An SEC investigation has the potential to result in civil and criminal charges. Subsequently, it’s important that you contact a Philadelphia SEC subpoena lawyer for guidance through the process as soon as you are served. Your initial response can be detrimental, especially given the extensive amount of documents that are often requested by the SEC. Responding to an SEC request should occur in consultation with an experienced Philadelphia SEC subpoena lawyer that can provide counsel regarding your rights in the matter.
Role of the SEC
The primary role of the SEC is to regulate the financial industry. It’s a federal agency that is responsible for overseeing securities brokers and dealers, investment advisors, securities exchanges, and mutual funds. They protect investors against fraud and ensure public companies provide disclosure for information that’s related to the market. The SEC also investigates issues of non-compliance, such as the possible violation of securities laws. The SEC can file civil charges and submit their findings to prosecutors for the purpose of filing criminal charges.
A subpoena is when a court orders a person to provide the information requested. A subpoena is typically issued when enough evidence and information has been gathered that a formal investigation is warranted. This can be in the form of a testimony or by producing the documents requested. There’s also a chance that other types of evidence will be requested in a subpoena.
Responding to an SEC Subpoena
Responding to an SEC subpoena is something that should not be taken lightly and should only be done in consultation with a Philadelphia SEC subpoena lawyer. There are many important considerations. For instance, concealing documents or being dishonest can have serious consequences. Similarly, ignoring a subpoena could cause you to be in contempt of court, which could result in fines or jail time. While it’s important that you respond to an SEC subpoena, you should not do so casually.
It’s important that you understand your rights regarding an SEC subpoena. You must also know the different options that are available to you, such as the right to object. There are different reasons why someone would object to a subpoena. However, the SEC can still enforce the subpoena after an objection is made. Challenging the response of the SEC will require the knowledge and expertise of a Philadelphia SEC subpoena lawyer. There are many possible exceptions that can be made for a variety of reasons, such as the information requested being incriminatory or privileged. A lawyer can walk you through this process.
In the event that you are asked to provide a testimony as opposed to providing documents, it’s imperative that you have a Philadelphia SEC subpoena lawyer present during the testimony. You need a lawyer available that can answer any questions that you have and provide counsel to ensure you communicate with clarity during your testimony. You must always remember that truthfulness is critical whenever you provide information in response to an SEC subpoena. A Philadelphia SEC subpoena lawyer can help to ensure you are prepared and able to provide informed responses.