Receiving a subpoena from the Securities and Exchange Commission (SEC) can be intimidating. Whether you're an investment professional, a former employee, or simply someone who crossed paths with an SEC target, these legal demands must be taken seriously. Even if you're only a witness, a misstep in how you respond can affect your future. At Malecki Law, our SEC lawyers understand the pressure that comes with regulatory investigations and know how to protect your rights from the beginning.
Why You Might Receive an SEC SubpoenaAn SEC investigation [link to SEC Subpoenas & Regulatory Investigations page] can cover a wide range of conduct. You may be contacted for involvement in securities trades, links to individuals or firms under review, or even just because your name surfaced in emails or trade logs. You don’t need to be registered in the securities industry to be subpoenaed. The SEC regularly reaches out to people who have no formal background in the financial industry.
Subpoenas generally fall into two categories. The first requires you to provide documents (known as a subpoena duces tecum). The second requires you to appear for testimony under oath (known as a subpoena ad testificandum). It is possible that the SEC can request both of you. A subpoena might feel vague about what the SEC is really after. That’s why having legal representation is essential. The SEC lawyers at Malecki Law work quickly to get the “Formal Order of Investigation” from the agency and contact their staff to better understand your position—whether you are a target or a witness.
What Happens After You’re SubpoenaedOnce you’ve received a subpoena, you may be required to provide documentation on certain accounts, transactions, or communications. These materials are often used during the interview or deposition phase. In some cases, you’ll be asked to complete a background questionnaire before your testimony.
You should not reach out to other witnesses or individuals involved. Even casual contact can be misinterpreted as attempting to influence the investigation. However, your attorney can speak with lawyers representing other witnesses to coordinate where appropriate. SEC lawyers will be reviewing every document and every word you say, so it is critical that you are prepared.
At Malecki Law, we take time to walk you through every step of the process before you speak on the record. We’ll practice questions and help you understand the type of language to avoid, the tone to strike, and how to deal with difficult topics. In some cases, we work with allied criminal counsel to assess whether invoking your Fifth Amendment rights is appropriate.
Why Legal Counsel MattersMost people assume that simply cooperating will result in a better outcome. Unfortunately, the SEC is not there to protect your interests. They are there to build their case. Speaking without an attorney or submitting materials without review can lead to unintended consequences.
Having experienced counsel makes a difference. At Malecki Law, we have spent decades handling complex regulatory matters. Our SEC lawyers know how to challenge overly broad demands, negotiate for narrower scopes, and guide clients through interviews, document production, and follow-ups.
Once you’ve testified or turned over records, the SEC may do one of three things. First, they might close the matter without further action. Second, they may issue a Wells Notice, which gives you a chance to respond before charges are filed. Third, they could bring formal charges. Any of these outcomes can carry real consequences for your career and your reputation.
In its 2023 annual report, the SEC reported nearly 800 enforcement actions, including those against individuals, companies, and registered professionals. They obtained close to $5 billion in penalties and disgorgements, showing just how serious these matters are.
Common Triggers for SEC InvestigationsInvestigations may stem from several areas:
Even if you had no malicious intent, your conduct might still come under scrutiny. Our SEC lawyers review all potential risks and help you build a strong response strategy.
Frequently Asked QuestionsShould I be worried if I received an SEC subpoena?
Yes. Even if you're not the main focus, your statements or documents could influence the agency’s direction. Speak with an attorney before doing anything else.
What information will the SEC want?
They often ask for emails, contracts, account statements, and background details. If you're required to testify, they will question you about those materials and any related topics.
Can an attorney stop the SEC from bringing a case against me?
In some cases, yes. Through careful preparation and negotiation, it's possible to convince the SEC not to pursue charges or to resolve matters with reduced penalties.
If you've been contacted by the SEC or received a subpoena, now is the time to act. The outcome of your case depends heavily on what you do next. The SEC lawyers at Malecki Law have decades of experience helping clients handle regulatory investigations, from document production to final resolution. We understand the stakes and will fight to protect your future. Call us today at (212) 943-1233 or email jenice@maleckilaw.com to schedule a confidential consultation.
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