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Responding To SEC Subpoenas

May 12, 2018 Federal Criminal Attorneys

If you have been sent a subpoena from the SEC, we can help. The SEC has shifted into high gear recently, due to ICO’s/Cryptocoins, and is diligently investigating all issues. SEC Subpoena’s are being sent in full force, and require immediate action. Receiving an SEC subpoena can be jarring – here’s whats important: you have to respond to SEC subpoenas.

Do not ignore the SEC subpoena

Be extremely diligent, and mindful, of the deadline. Even if you question whether the SEC has the right to regulate your industry – the SEC’s investigative authority is broad, and you can’t ignore the subpoena. You have to respond to it.

Hire an attorney

Before you respond to an SEC subpoena, hire an attorney to help you. Even if you believe no laws were violated, new problems can arise if you don’t understand

Preserve Documents

Be sure to preserve all your documents and data, regardless of what form they are in. Preserve all documents relating to the topics covered by the subpoena. Don’t edit or delete any documents. We can help you gather all necessary documents. Any missteps can result in the SEC pursuing further actions against you. We can also help advise you which documents might be covered under attorney-client privilege, and thus do not need to be produced.

Avoid Non-Privileged Conversations

Be careful about having conversations about the SEC’s request. Limit those communications, and involve your lawyers in ALL Communications – because this can help you maintain attorney-client privilege. If you, or others, have to testify, then non-privileged conversations can become evidence.

Cryptocurrency ICO SEC Subpoena Lawyers

Are you a cryptocurrency owner – who just received a subpoena from the SEC, FTC, or State Attorney General? There’s a number of agencies that can subpoena you – due to the fact numerous government organizations are cracking down on ICO’s and cryptocurrencies. In some cases, state attorney generals are joining forces with federal agencies to investigate ICO’s. It’s hard to know whether this is a sweep of the entire industry – or focused on specific types of tokens. What’s clear is that if you’re an early stage ICO, or if you’re a startup using an ICO – you may get sent a subpoena. At times like this, whether or not you face consequences could depend on whether you have a capable attorney or not.

The SEC subpoena, is part of the agencies probe into how companies are using crypto for fundraising. The documents sent by the SEC are detailed, and focus heavily on the token launch, – but could extend to a wide array of other activities and organizational details. Complying with the subpoenas is difficult, and can be draining. If you fail to accurately communicate with the SEC, or accidentally withhold information – this can be lethal to your company.

Due to the fact the subpoenas are new, much about them – especially their focus and intent – is unknown. The SEC can ask for things like a list of investors, marketing materials, organizational structure, the amount of money raised, where you’re keeping the funds, as well as people involved like advisors. It’s possible the subpoenas are just an initial tactic to determine whose a legitimate company – and whose a scam, but it’s hard to say. These subpoenas are very detailed, and the SEC has unlimited resources to pursue investigations.

It’s speculated that SEC is investigating ICO’s where investors receive a token which doesn’t have any use yet or has no blockchain network. It’s probable that the SEC is trying to determine scammy companies, and root them out before they steal funds from investors.

If you’ve received a subpoena, we recommend contacting an attorney immediately who can work with you.

 

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