FEDERAL CRIMINAL LAWYERS

What to Do If You Get an SEC Subpoena: A Complete 2025 Guide

If you’ve recieved an SEC subpoena, theres something you need to understand right now. Your not just facing a request for documents – your facing the most aggressive securities enforcement environment in the SEC’s history. In fiscal year 2024, the SEC collected $8.2 billion in financial remedies. Billion with a B. The highest amount ever. And October 2024 saw 2.5 times more enforcement cases initiated then October 2023. This isnt random. This is the new reality of securities enforcement.

Look. Ive been defending clients through SEC investigations for years, and the difference between those who resolve these matters favorably and those who face devastating consequences comes down to what you do in the first 48 hours after that subpoena arrives. What you say. What you produce. Who you call. And critically – what you dont do.

That letter in your hand? Its not just paper. Its the opening move in a federal investigation that could destroy your career, drain your finances, and in serious cases, lead to criminal referral. Every decision you make from this moment forward matters. Lets talk about what to do – and what to absolutely never do.

The First 24 Hours – What You Must Do Immediately

Heres the thing most people get wrong. They recieve an SEC subpoena and their first instinct is to start gathering documents. To be helpful. To show they have nothing to hide. That instinct will destroy you.

Step 1: Do NOT respond to anyone at the SEC without counsel.

The subpoena will include a contact name and phone number. Do not call that number. Do not email that person. Do not have your assistant call to “confirm receipt.” Every communication with the SEC becomes part of the investigation record. Even a simple “I recieved your subpoena and will respond” can create problems if you say it wrong.

Step 2: Document the exact date and time you recieved the subpoena.

Your response deadline runs from receipt, not from mailing. Write down exactly when you got it. If it came by certified mail, keep that receipt. If it came by email, screenshot the timestamp. This matters more then you think.

Step 3: Contact a securities defense attorney immediately.

Not tomorrow. Not after you’ve “had a chance to look things over.” Today. The clock is running. Under 17 C.F.R. § 202.5, the SEC can demand urgent deadlines – sometimes requiring document production in just weeks. You need counsel involved before you touch a single document.

Step 4: Preserve everything.

The moment you recieve a subpoena, you have a legal obligation to preserve all potentially relevant documents. This means emails. Text messages. Slack messages. Phone records. Trading records. Everything. Deleting anything – even accidentally – can result in obstruction charges. Send a litigation hold notice to your IT department if your at a company. If your an individual, stop any automatic deletion settings on your devices.

Understanding What Type of Subpoena You Recieved

Their are two types of SEC subpoenas, and the type you recieved affects your strategy. Most people dont know the difference, and thats a problem.

Subpoena Duces Tecum

This compels you to produce documents and other tangible evidence. The subpoena will list categories of documents the SEC wants – emails between certain dates, trading records for specific securities, communications with certain individuals. You must produce responsive documents, but you dont have to create new documents or provide explanation.

Subpoena Ad Testificandum

This compels you to appear at a specific time and place and testify under oath. This is called “on-the-record” testimony or sometimes “investigative testimony.” Your going to be questioned by SEC enforcement staff, possibly for hours, and every word you say is being recorded and can be used against you.

Some subpoenas are both. Bring these documents AND appear for testimony. If you recieved a combined subpoena, the stakes are significantly higher – the SEC is treating you as a substantive witness, possibly a target.

The March 2025 Rule Change – What It Means For You

Wait, this changes things. On March 10, 2025, the SEC adopted a rule that fundamentally altered how investigations work. And most articles you’ll read about SEC subpoenas were written before this change.

Actualy, let me explain what happened. For the past 15 years, the Director of the Division of Enforcement could unilaterally issue subpoenas. Staff attorneys could compel your documents and testimony without any Commissioner approval. That power has now been pulled back.

Now, a majority of the Commissioners must agree before the SEC formally opens an investigation that includes subpoena power. The rule became effective March 14, 2025.

What does this mean for you? Several things:

1. If you recieved a subpoena, the SEC Commissioners themselves approved the investigation
2) The investigation has been deemed significant enough to warrant formal approval
Three: Their are strategic opportunities during informal inquiry stages that didnt exist before

SEC staff can still use informal inquiries to request information. If your at the informal stage – recieving requests rather then subpoenas – you have more flexibility. Cooperation during informal inquiries can sometimes prevent escalation to formal investigation. But once that subpoena arrives, the Commissioners have already approved.

Your Rights During an SEC Investigation

This is huge. Most people dont understand there rights when facing SEC subpoenas. Lets break it down.

Right to Counsel

You have the absolute right to have an attorney present during any testimony. The SEC cannot question you without allowing your attorney to be present. Your attorney can advise you during breaks, can help you understand questions, and can note objections for the record.

But heres what trips people up – your attorney is there in an “advisory” capacity, not an adversarial one. Your attorney cannot object to questions the way they would in court. You may need to answer questions even if your attorney thinks there problematic. Theirs no judge to rule on objections in the moment.

Fifth Amendment Rights

You can assert your Fifth Amendment right against self-incrimination if the subpoena is addressed to you individually. But this comes with significant complications.

First, you must still appear when summoned. You cant just refuse to show up because your planning to take the Fifth.

Second, you must assert the privilege question-by-question. A blanket refusal – “I’m taking the Fifth for everything” – doesn’t work legally. You have to consider each question and invoke specifically.

Third – and this is critical – in a civil case, the SEC can draw adverse inferences from your silence. Unlike criminal court where the jury cant hold your silence against you, in SEC civil proceedings, your refusal to answer can be used to establish liability. The judge or jury can assume the worst about whatever you refused to discuss.

Fourth, the Fifth Amendment doesnt protect documents. You cant refuse to produce documents by claiming the Fifth on their contents. The “act of production” doctrine may offer some protection in narrow circumstances, but generally, documents must be produced.

Corporate Capacity Limitation

If the subpoena is addressed to you in your corporate capacity – as the custodian of records for your company, for example – you cannot assert Fifth Amendment privileges. Corporations dont have Fifth Amendment rights. Corporate officers acting in their corporate capacity dont either. This matters alot when your both an individual target and the person responsible for company documents.

The FINRA Trap – Why Fifth Amendment Strategy Is Complicated

I know what your thinking – “I’ll just take the Fifth and protect myself.” Maybe. But if your also registered with FINRA, you need to understand the trap your walking into.

FINRA’s position is that participating in the securities industry means accepting their regulatory authority, including the obligation to cooperate with investigations. If you invoke the Fifth Amendment in response to a FINRA request for information or testimony, FINRA will bar you from the industry. Automatically. No hearing. No appeal. Your career in securities is over.

Ive seen this happen. Person recieves SEC subpoena. Also under FINRA investigation. Takes the Fifth at SEC testimony. FINRA bars them. They protected themselves from one threat by creating a worse one.

What should you do? Your Fifth Amendment strategy must be coordinated across both SEC and FINRA exposure. Sometimes the answer is selective assertion. Sometimes its immunity negotiation. Sometimes its testimony with careful preparation. But you cant make this decision without understanding both risks.

Parallel Investigations – When SEC Isnt the Only Problem

Heres something most articles dont tell you: SEC investigations rarely exist in isolation. Understanding the broader landscape of who else might be investigating matters enormously for your strategy.

DOJ Criminal Division

SEC investigations can run parallel with criminal investigations by the Department of Justice. The SEC shares information with DOJ. Testimony you give to the SEC can be used by criminal prosecutors. This is one of the biggest traps in securities enforcement. You think your in a civil investigation. You cooperate. You testify. And everything you said gets handed to the FBI.

How do you know if theres a parallel criminal investigation? Sometimes you dont. Sometimes the first sign is an SEC staff attorney telling you the DOJ has “taken an interest.” Sometimes its subpoenas from both agencies arriving around the same time. If you have any reason to believe criminal exposure exists, your Fifth Amendment calculation changes dramatically.

State Attorney General

State securities regulators also investigate. The New York Attorney General’s office, in particular, has been aggressive about securities enforcement. Martin Act prosecutions in New York dont even require proof of intent – just proof of fraud. State and federal investigations can run simultaneously. Information flows between them.

Self-Regulatory Organizations

FINRA. CBOE. NYSE. If your registered with a self-regulatory organization, they can investigate too. FINRA Rule 8210 lets them demand documents and testimony. As I mentioned, invoking Fifth Amendment rights at FINRA means automatic industry bar. You must coordinate strategy across all investigations.

Private Civil Litigation

SEC investigations often trigger private securities fraud lawsuits. Shareholders sue. Investors sue. Your SEC document production may be discoverable in private litigation. Your SEC testimony definitely will be. Everything you produce and say has implications beyond just the SEC investigation.

Document Preservation and Litigation Holds

This is critical and most people get it wrong. The moment you recieve an SEC subpoena – or even learn you might be under investigation – you have a legal duty to preserve all potentially relevant documents. Destroying documents after you know about an investigation is obstruction of justice. Period.

What Must Be Preserved

Everything potentially relevant. And “potentially relevant” is interpreted broadly. This includes:

– Emails (personal and work)
– Text messages
– Slack, Teams, WhatsApp communications
– Calendar entries
– Documents (physical and electronic)
– Phone records
– Trading records
– Notes
– Voicemails
– Social media posts

If it could conceivably relate to the investigation, preserve it. Err on the side of over-preservation.

Implementing a Litigation Hold

If your at a company, you need to issue a litigation hold notice. This is a formal instruction to employees to preserve all potentially relevant materials. It should go to anyone who might have relevant documents. IT must suspend routine deletion policies for relevant custodians. Backup tapes must be preserved.

Document that you issued the hold. Document who received it. Document what instructions you gave. If theres ever a question about whether you preserved documents properly, you want a paper trail showing you took it seriously.

The Spoliation Risk

If documents are destroyed after you knew about the investigation – even accidentally – the SEC can seek sanctions. Courts can instruct juries to assume the destroyed documents were harmful to you. People have faced additional charges for spoliation when the underlying investigation might have resolved favorably. Take preservation seriously.

Responding to Document Requests

For all intensive purposes, the document production is where most people make catastrophic mistakes. Lets talk about how to do this right.

Deadline Management

The subpoena will specify a production deadline. Sometimes its weeks. Sometimes the SEC demands urgent compliance. Missing this deadline can result in sanctions, contempt proceedings, and enhanced scrutiny of your investigation.

But heres what most people dont know – deadline extensions are routinely granted. In my experiance, if you contact the SEC staff attorney promptly and explain you need additional time to conduct a thorough and complete search, they’ll usually work with you. The SEC would rather have a complete production a few weeks late then an incomplete production on time.

Key word: promptly. Dont wait until the day before the deadline to ask for an extension. Contact them as soon as you know you’ll need more time.

Privilege Review

Before you produce a single document, every page must be reviewed for privilege. Attorney-client communications. Work product. Fifth Amendment concerns. Once you produce a privileged document, the privilege is waived. Permanently. You cant take it back.

And heres the really dangerous part – privilege waiver can extend to all documents on the same subject. Its called “subject matter waiver.” If you accidentally produce one privileged email about a topic, the SEC can argue you’ve waived privilege on all communications about that topic. This is why rushing to meet deadlines is so dangerous. The cost of a privilege mistake is permanent loss of protection.

Get counsel involved. Use a privilege review protocol. Take the time to do this right.

Scope Negotiation

Subpoena requests are often overbroad. “All documents relating to any controlled substance” might cover tens of thousands of documents when the actual investigation concerns a specific transaction. You can negotiate scope with the SEC staff.

This isnt obstruction – its appropriate management of the discovery process. The SEC doesnt want to review thousands of irrelevant documents any more then you want to produce them. A reasonable narrowing of scope benefits everyone.

Preparing for On-the-Record Testimony

If your subpoena requires testimony, you need to prepare extensively. This isnt a casual conversation. Its sworn testimony that can be used against you in court.

What to Expect

On-the-record testimony typically takes place at the SEC’s regional office or, increasingly, via video conference. A court reporter will be present to create a transcript. SEC enforcement staff will ask questions, sometimes for hours. Your attorney can be present but cannot object to questions.

The questioning can cover anything the SEC believes is relevant to the investigation. They may ask about documents you’ve produced. They may ask about your business practices. They may ask about other people. They may ask about events years ago. They may ask the same question multiple ways to check for inconsistency.

Preparation Is Everything

The difference between a successful testimony and a disaster is preparation. You should:

– Review all documents you’ve produced – they will be referenced
– Review your calendar and email for the relevant time period
– Practice with your attorney using likely questions
– Understand what topics are problematic and plan responses
– Know when to say “I don’t recall” (when you genuinely dont)
– Know when to ask for clarification
– Know when to request breaks to consult with counsel

The Perjury Risk

Everything you say is under oath. Lying to the SEC is a federal crime. 18 USC 1001 makes it illegal to make false statements to federal agencies. People have gone to prison not for the underlying securities violation, but for lying during the investigation.

If you dont know the answer, say “I dont know.” If you dont remember, say “I dont recall.” Never guess. Never speculate. Never try to be helpful by filling in gaps. Accuracy matters more then completeness.

The Wells Notice – What Happens Next

After the investigation, if the SEC staff believes you violated securities laws, they’ll send you something called a Wells Notice. This is named after John Wells, who chaired a committee that recommended the procedure in 1972.

A Wells Notice tells you that the SEC staff intends to recommend enforcement action against you. It describes the potential charges. And it gives you an opportunity to respond before any charges are filed.

Heres what the statistics tell us:

– 80% of Wells Notice recipients ultimately faced charges (2011-2013 study)
– 40% of Wells submissions include extension requests
– Extensions are granted in 85% of cases

But that 80% number isnt destiny. Some Wells submissions successfully convince the SEC not to proceed. Some result in significantly reduced charges. Some buy time for settlement negotiations. The quality of your Wells submission matters enormously.

2025 Wells Process Reforms

Under the new administration, the Wells process has improved. Staff must now provide minimum 4 weeks to respond (previously often just 2 weeks). Staff must provide sufficient information to understand the potential charges. And the enforcement leadership has indicated openness to meetings during the Wells process.

This is more time and more opportunity then Wells recipients had before. Use it.

FY 2024-2025 Enforcement Reality – The Numbers You Need to Know

Trust me when I tell you – understanding the current enforcement environment matters for your strategy. This is something… wait, actualy this is probably the most important context for your situation.

Fiscal Year 2024:

– 583 enforcement actions (down 26% from 784 in FY 2023)
– $8.2 billion in financial remedies – highest in SEC history
– $6.1 billion in disgorgement + $2.1 billion in civil penalties
– Record 34 admissions of guilt required
– 75% of public-company defendants had cooperation noted

Fiscal Year 2025 (Early Results):

– 200 enforcement actions in Q1 (October-December 2024)
– 118 standalone enforcement actions
– 40+ actions in first 17 days of January 2025
– October 2024: strongest October in over two decades

The key insight: fewer cases, but more money. The SEC is being more selective but hitting harder. If they’ve subpoenaed you, your not part of some dragnet – your a specific target in an environment where the average enforcement action is more expensive then ever.

Cooperation vs. Resistance – The Strategic Calculation

Your probly wondering whether you should cooperate or resist. Its a complex question without a simple answer.

The Cooperation Credit Reality

SEC explicitly considers cooperation in determining penalties. 75% of public-company defendants in 2024 had their cooperation noted. Cooperation is now expected, not exceptional. Lack of cooperation is noted negatively.

But cooperation doesnt mean confessing to violations. It means:

– Producing documents completely and on time
– Making witnesses available
– Not instructing employees to lie
– Not destroying evidence
– Providing context that helps investigators understand documents

When Resistance Makes Sense

Sometimes you should resist. Challenge overbroad subpoenas. Assert legitimate privileges. Negotiate scope. Refuse to produce documents that are clearly outside the investigation. This isnt obstruction – its appropriate legal advocacy.

The key is distinguishing between legitimate resistance (protecting rights) and problematic resistance (impeding investigation). Your attorney can help you understand where the line is.

The Criminal Referral Risk

Heres what keeps me up at night about some clients. SEC investigations are civil, but they can become criminal. The SEC refers cases to the Department of Justice. The FBI gets involved. Suddenly your facing not just disgorgement and civil penalties, but prison time.

The cooperation calculation is different when criminal exposure exists. Your Fifth Amendment rights matter more. The risks of testimony are higher. Everything you say to the SEC can be shared with criminal prosecutors. This is why you need counsel who understands both the civil and criminal implications of your situation.

Settlement and Resolution Options

Actualy, let me explain something most people dont understand. SEC investigations dont always end in charges. And even when they do, settlements are the norm, not trials. Understanding your resolution options matters from day one.

Investigation Closed, No Action

The best outcome is the SEC closes the investigation without taking any action. This happens when the SEC concludes there was no violation, or that pursuing the matter isnt worth the resources. Sometimes well-crafted cooperation and document production convinces the SEC staff that what looked suspicious was actually legitimate business activity.

Consent Decree

Most SEC enforcement actions resolve through consent decrees. You agree to certain terms without admitting or denying the allegations. The consent decree might include disgorgement (giving back profits), civil penalties, injunctions against future violations, and sometimes bars from serving as an officer or director.

The “neither admit nor deny” language used to be standard. Its becoming less common. In 2024, the SEC required a record 34 admissions of guilt. The trend is toward more accountability, not less.

Administrative Proceedings vs. Federal Court

The SEC can bring enforcement actions in federal district court or through its own administrative law judges. Administrative proceedings used to be seen as faster and more favorable to the SEC. Recent court decisions have limited the SEC’s ability to use administrative proceedings for certain matters. Where your case is heard matters for strategy.

Settlement Negotiations

Settlement discussions can begin early – sometimes before a Wells Notice, sometimes after. The SEC staff has discretion to negotiate. Factors that affect settlements include:

– Strength of the SEC’s evidence
– Your cooperation level
– Whether you self-reported
– Harm to investors
– Your ability to pay
– Precedential value of the case
– Your willingness to accept responsibility

Cooperation Credit in Settlements

The SEC explicitly rewards cooperation in settlement calculations. Self-reporting violations before the SEC discovers them can result in substantially reduced penalties. Early and complete cooperation throughout the investigation matters. Implementing remedial measures before being told to helps. The cooperation credit is real – but you have to earn it.

What Happens If You Don’t Cooperate

Some people think they can simply ignore an SEC subpoena. Let me explain why thats a catastrophic mistake.

Under SEC v. Jerry T. O’Brien, Inc., 467 U.S. 735 (1984), the Supreme Court confirmed the SEC’s broad authority to gather evidence. If you refuse to comply with a subpoena, the SEC can go to federal court to compel compliance. The court will order you to produce documents or appear for testimony. If you still refuse, your in contempt of court. That means fines – potentially daily fines until you comply. That can mean jail.

And heres the kicker: fighting the subpoena and losing doesnt make the underlying investigation go away. Now you’ve spent money fighting a losing battle, antagonized the SEC staff, and still have to produce the documents and testify. Except now they’re looking at you much more closely.

Ive seen people calculate that its cheaper to take contempt sanctions then to produce damaging documents. This is almost always wrong. The SEC will get the documents eventually. And now you’ve added obstruction issues to whatever you were originally being investigated for.

Special Considerations for Different Targets

Your response strategy depends partly on who you are in relation to the investigation. The SEC thinks about targets differently depending on your role.

Corporate Officers and Directors

If your a CEO, CFO, or board member, you face both personal liability and fiduciary duties to the company. You may need to coordinate between your personal counsel and company counsel – but remember, their interests arent always aligned with yours. The company may decide to cooperate by offering you up. You need independent representation.

Registered Representatives

If your a broker or advisor with FINRA registration, you face the dual-track problem I described earlier. Your Form U4 requires you to update FINRA about the investigation. Other employers will see the disclosure. The FINRA Fifth Amendment bar hangs over every strategic decision. This is complicated.

Third-Party Witnesses

Maybe your not the target – your just someone with relevant information. A trading counterparty. A former employee. A professional service provider. You still need counsel. Witnesses can become targets. Things you say can create liability you didnt know you had. And you have rights even as a witness.

Company vs. Individual

If both you and your company are under investigation, the tensions are significant. Joint defense agreements can help coordinate strategy, but they dont eliminate conflicts. Companies can throw individuals under the bus. Individuals can flip on companies. Get clear about where the conflicts are before sharing information.

Common Mistakes That Destroy Cases

After years of defending SEC investigations, Ive seen the same mistakes destroy cases over and over. Dont make them.

Mistake 1: Talking Before Calling a Lawyer

The SEC calls. Your helpful. You explain “what really happened.” Every word becomes evidence. You’ve made admissions before you even understood what you were being investigated for. Always – always – get counsel involved before any communication with the SEC.

Mistake 2: Incomplete Document Production

You produce most of the documents. You “forget” about some emails you wish didnt exist. SEC finds them anyway through third parties. Now your facing obstruction charges on top of whatever you were originally investigated for. Complete production. Every time.

Mistake 3: Rushing Privilege Review

Deadline pressure. You produce documents without careful review. Privileged communications go out. Privilege waived. Cant be undone. Take the time. Get the extension if needed.

Mistake 4: Going It Alone

You think you can handle this yourself. Your smart. You know the facts. You’ll just explain and this will all go away. It wont. SEC staff are professionals at building cases. They’ve done this thousands of times. You havent. Get experienced counsel.

Mistake 5: Ignoring the Subpoena

You panic. You freeze. You do nothing. Deadline passes. SEC files motion to compel. Federal court orders compliance. You’ve created a contempt situation on top of everything else. Respond. Even if its a request for extension, respond.

Timeline of a Typical SEC Investigation

Understanding the typical investigation timeline helps you understand where you are and what’s coming next. Most people recieve subpoenas without any sense of how long this will take or what the stages look like.

Stage 1: Informal Inquiry (Weeks to Months)

Before you recieve a subpoena, there may have been an informal inquiry. SEC staff review public filings. They analyze trading patterns. They request information voluntarily. At this stage, you might not even know your under scrutiny. After the March 2025 rule change, this informal stage may last longer as staff builds the case to request Commission approval for a formal investigation.

Stage 2: Formal Investigation Opens (Commission Approval Required)

The SEC Commissioners vote to approve a formal order of investigation. This authorizes staff to issue subpoenas. The subpoena you recieved means this already happened – the Commissioners deemed your matter significant enough to warrant formal investigation.

Stage 3: Document Production (2-6 Months)

After the subpoena arrives, you collect and produce documents. Extensions are negotiated. Privilege reviews are conducted. Rolling productions may occur – batches of documents produced over time rather then all at once. SEC staff reviews what you produce and issues follow-up requests.

Stage 4: Testimony Phase (3-12 Months)

If testimony is required, scheduling occurs. Testimony itself may take one day or multiple days depending on complexity. Multiple witnesses may be called. The SEC staff builds their understanding of the facts through document review and testimony.

Stage 5: Staff Review and Recommendation (3-6 Months)

After gathering evidence, staff decides whether to recommend enforcement action. They prepare a recommendation memo. Supervisors review. The Wells Notice may be issued at this point.

Stage 6: Wells Process (1-3 Months)

If you recieve a Wells Notice, you have at least 4 weeks to respond. Staff reviews your submission. Meetings may occur. Staff makes final recommendation to Commissioners.

Stage 7: Commission Decision (Weeks to Months)

Commissioners review the recommendation and decide whether to authorize enforcement action. They can accept, reject, or modify the staff recommendation.

Stage 8: Settlement or Litigation (Months to Years)

If action is authorized, settlement negotiations occur or litigation begins. Federal court cases can take years to resolve. Administrative proceedings are typically faster but still take months.

Total Timeline

From subpoena to resolution can be 2-5 years. Complex cases take longer. This is a marathon, not a sprint. Your strategy must account for the long timeline.

Protecting Your Reputation During Investigation

SEC investigations are typically confidential – the SEC doesnt announce that your under investigation. But confidentiality can be breached in many ways, and reputation damage can be devastating even if the investigation ultimately results in no action.

Disclosure Obligations

Some people have mandatory disclosure obligations. If your a registered rep, Form U4 updates are required. If your a public company officer, disclosures may be required. If your applying for new employment or licensing, disclosure questions may arise. Understand your obligations before deciding what to disclose and when.

Media Considerations

Sometimes investigations become public – through whistleblowers, through disgruntled employees, through competitors, through news organizations. If your investigation becomes public, have a communications strategy ready. What will you say to employees? To investors? To the press? Coordinate with your legal strategy – dont say things publicly that undermine your legal position.

Document Confidentiality

Documents you produce to the SEC are subject to certain confidentiality protections, but their not absolute. The SEC can share information with other regulators, with criminal prosecutors, with foreign authorities. In litigation, documents may become public. Understand what confidentiality protections exist and their limitations.

Cost-Benefit Analysis of Early Intervention

Their are genuinley difficult decisions about when to invest in legal defense. But the math is kinda clear – earlier is always better.

Pre-Subpoena Compliance Review
Cost: $10,000-$50,000
Effectiveness: HIGHEST
What it buys: Potentially prevents investigation entirely

Subpoena Response Phase
Cost: $50,000-$150,000
Effectiveness: VERY HIGH
What it buys: Scope negotiation, privilege protection, testimony preparation

Wells Notice Phase
Cost: $100,000-$300,000
Effectiveness: HIGH
What it buys: Wells submission, settlement negotiation, charge reduction

Post-Charging Phase
Cost: $500,000-$2,000,000+
Effectiveness: LIMITED
What it buys: Trial defense, plea negotiation, damage control

The ROI of early intervention is enormous. $100,000 spent at the subpoena phase can prevent $1,000,000 spent at trial – and produce far better outcomes.

Questions to Ask a Potential SEC Defense Attorney

When your looking for counsel, not all securities lawyers are equal. Heres what to ask:

Experience Questions:

– How many SEC investigations have you defended?
– What percentage resulted in no charges?
– Have you defended cases involving my type of alleged violation?
– Have you conducted on-the-record testimony preparation?
– Have you successfully negotiated Wells submissions?

Strategy Questions:

– What is your initial assessment of my situation?
– What is your recommended approach to cooperation?
– How do you handle parallel criminal exposure?
– What is your approach to FINRA coordination?
– How do you handle privilege review?

Practical Questions:

– What are your fees and billing structure?
– Who will actually work on my case?
– What is your availability for urgent matters?
– How do you communicate case developments?
– What is your track record with the local SEC office handling my case?

The right attorney has specific SEC defense experience, not just general securities knowledge. SEC investigations have their own procedures, their own culture, their own strategic considerations. You need someone who knows this world.

Why You Need Specialized Counsel Now

I mean it. If your reading this because you’ve recieved an SEC subpoena, you need to contact specialized securities defense counsel today. Not tomorrow. Today.

Every day you wait, the investigation advances. Every document you produce without strategic review narrows your options. Every communication you have with SEC staff without counsel present becomes part of the record against you. Every passing day increases the risk that you’ll make a mistake that cant be undone.

This is not the time for half measures. This is not the time to think you can handle it yourself. This is not the time to use your corporate lawyer who doesnt specialize in SEC enforcement. The stakes are too high. The procedures are too specific. The consequences of getting it wrong are too severe.

At Spodek Law Group, we’ve defended clients through SEC investigations at every stage – from subpoena response through trial. We understand the March 2025 rule changes and how they affect investigation strategy. We understand the current enforcement environment where the SEC is collecting record penalties. We understand how to coordinate defense across SEC, FINRA, and potential criminal exposure. We understand how to protect your rights while maintaining appropriate cooperation to earn credit that reduces penalties.

Todd Spodek and our team handle these cases nationally from our Brooklyn office. We’re available to consult immediately at 212-300-5196.

The window for effective intervention is narrow. The stakes – in an environment where the SEC collected $8.2 billion last year and is operating at its most aggressive pace in two decades – are higher then they’ve ever been. Your career. Your finances. Your freedom. Your future in the industry.

Critical.

Thats what this moment is. But only if you act before its too late. Contact us today.