Experienced Counsel for SEC Investigations, Document Production, and Testimony

When the U.S. Securities and Exchange Commission issues a subpoena, the stakes are immediate and high. Responding effectively requires more than general litigation experience—it demands a deep understanding of how the SEC builds cases, how its Enforcement Division operates, and how to navigate the strategic and procedural nuances that follow.

At Fridman Fels & Soto PLLC, our attorneys include former SEC Enforcement lawyers and federal prosecutors who have managed these investigations from both sides. We know the difference between cooperating strategically and exposing unnecessary risk—and we tailor every response to protect our clients’ interests while containing the inquiry’s scope.

Why SEC Subpoena Defense Requires Specialized Experience

An SEC subpoena isn’t just a request for documents—it’s an investigative weapon designed to gather leverage. Each subpoena signals that the SEC has identified an issue or individual it wants to scrutinize. How a recipient responds in those first few days often shapes the trajectory of the entire investigation.

Our experience has shown that the wrong early move—such as over-producing, under-preserving, or volunteering testimony too soon—can turn a routine inquiry into an enforcement action. Effective defense starts with a strategy that balances cooperation with protection.

Types of SEC Subpoenas We Handle

– Document Subpoenas: Demanding production of records, emails, text messages, trading data, and internal communications.
– Testimony Subpoenas: Requiring sworn investigative testimony from individuals, officers, or employees.
– Hybrid Subpoenas: Combining document production and testimony obligations.
– Informal Requests and “Voluntary” Productions: Which often carry the same risks as formal subpoenas and must be approached with equal care.

We regularly represent investment advisers, broker-dealers, financial professionals, public companies, and private issuers in each of these contexts.

Our Approach: Strategy, Containment, and Credibility

Responding to an SEC subpoena isn’t simply about compliance—it’s about control. Our process emphasizes precision, defensibility, and foresight at every step.

1. Immediate Triage and Assessment – Identify the subpoena’s true focus and determine whether the client is a witness, subject, or target.
2. Engagement with the SEC Staff – Negotiate scope, production timelines, and clarify ambiguous requests.
3. Document Review and Production Management – Oversee search protocols, privilege reviews, and metadata controls.
4. Testimony Preparation – Conduct mock sessions and prepare clients for SEC investigative testimony.
5. Parallel and Collateral Exposure – Anticipate overlap with DOJ, FINRA, or state regulators and protect across all fronts.

Document Preservation: The First—and Most Critical—Step

The first duty after receiving an SEC subpoena is to preserve all potentially relevant evidence. Failure to do so can lead to allegations of obstruction or spoliation, which may trigger additional investigations.

Effective preservation includes:
– Issuing Immediate Legal Holds: Halting routine deletion of emails, texts, and chat data.
– Preserving Cloud and Backup Systems: Ensuring data integrity across all platforms.
– Disabling Auto-Delete Settings: Especially for Slack, Teams, and WhatsApp.
– Documenting the Process: Maintaining detailed records of who was notified and how systems were secured.

At FFS, we coordinate directly with IT, compliance, and legal teams to implement defensible, proportionate holds that protect both legal rights and business operations.

Proper preservation isn’t just about compliance—it’s about credibility. A well-documented preservation plan can prevent a regulatory inquiry from becoming an enforcement action.

Why Our Background Matters

Our attorneys have decades of collective experience inside the SEC and U.S. Attorney’s Offices. We’ve drafted subpoenas, led investigations, and conducted testimony examinations. That experience informs every decision we make—when to push back, when to engage, and how to position a client for the best possible outcome.

We’ve represented clients in matters involving insider trading, accounting fraud, crypto-asset enforcement, broker-dealer supervision, and cross-border investigations involving OFAC and DOJ components. This breadth allows us to anticipate how an SEC matter can evolve and to act before it does.

Representative Subpoena Matters

– Defended investment advisory firm in SEC Enforcement inquiry concerning alleged insider trading; negotiated limited production and secured closure without charges.
– Represented broker-dealer executives subpoenaed for testimony in SEC and FINRA parallel investigations; no enforcement referral followed.
– Advised fintech company during SEC records subpoena involving digital-asset transactions; limited scope and prevented compelled testimony.

(Representative matters are illustrative only; past results do not guarantee future outcomes.)

Take Action Immediately

If you’ve received an SEC subpoena, timing and experience are everything. The sooner counsel is engaged, the greater the opportunity to manage scope, protect privilege, and shape the narrative before the SEC does.

Contact Fridman Fels & Soto PLLC for immediate, confidential assistance with SEC subpoenas and investigations.
https://ffslawfirm.com/contact-us

Related Insights

– How to Respond to an SEC Subpoena: https://ffslawfirm.com/category/securities-law/ 
– Five Common Mistakes in SEC Testimony Preparation: https://ffslawfirm.com/category/securities-law/
– Document Preservation in Regulatory Investigations: https://ffslawfirm.com/category/securities-law/