SEC Subpoena – What to do after?
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Served with an SEC Subpoena? Here's What to Do Next
If you've been subpoenaed by the SEC, your next steps are critical. Let our experienced securities attorneys guide you through this high-stakes process.
Process Timeline
- 1. 2002: Sarbanes-Oxley Act expands SEC subpoena powers
Result: Increased SEC investigations and enforcement - 2010: Dodd-Frank Act further strengthens SEC authority
Outcome: More aggressive SEC oversight and penalties - 2021: SEC files record number of enforcement actions
Impact: Heightened risks for businesses and individuals
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Receiving an SEC subpoena can be a nightmare scenario for any business or individual. The Securities and Exchange Commission has broad powers to investigate potential violations of federal securities laws, and a subpoena is often the first step in a lengthy and invasive process.
Whether you're facing allegations of insider trading, financial fraud, disclosure violations, or other misconduct, how you respond to an SEC subpoena is critical. Even inadvertent mistakes or delays can expose you to harsh penalties and irreparable reputational harm.
| Criminal Prosecution | Civil Enforcement | |
|---|---|---|
| Burden of Proof | Beyond a reasonable doubt | Preponderance of evidence |
| Possible Sanctions | Imprisonment, criminal fines | Civil penalties, disgorgement |
| Collateral Consequences | Felony record, licensure issues | Reputational harm, business impacts |
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How long does an SEC investigation take?+
The timeline can vary widely, from a few months to several years, depending on the complexity of the issues. Most SEC investigations aim to reach a resolution within 2 years.
Can I refuse to comply with an SEC subpoena?+
In most cases, no. SEC subpoenas are administratively issued and enforceable in federal court. Failure to comply can carry severe penalties, including contempt charges and criminal referral.
Should I be worried about an SEC subpoena?+
While not every subpoena leads to charges, you should take any SEC inquiry very seriously. Experienced counsel can help you assess the situation and develop an appropriate response strategy.
Our SEC Subpoena Defense Guarantee Spodek Law Group stands behind our clients. We pledge to provide zealous, strategic defense representation aimed at efficiently resolving your SEC matter with the most favorable outcome possible.
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Important: Never ignore an SEC subpoena. Failure to comply can result in contempt charges, financial penalties, and even criminal prosecution.
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Facing an SEC subpoena? Don't wait to get help.
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"Spodek Law Group's SEC defense team achieved the best possible outcome in my case. Their guidance was invaluable in navigating the subpoena process and getting the investigation closed quickly." – CEO, Financial Services Firm