For over five decades, individuals facing an SEC enforcement action faced the tough question when deciding whether to settle: avoid the cost, expense and negative publicity of a trial, or accept a settlement on a neither admit nor deny basis, but with the requirement that you could not publicly deny the SEC’s allegations.  In essence, you...Read More

The Securities and Exchange Commission (SEC) recently released its first comprehensive update to its Enforcement Manual since 2017.  The 2026 revisions fundamentally reshape how the Division of Enforcement evaluates individual cooperation, formalizing a structured framework that may significantly reward early, proactive assistance.   However, the decision to cooperate –or not — remains a critical, yet complex,...Read More

For decades, insider trading investigations relied heavily on whistleblowers, referrals from regulatory organizations, and obvious patterns of suspicious, red-flag activity.  Today, the landscape has radically changed. The U.S. Securities and Exchange Commission (SEC) now utilizes advanced market surveillance technology to identify highly suspicious trading patterns across millions of transactions — including a sophisticated analytical platform known...Read More

By David R. Chase, Former SEC Enforcement Attorney and Now SEC Insider Trading Defense Lawyer For many executives, traders, investment advisers, and finance professionals, the first sign of trouble arrives unexpectedly: a subpoena, a call from compliance, a request for documents, or an out-of-the blue contact from SEC enforcement staff itself. By that point, the...Read More

The SEC’s Division of Enforcement recently made significant substantive revisions to its Enforcement Manual, marking the first major update since 2017.  For those staring down a potential SEC enforcement action, these changes to the Wells Notification Process are the proverbial “double-edged sword” in that they provide arguably unprecedented transparency but also create new procedural “traps” for...Read More

What It Means, The Risks, Defenses Against, and Real-World Examples What Is a Relief Defendant in an SEC Case? A Relief Defendant (also called a nominal defendant) is: A person or entity named in an SEC enforcement action on the grounds that they received or currently hold funds derived from, or traced to, federal securities law violations,...Read More

When faced with an insider trading investigation, you are now in potentially perilous waters confronting a federal civil, law-enforcement agency with dedicated resources, institutional knowledge and a “playbook” on how it will conduct its inquiry to determine whether you traded on material, non-public information. David R. Chase spent several years serving as Senior Counsel in the...Read More

Short answer: The U.S. Securities and Exchange Commission (SEC) can obtain email metadata and account information without your knowledge—but generally cannot access the actual content of your emails without a criminal search warrant, which it does not have the legal authority to issue. Why This Matters in an SEC Investigation As an SEC investigation lawyer, a common...Read More

Receiving a subpoena from the U.S. Securities and Exchange Commission (SEC) related to insider trading can be overwhelming—and potentially life-changing. What you do in the first hours after receiving that subpoena can significantly impact the outcome of your case. This guide explains what an SEC subpoena means, what steps you should take immediately, and how...Read More

Introduction There are few legal situations that create more stress and uncertainty for investors, corporate insiders, pharma employees, investment bankers, or securities professionals than learning that securities regulators are investigating you for insider trading.  Federal regulators, including the SEC and DOJ, aggressively pursue insider trading cases, and that historical trend appears to be continuing without...Read More