Yes. Artificial intelligence, machine learning, data analytics, and other sophisticated surveillance technologies are increasingly being used to identify potentially suspicious trading activity. However, and critically: an algorithmic alert is not the same as evidentiary proof of illegal insider trading. The Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have access to...Read More

If you are under SEC investigation, one of the most critical, strategic decisions you may face is whether to invoke your Fifth Amendment right against self-incrimination. The decision is particularly complicated because while the Securities and Exchange Commission is a civil regulatory agency, the evidence it develops during an investigation can be referred to the...Read More

I recently was interviewed by reporter Hallie Lauer at the Pittsburgh Post-Gazette regarding an unsealed affidavit by an Allegany County District Attorney alleging possible securities violations by the City of Pittsburgh. As a former SEC Enforcement Attorney, and as the lead enforcement attorney responsible for investigating the City of Miami in the SEC’s first investigation...Read More

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