SEC Subpoenas

Generally, a subpoena is a written order to compel some form of testimony from an individual. The testimony sought under a subpoena can be in the form of documents, written information, or in-person verbal testimony. The SEC is an arm of the U.S. Government with the power to issue subpoenas to anyone under U.S. jurisdiction that may have helpful information in an investigation.

The SEC most commonly issues subpoenas when it is investigating wrongful conduct in the context of the securities industry. The SEC may issue a subpoena to you personally when you are the target of an SEC investigation or when you might have information that would shed light on an investigation into another person or entity.

While a subpoena will include details pertaining to when and where you are required to provide testimony, the SEC rarely, if ever, includes detailed information regarding the ongoing investigation that the subpoena relates to. A subpoena will typically only include the specific documents and information that the SEC is seeking from you, without much, or any, explanation why.

Before the SEC issues a subpoena, it must first receive a Formal Order of Investigation. The Formal Order of Investigation will generally go into more detail on the finer points that the SEC is investigating. If you receive an SEC subpoena, requesting the Formal Order of Investigation is an important step to understanding why you received the subpoena.

If the SEC sends you a subpoena, it is highly recommended that you consult the team at Malecki Law, who is highly experienced in handling SEC investigations for securities industry professionals. Malecki Law can help you compile and organize documents, prepare for in-person or virtual testimony, handle communications with the SEC and your firm, and put you in the best position to continue your career in the securities industry after you provide testimony.