How does the SEC define “AI-Washing” in 2026? Under the direction of Chairman Paul Atkins, the SEC has defined AI-washing as a materially false or misleading statement concerning a firm’s use of artificial intelligence to manage financial assets and/or to predict market trends.  If a firm claims its returns are generated by a “proprietary neural...Read More

When individuals or companies receive a Securities and Exchange Commission (SEC) subpoena, the first and most critical decisions to be made is choosing the right SEC investigation lawyer. An SEC investigation can lead to serious life-changing consequences, including civil enforcement actions, financial penalties, industry bars, and reputational damage.  In some cases, it may cause a...Read More

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

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