An SEC formal order of investigation is an order authorizing the Securities and Exchange Commission’s Enforcement staff to conduct a formal investigation and, when authorized, exercise subpoena powers.  Importantly, it does not mean that the SEC has already determined that a person or company violated the federal securities laws. For individuals, executives, public companies, investment...Read More

Receiving a subpoena from the U.S. Securities and Exchange Commission (SEC) in connection with an SEC investigation is a serious matter. An SEC subpoena may require an individual or entity to produce documents, provide information, or appear in person to give sworn testimony. If you receive an SEC subpoena, absolutely do not ignore it. The...Read More

On August 31, 2026, the Securities and Exchange Commission (SEC) and the Food and Drug Administration (FDA) announced a groundbreaking Memorandum of Understanding (MOU) designed to formalize and accelerate the exchange of nonpublic information between the two agencies. While the announced goal is broad—“ensuring the integrity of the financial markets and protecting public health”—the practical...Read More

In the high-stakes arena of insider trading enforcement, a common misconception exists among defendants: “If I didn’t sell the shares or exercise the option contracts, I didn’t actually make a profit—meaning there is no realized gain and thus nothing for the government to take back.” However, the U.S. Securities and Exchange Commission (SEC) flatly rejects...Read More

What factors influence SEC charging decisions? The SEC will consider many factors when making a decision whether to charge or not. The SEC will look at the quality and nature of the evidence, meaning how persuasive and credible it is or is not. It will look to determine whether there is investor harm, for example,...Read More

The moment you receive an SEC subpoena or a Wells Notice, a natural knee-jerk reaction is to search for the most prominent criminal defense firm available.  It is common to look for firms that feature large rosters of former Department of Justice (DOJ) prosecutors. While that approach makes sense for criminal investigations and already indicted...Read More

When you are facing a high-stakes SEC investigation, you cannot afford to hire an attorney who has neither the experience nor expertise in understanding how the government builds and prosecutes its case.   Federal securities enforcement is highly specialized, often moving quickly from informal inquiries to formal investigations and then to potentially life-changing enforcement actions.  Successfully navigating...Read More

Receiving a subpoena or a Wells Notice from the U.S. Securities and Exchange Commission (SEC) is a high-stakes, potentially life-altering situation.  When the SEC’s crosshairs lock onto an individual or corporate target, the immediate instinct and often perceived “safe play” is to retain a national “Big Law” firm.  However, law firm size does not necessarily...Read More

If the SEC just sent you a Wells notice, you’re likely feeling one of two emotions: severe panic, or a strange sense of relief that the wait after a long, nerve-wracking investigation is finally over (or perhaps a little of both). A Wells notice is one of the most consequential letters a person or company...Read More

David R. Chase, Esq., principal of the Law Firm of David R. Chase, P.A., was recently quoted in a feature article published by Missouri Lawyers Media titled “Prediction Markets Open Insider Trading Minefield for Corporate Counsel.” The article examines the rapid growth of prediction markets, including platforms such as Kalshi and Polymarket, and the increasingly...Read More