Criminal Defense Lawyers

SEC Subpoena

What to Do If You Get an SEC Subpoena

You Just Got Subpoenaed by the SEC, Now What?

Okay, let’s cut right to the chase, you just got subpoenaed by the Securities and Exchange Commission (SEC). Take a deep breath, it’s going to be alright. But, you need to act fast and smart.Getting an SEC subpoena is no joke, it means the SEC is formally investigating you or your company for potential violations of federal securities laws. It’s simple, every single client deserves honesty and white glove service. So let me lay it all out for you.

What Exactly Is an SEC Subpoena?

An SEC subpoena is a legally binding request for documents or testimony related to an SEC investigation. There are two main types:

1. Subpoena Duces Tecum: This requires you to produce specified documents, records, or other evidence to the SEC.
2. Subpoena Ad Testificandum: This demands you appear and testify under oath before the SEC.

You might get hit with both types, requiring you to hand over documents and show up for questioning. The subpoena will spell out exactly what the SEC wants and by when.Here’s the kicker, ignoring an SEC subpoena is a federal crime that can land you in serious legal trouble. So you can’t just toss it aside and hope it goes away. You have to respond appropriately and quickly.

First Things First – Don’t Panic

I get it, getting subpoenaed by a federal agency like the SEC can feel overwhelming and scary. You might be wondering:

• “What did I do wrong?”
• “Am I going to get fined or go to jail?”
• “How much is this going to cost me?”

Relax, take a few deep breaths. Getting an SEC subpoena doesn‘t necessarily mean you committed any violations. The SEC routinely issues subpoenas as part of investigations, even if no wrongdoing is suspected.However, you absolutely must take this seriously and respond properly. Mishandling an SEC subpoena can turn a minor issue into a major legal headache.

Step 1: Read the Subpoena Carefully

This may seem obvious, but you’d be surprised how many people skim over the details. An SEC subpoena spells out exactly what information or testimony is being demanded. Read it thoroughly, multiple times if needed.Pay close attention to:

• The deadlines for producing documents or appearing to testify
• The specific documents, records, emails, etc. being requested
• The date range for the requested materials
• Any instructions for how to provide the information

Don’t make assumptions about what the SEC wants. If anything is unclear, it’s better to ask for clarification than risk missing something important.

Christine Twomey

2024-03-21

Just had my Divorce case settled 2 months ago after having a horrible experience with another firm. I couldn’t be happier with Claire Banks and Elizabeth Garvey with their outstanding professionalism in doing so with Spodek Law Group. Any time I needed questions answered they were always prompt in doing so with all my uncertainties after 30 yrs of marriage.I feel from the bottom of my heart you will NOT be disappointed with either one. Thanks a million.

Brendan huisman

2024-03-18

Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!

Guerline Menard

2024-03-18

Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️

Keisha Parris

2024-03-15

Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.

Taïko Beauty

2024-03-15

I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!

Anthony Williams

2024-03-12

Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.

Loveth Okpedo

2024-03-12

Very professional, very transparent, over all a great experience

Bee L

2024-02-28

Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.

divesh patel

2024-02-24

I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

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Google rating score: 4.9 of 5, based on 736 reviews

Step 2: Don’t Destroy or Alter Any Records

Once you receive a subpoena, you are legally obligated to preserve all relevant records and documents, even drafts or duplicates. Destroying, altering, or concealing subpoenaed materials is a surefire way to land in serious legal jeopardy.At this point, you should immediately suspend any routine document deletion policies and ensure all potentially relevant records are safeguarded and untouched. Instruct employees to do the same.Interfering with an SEC investigation by tampering with evidence can lead to criminal obstruction charges. It’s just not worth the risk.

Step 3: Contact a Securities Defense Lawyer Immediately

Responding to an SEC subpoena is complicated and has major legal implications. This is not a situation to try and navigate alone or with just a corporate lawyer.You need to consult an experienced securities defense attorney right away. An SEC defense lawyer knows the intricacies of the SEC’s investigative processes and enforcement protocols. They can guide you on:

• How to properly respond to the subpoena
• What documents fall under the subpoena’s scope
• How to object to overly broad or burdensome requests
• Whether you should assert your constitutional rights
• Representing you if testimony is required

Trying to handle an SEC subpoena yourself is risky. A misstep could severely damage your legal position and defenses down the road. Securities lawyers live and breathe this stuff – let them advise you from the very start.

Step 4: Gather the Requested Documents/Information

Once you understand exactly what the SEC wants, you’ll need to collect all responsive documents and records. Don‘t do this yourself – have a legal team manage the process to ensure all requirements are properly followed.Some key points:

• Cast a wide net in your search for relevant materials
• Documents may be in various formats (emails, texts, instant messages, etc.)
• Don’t filter out potentially damaging documents
• Maintain a record showing how the search was conducted

Having an experienced legal team oversee the document collection ensures no stone is left unturned. It also lays the groundwork for potential defenses if the SEC claims you failed to fully comply.

Step 5: Review Documents with Your Legal Team

Before producing any documents to the SEC, you and your lawyers need to thoroughly review them. This serves two crucial purposes:

1. To understand the full scope and context of the materials being provided. Your lawyers need to be fully versed in the facts.
2. To identify any documents that may be protected by attorney-client privilege or other legal privileges. Privileged materials can potentially be withheld.

Your legal team will spend significant time analyzing and organizing the documents. This comprehensive review helps formulate a strong defense strategy.

Step 6: Produce the Subpoenaed Documents

Once the documents have been reviewed, it’s time to produce them to the SEC in accordance with the instructions in the subpoena. This process is typically overseen by your legal counsel to ensure:

• A complete set of documents is provided
• A detailed log is kept of what was produced
• Any privileged materials are withheld per a privilege log
• The documents are properly formatted, labeled, and organized
• The SEC’s receipt of the production is confirmed

Seemingly small details like document formatting can have major legal implications later. Having an experienced securities lawyer manage this process is crucial.

Step 7: Prepare for Testimony (If Required)

If you received a subpoena ad testificandum requiring your testimony, the preparation process is intensive. Your lawyers will:

• Debrief you on the background facts and issues
• Anticipate likely areas of questioning by the SEC
• Prepare you to effectively answer questions
• Conduct mock question-and-answer sessions
• Ensure you understand your rights and protections

The SEC uses these testimony sessions as a fact-finding tool, but also to gauge your credibility as a witness. Thorough preparation with your legal team is vital.

What If I Refuse to Comply?

Ignoring or refusing to comply with an SEC subpoena has severe consequences. The SEC can:

• Obtain a court order compelling your compliance
• Charge you with contempt of court
• Bring a civil action seeking substantial fines and penalties
• Refer the matter to the U.S. Department of Justice for criminal prosecution

The bottom line – you must respond to an SEC subpoena or face very real legal jeopardy. The smart move is to consult experienced securities counsel right away.

How an SEC Defense Law Firm Can Help

At this point, you’re probably wondering – how exactly can a securities defense law firm assist me? Let me break it down:

• Deep SEC Experience: We have decades of combined experience representing clients in SEC investigations and enforcement actions. We know the SEC’s playbook inside and out.
• Rapid Response: When you get that SEC subpoena, we can quickly assemble a team to immediately protect your rights and start building your defense.
• Comprehensive Document Review: Our attorneys and paralegals will meticulously review every potentially responsive document to understand the full context and identify privileged materials.
• Vigorous Advocacy: We take an aggressive stance in dealing with the SEC. We object to overreaching or burdensome requests and fight to protect your interests.
• Testimony Preparation: If testimony is required, we spend extensive time preparing you through mock interviews, reviewing background materials, and ensuring you understand all your rights.
• Strategic Defense: From day one, we start developing a comprehensive legal strategy tailored to the specifics of your case and the SEC’s potential theories.
• Leveraging Relationships: We have worked extensively with the SEC’s regional offices and enforcement staff. We leverage these relationships to your benefit.
• Pursuing Alternatives: Whenever possible, we explore alternatives to protracted litigation such as negotiating favorable settlements that avoid an enforcement action.

The SEC is a formidable agency, but we know how to forcefully represent our clients every step of the way. Our team has the skills and experience to protect your rights and interests.

Frequent SEC Subpoena Questions

Let’s go through some of the most common questions we get about dealing with SEC subpoenas:

Q: I’m just a low-level employee, why did I get subpoenaed?A: The SEC casts a wide net in investigations. Even minor employees can sometimes have relevant information or documents. Don’t assume you did anything wrong.

Q: What if I don’t have or can’t find all the documents requested?A: As long as you conduct a thorough, good-faith search and explain what you did, the SEC understands some documents may be missing. Don’t conceal anything.

Q: Can I have my company’s lawyers represent me too?A: No, there is an inherent conflict of interest. You need separate counsel solely representing your personal interests, not the company’s.

Q: What if I accidentally deleted some relevant emails?A: Be upfront about it. Intentionally destroying records would be unlawful, but accidents can potentially be excused or mitigated.

Q: Do I have to answer every question if I testify?A: No, you have constitutional rights against self-incrimination. Your lawyer will prepare you on what questions you may decline to answer.

Q: Will my testimony be made public?A: Most SEC testimony is kept confidential during an investigation. Public proceedings only occur if charges are eventually filed.

Q: How much does it cost to hire an SEC defense lawyer?A: Fees can vary based on complexity, but we offer competitive rates and flexible fee arrangements for individuals and businesses.The key is to be upfront with your lawyer about any concerns from the very start. We’ve seen virtually every scenario before and can guide you accordingly.