The Enforcement Division of the Securities and Exchange Commission (SEC) pursues a broad range of charges against companies, company executives, investment advisors, and other entities and individuals. If you have been contacted by the SEC’s Enforcement Division, it is important that you seek the best federal securities fraud defense counsel immediately.
While most people know the Securities and Exchange Commission (SEC) as the federal agency responsible for regulating the public securities market in the United States, the SEC conducts law enforcement activities as well. In particular, its Enforcement Division investigates and prosecutes companies and individuals for a broad range of offenses, and has the authority to seek penalties in administrative, civil, and criminal proceedings.
Regardless of the nature of the investigation, if your company or you personally are being targeted by the SEC, you need to defend yourself. The penalties for violating the Securities and Exchange Act of 1934, the Dodd-Frank Act, the Foreign Corrupt Practices Act (FCPA), and other statutes falling within the SEC’s enforcement jurisdiction can be substantial, and criminal prosecution by the U.S. Department of Justice (DOJ) can lead to long-term imprisonment. The SEC routinely issues litigation releases announcing civil charges, securities litigation, and sentences against company executives, investment advisors, scam artists, and other individuals, and DOJ press releases regularly tout criminal enforcement efforts in the securities field.
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Dr. Nick Oberheiden Founder Attorney-at-Law John W. Sellers Former Senior Trial Attorney U.S. Department of Justice Local Counsel Joanne Fine DeLena Former Assistant U.S. Attorney Local Counsel Joe Brown Former U.S. Attorney & Former District Attorney Local Trial & Defense Counsel Amanda Marshall Former U.S. Attorney Local Counsel Aaron L. Wiley Former Federal Prosecutor Local Counsel Roger Bach Former Special Agent (OIG) Michael Koslow Former Supervisory Special Agent (FBI) Chris Quick Former Special Agent (FBI & IRS-CI) Kevin M. Sheridan Former Special Agent (FBI) Ray Yuen Former Supervisory Special Agent (FBI) Dennis A. Wichern Former Special Agent-in-Charge (DEA)
At Oberheiden, P.C., our proven federal securities defense lawyers provide skilled legal representation for securities fraud enforcement matters. Our practice is nationwide in scope, and our career defense attorneys and former DOJ white-collar prosecutors have collectively handled thousands of federal cases at all stages – from investigation through appeal. If the SEC is targeting you or your company for administrative or civil enforcement, or if the SEC is working with the DOJ to pursue criminal securities fraud charges, we can use our experience to protect you.
In a press release announcing the publication of the SEC Enforcement Division’s 2019 Annual Report, the SEC confirmed that it is continuing to target its securities fraud enforcement efforts based on five core principles. These five core principles are:
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Guided by these principles, the SEC brought a “diverse mix” of enforcement actions during fiscal year 2019. As summarized in the SEC’s press release:
“In fiscal year 2019, the SEC brought a diverse mix of 862 enforcement actions, including 526 standalone actions. These actions addressed a broad range of significant issues, including issuer disclosure/accounting violations; auditor misconduct; investment advisory issues; securities offerings; market manipulation; insider trading; and broker-dealer misconduct. Through these actions, the SEC obtained judgments and orders totaling more than $4.3 billion in disgorgement and penalties. Importantly, the SEC also returned roughly $1.2 billion to harmed investors as a result of enforcement actions.”
On average, this translates to nearly $6.4 million in disgorgement, penalties, and restitution per SEC fraud enforcement action. But, in large-scale civil and criminal investigations, it is not unusual for the SEC and DOJ to seek tens or hundreds of millions of dollars in total penalties.
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As you can see from the five core principles listed above, the SEC devotes a significant portion of its enforcement efforts to targeting individuals and companies suspected of having direct involvement in fraudulent practices that harm individual investors. However, this itself is an extraordinarily broad category of fraud-related offenses, and the SEC’s focus on technology and allocation of resources means that we are often able to identify trends in securities fraud enforcement from year to year. For example, recent focuses of SEC, DOJ, and other federal agency law enforcement efforts have included:
Due to the volume and diversity of potential charges in SEC fraud investigations, when faced with the prospect of an administrative, civil, or criminal enforcement action, it is imperative to quickly discern the specific allegations for which you and your company are being targeted. At Oberheiden, P.C., we have the federal government insights and federal defense experience required to efficiently assess the potential exposure resulting from SEC inquiries and develop targeted defense strategies focused on securing favorable pre-charge resolutions. As with all federal defense matters, acting promptly is crucial to affording yourself the opportunity to present the strongest possible defense. To speak with an SEC fraud defense lawyer at Oberheiden, P.C. in confidence, call or contact us online today.
Several different factors can trigger an SEC fraud investigation. In many cases, the SEC will initiate an investigation unilaterally based on information (or a lack of information) contained in a company’s public statements or filings. Whistleblower allegations are also common triggers, and the SEC’s whistleblower program has made record payouts in recent years.
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SEC fraud investigations can also flow from other federal agencies’ investigative and law enforcement efforts. For example, if the DOJ, FBI or IRS uncovers possible evidence of securities fraud, it may share this information with the SEC so that the Commission can lend its expertise.
The SEC defines fraud as any misrepresentation or omission that has the potential to affect an investor’s decision-making process. Within this broad definition, fraud can take
Different forms, from companies publishing false financial guidance to corporate executives engaging in insider trading, and from brokers providing bad advice to scam artists fleecing unsuspecting cryptocurrency investors. While fraud
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The SEC uses various tools to investigate cases of suspected securities fraud. One of its most potent investigative tools is its subpoena power. The SEC can issue subpoenas to suspects, targets, and witnesses when conducting formal investigations, and subpoena recipients must respond under penalty of perjury and at the risk of being held in contempt for failing to submit a timely and compliant response.
SEC staff also review documents, conduct interviews, make informal record requests, and gather information through a variety of other investigative means. When facing an SEC fraud investigation, understanding how the SEC investigates—and knowing how to respond appropriately—is critical for mitigating any potential negative consequences.
Many different acts and omissions can constitute SEC violations. The SEC enforces numerous federal securities laws, and it has promulgated voluminous regulations under these laws with which companies, executives, directors, brokers, and others must comply. Failure to strictly adhere to any of these laws or regulations has the potential to lead to allegations of an SEC violation—which can in turn lead to administrative enforcement action, civil litigation, or criminal prosecution.
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The SEC’s authority to impose penalties on companies and individuals is substantial. The SEC can (and regularly does) impose civil fines, and it is not unusual for SEC fines to be in the tens of millions or even hundreds of millions of dollars. The SEC can also order disgorgement, payment of interest, and other financial penalties; and, in relevant cases, it can prohibit companies from offering securities, ban individuals from the securities industry, and seek other forms of injunctive relief. In cases involving evidence of criminal securities fraud, the SEC can engage the DOJ to pursue criminal prosecution of both companies and individuals.
Have you been contacted by the SEC’s Enforcement Division or an agent from any other SEC office or division? If so, our securities fraud defense attorneys can help you understand your situation and make informed decisions going forward. To discuss your case in a complimentary and confidential consultation, call us at 888-680-1745 or tell us how we can help online now.
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