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3 Things You Need to Know After Receiving a Subpoena from the SEC
Author: Scarinci Hollenbeck, LLC
Date: April 1, 2023
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The Scarinci Hollenbeck, LLC represents clients under investigation by the Securities and Exchange Commission (SEC), and other regulatory authorities. Our firm has worked on securities regulatory cases, white-collar defense cases and corporate governance matters for many years.
This article will examine three things you should know when you receive a subpoena from SEC.
What Is an SEC Subpoena?
During one of its investigations, the SEC can issue a subpoena requiring the attendance of a witness and the taking of their on-the-record testimony. The subpoena may also require the production of producing evidence (paper or digital).
3 Things You Need to Know About Getting a Subpoena from SEC
When dealing with an SEC investigation, proactivity is of the utmost importance. If you have just received a subpoena from SEC, here are three things you should be aware of:
1. Get in Touch with an SEC Defense Lawyer
Contact a defense attorney familiar with SEC subpoenas as soon as possible. Your attorney can help you through the inquiry and protect your rights. Your legal counsel should have substantial experience in SEC investigations.
You should consult an attorney for advice on how to respond, what documents you must provide, and how to prevent any inadvertent actions that might invite further investigation or even legal action.
An attorney can advise you on the best course of action, including what material to disclose and what to keep secret on privileged grounds. A subpoena’s scope or legality may also be contested.
2. Responding to a Subpoena from SEC
The first thing to do after receiving a Subpoena is to write down the date by which the requested materials must be delivered. The Commission may follow up immediately and aggressively if the deadline is missed. It’s possible to negotiate an extension. Keep in mind that answering is not the last step. After receiving your answer to their subpoena, the Commission may take many weeks or months to determine whether they need to continue their inquiry.
The next step is gathering the necessary papers in response to the subpoena; nothing must be destroyed. You might be facing further legal trouble in the form of an obstruction prosecution from the SEC if they discover you destroyed records that might have been relevant to the subpoena.
3. Timely Response is Essential
Lastly, make sure that you deliver the member of SEC Staff the requested papers and information promptly and in a fashion that complies with the subpoena. The necessary documentation should be provided, and your response should be thorough.
You should retain experienced securities law counsel to ensure that your answer contains all the legal objections to which you are entitled.
How Scarinci Hollenbeck, LLC Can Help
The Scarinci Hollenbeck Firm is familiar with responding to SEC subpoenas and defending clients against enforcement proceedings. We will vigorously represent your interests and assist you in figuring out what evidence the SEC requires from you and how to provide it.
We provide free consultations. So don’t hesitate to contact us or message us via our website if you’d like to talk with one of our lawyers right now.
- Practices: Securities Litigation & FINRA Arbitrations
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
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