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SEC Subpoenas and Enforcement Actions On The Rise

By George Miller, Esq. of Shustak Reynolds & Partners, P.C. posted on Thursday, October 30, 2014.

George C. Miller

George C. Miller


Location: San Diego, California
Phone: (619) 696-9500 (Ext. 105)
Direct: (619) 501-8270
Email[email protected]

In mid October of 2014, the Securities and Exchange Commission (SEC) reported that it filed a record 755 enforcement actions during the fiscal year ending September 2014.  According to a press release issued by the agency, those actions included several first-ever cases, such as actions involving “the market access rule, the ‘pay-to-play’ rule for investment advisers, an emergency action to half a municipal bond offering, and an action for whistleblower retaliation.”  SEC Chairwoman Mary Jo White has reiterated that the SEC will continue to expand its enforcement efforts in the coming years.  That means more SEC enforcement actions, and SEC subpoenas, are on their way.

The SEC’s Division of Enforcement investigates and, in some cases, brings civil charges against individuals and entities for violations of the Federal securities laws.  The Division does not prosecute criminal actions but works closely with law enforcement authorities, including the Department of Justice and U.S. Attorneys’ Office, and may refer matters to them under certain circumstances.  It is critical to associate with experienced counsel at the outset of the investigation or immediately upon receiving a SEC subpoena.  While SEC investigations and enforcement actions often are targeted at investment advisers, brokerage firms, publicly traded companies or others with close ties to the securities industry, individual investors and other members of the public may be pulled into investigations and enforcement proceedings through the use of SEC subpoenas and requests for testimony.

The first time an individual or entity may learn they are the subject of an SEC investigation or enforcement action often is upon receiving a subpoena from the SEC.  Our New York, San Francisco, Irvine and San Diego SEC subpoena and enforcement defense attorneys have extensive experience in representing individuals and entities in SEC, FINRA and other regulatory investigations and enforcement proceedings.  Contact us today for a confidential analysis of your situation.

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