You open an overnight envelope and your stomach drops. It’s a subpoena from the Securities and Exchange Commission (SEC). You are required to produce documents and appear for sworn testimony. After the initial shock fades, reality sets in: this is serious. Your finances, career, professional licenses, and reputation may all be at risk. Your next...Read More

David R. Chase, Esq., Former SEC Senior Counsel – Miami Office  Before entering private practice, I served as Senior Counsel in the Miami office of the U.S. Securities and Exchange Commission from 1995 to 1999. As a senior member of the Enforcement Division, I investigated and prosecuted complex violations of the federal securities laws, including matters arising...Read More

When it comes to SEC insider trading investigations, I have a unique perspective. I have both investigated and prosecuted insider trading cases when I worked for the SEC as an attorney in its enforcement division, and have successfully defended them for over the last twenty-five years as a SEC defense attorney after having left the...Read More

If you have just received a SEC subpoena, it is critically important to understand the basics – what a subpoena is, what is seeks, your legal rights and obligations in responding to it, and why it is necessary to be represented by competent SEC defense counsel in handling it. What should I do if I receive...Read More

On February 11, 2026, the relatively newly appointed SEC’s Enforcement Division’s Director, Margaret Ryan (Director Ryan), spoke at the Los Angeles County Bar Association.  In her address, Ryan touched upon three critical topics: (1) the guiding principles of the Commission’s Enforcement Division, (2) the importance of the Wells Process, and (3) the Commission’s enforcement priorities...Read More

We’re proud to share that David R. Chase was quoted in a recent CBC article examining the growing scrutiny around prediction markets and their role in speculative trading on geopolitical events. In the article, David Chase offered expert insight into how traditional securities law principles—especially around insider trading and fraud—might apply in these emerging platforms as...Read More

Insider trading in the securities markets has been a constant, notwithstanding the SEC’s years long efforts to deter it through investigations and prosecutions. Now, with the proliferation of the prediction markets, including Polymarket and Kalshi, there are increasing concerns that illegal insider trading may be taking place on such platforms potentially threatening their integrity and...Read More

Former SEC enforcement attorney David Chase was recently quoted in The Block’s article, “SEC Crypto Treasury Probe Frozen by Shutdown, but Subpoenas Could Fly Soon After Government Reopens.” The piece discusses how the ongoing government shutdown has paused the SEC’s investigation into digital asset treasury strategies, and what could happen once regulators return to work....Read More

Yes, the Securities and Exchange Commission often relies on electronic communications, like emails, text messages and social media chats to prove insider trading.  In fact, such communications can prove to be critical evidence in establishing some or all of the key elements of an insider trading prosecution: knowledge, intent, relationships and, in some cases, efforts...Read More

Henry Paul Regan, Jr. a United States citizen living in Colombia, who was associated with five different registered broker dealers and previously held Series 7 and 63 securities licenses, was charged by the United States Securities and Exchange Commission with defrauding more than 330 U.S. based investors out of more than $63 million. Filed in...Read More