Practice Insights
SEC Enforcement Defense Insights
Analysis for companies, regulated entities, and individuals facing SEC scrutiny. The collection covers informal inquiries, subpoenas, testimony, Wells notices and submissions, enforcement litigation, and parallel proceedings involving the DOJ, FINRA, CFTC, PCAOB, or other regulators.
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20 articles
The SEC’s Aggressive Tack on the Cryptocurrency Industry
On June 6, 1944, the 82nd Airborne Division went to war, dropping infantrymen from the skies above France. On the sixth of June of ’23, the SEC waged its own ve
Demystifying the Wells Process
No subject of an SEC investigation wants to be “Wellsed.” A Wells notice from SEC staff signals that an enforcement action is probably coming, and with it, slee
Should You Make a Wells Submission? Strategic Considerations and Hidden Pitfalls
For clients under SEC investigation , receiving a Wells Notice can feel like the beginning of the end. And while it signals that the SEC Staff intends to recomm
The Supreme Court’s Starbucks Decision and Its Impact on SEC Enforcement Actions: A Changing Landscape in the 11th Circuit and Beyond
In a landmark ruling, the Supreme Court in Starbucks Corp. v. McKinney , 144 S. Ct. 1570 (2024) rejected the historically lenient standard used by some federal agencies when seeking preliminary injunctions, instead reaffirming that courts must apply the traditional four-factor test.
Facing an SEC Subpoena? Here's What You Need to Know and How an Attorney Can Help
If you’ve been served with an SEC subpoena , it’s likely you are facing a stressful and uncertain situation. A subpoena is an official request from the Securiti
Best Practices for Corporate Executives to Avoid Insider Trading Accusations
Insider trading accusations can severely damage reputations, careers, and company credibility. Several recent cases involving high-profile executives emphasize
Behind the Numbers: The Complex Landscape of Advisory Fee Transparency
Transparency in investor advisory fees is not just a regulatory requirement—it reflects integrity. But when disputes arise, defending the legitimacy of advisory
Securities Enforcement: Impact of the Supreme Court's SEC v. Jarkesy Decision
On June 27, 2024, the U.S. Supreme Court issued a pivotal ruling in SEC v. Jarkesy that will significantly reshape securities enforcement. As outlined below, it
Importance of Abiding by SEC Rule 17a-4: Consequences of Non-Compliance
Recent enforcement actions by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) highlight the critical impor
Insider Trading Defense: An In-depth Look at Key Strategies and Evidentiary Challenges
Introduction Defending against insider trading charges is a complex and challenging task that requires a deep understanding of the legal landscape and strategic
The Role of Whistleblowers in Insider Trading Cases: A Double-Edged Sword
Introduction Whistleblowers play a pivotal role in uncovering insider trading activities , often providing the crucial information that leads to investigations
Recent Insider Trading Cases: Lessons Learned and Precedents Set
Introduction Insider trading cases frequently capture public attention and serve as critical learning points for legal and financial professionals. Recent high-
A Primer on Insider Trading Laws and Defenses
Introduction Insider trading is a term that often evokes images of financial scandal and corporate malfeasance. At its core, insider trading involves the buying
Navigating the Complex Waters of SEC Rule 102(e): A Legal Perspective
Recently, the Securities and Exchange Commission (SEC) initiated a 102(e) administrative proceeding against Clark Schaefer Hackett & Co. (“CSH”), a public a
Section 13a Violation
Section 13(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and the rules promulgated thereunder require issuers of securities registered pursuant to
Play Along or Risk Losing It All: Cooperation and Remediation in SEC Investigations
Few stories that begin with a government investigation have a happy ending. This is one of them, and the reason is the company’s decision to cooperate and remed
SEC Charges Texas Man with Insider Trading Based on Non-Public Information He Overheard While His Wife was on a Remote Work Call
In a case that says as much about today’s work-from-home climate as it does about securities fraud , the SEC has charged Tyler Loudon of Houston, Texas for trad
New SEC Rule Toughens Trading Rules for Agency Employees
As a former SEC Trial Attorney, I was always particularly mindful of the trading rules imposed on SEC staff. While I always understood that the rules were inten
Summary of SEC's New Rules for Clearing Agency Governance
Overview The Securities and Exchange Commission (SEC) has announced the adoption of new rules aimed at enhancing the governance of registered clearing agencies.
Summary of SEC v. Govil
Background of the Case In the case of Securities & Exchange Commission v. Govil, the United States Court of Appeals for the Second Circuit made a significan