The Securities and Exchange Commission is a formidable federal agency charged with the authority to investigate various instances of securities fraud and misconduct by entities, executives, and investors in order to protect U.S. investors and preserve the integrity of U.S. capital markets.
To uphold this mission, one of the tools at its disposal is the federal subpoena. The subpoena is a powerful instrument relied extensively by federal agencies to request extensive amounts of information from companies and executives, sometimes spanning multiple years. Because of the large quantity of information that is processed and stored online—electronically stored information (“ESI”)—these requests can seem daunting.
If you received a subpoena from the SEC, time is of the essence. There are strict deadlines that must be followed—whether pertaining to document production or testimony. Failure to precisely adhere to these deadlines can lead to contempt and obstruction of justice charges. Simply ignoring the subpoena or superficially satisfying some obligations will not suffice. This article explains the subpoena power of the SEC and, most importantly, what to do if you received an SEC subpoena.
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