigation can have a serious effect on your business or your career. There is also a risk of it consuming a significant amount of time. It can cost a lot of money, even if you have not engaged in any wrongful conduct. How you respond to the initial inquiry is crucial. Managing the events as the investigation continues often determines the outcome of that investigation.
Read When the SEC Comes Calling for the full story
Sources of SEC Investigations
SEC investigations can begin from a variety of sources, including
- anonymous tips
- trading surveillance by the SEC
- Trading Information from the exchanges, including NASDAQ
- customer complaints,
- Referrals from Other Government Entities
- Whistleblower tips.
Witnesses and even targets, often learn of the investigation by a simple telephone call from an investigator or staff attorney. That telephone call will be followed by a letter. The letter requests that you voluntarily provide information to the SEC Staff. Alternatively, it may be followed by a subpoena, requiring you to produce documents or to appear and give testimony.
The assistance of a skilled, knowledgeable securities attorney is required for all of this. The investigation can lead to civil and criminal charges. If you receive a subpoena, call Mark Astarita, Esq., a national securities lawyer at 212-509-6544 before you respond. Nationwide representation.
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Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.
