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SEC Defense Blog

SEC Defense Blog SEC Whistleblower Tips Investor Rights Blog Promissory Note Blog

Welcome to the SEC Defense Blog, where David Chase analyzes significant emerging trends in SEC investigations and priorities and provides unique insights into the SEC’s enforcement of the federal securities laws.

SEC Closing Letter
November 5, 2026

When Facing an SEC Investigation, the Best Victory Is the One That Ends Quietly

Receiving a subpoena, learning that you may be a target of an investigation, or receiving a Wells notice from the U.S. Securities and Exchange Commission (SEC) can place your professional...
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SEC AI insider trading detection
October 12, 2026

Can the SEC Use AI to Detect Insider Trading? How SEC and FINRA Algorithms Flag Suspicious Trades

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...
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Fifth Amendment in an SEC investigation
October 5, 2026

Should You Invoke Your Fifth Amendment Right in an SEC Investigation? Taking the Fifth, SEC Subpoenas and the Act of Production Doctrine

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...
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September 28, 2026

David R. Chase quoted on Securities Law Allegations Involving the City of Pittsburgh

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...
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SEC Formal Orders
September 22, 2026

What Is an SEC Formal Order of Investigation? What It Means and How to Obtain It

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...
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SEC Subpoena Defense
September 14, 2026

SEC Subpoena: What It Means, How to Respond and The Consequences of Non-Compliance

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...
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Pharmaceutical Insider Trading
September 10, 2026

The Regulators Are Talking: What the New SEC-FDA Information-Sharing Deal Means for Pharmaceutical Insider Trading Defense

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...
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SEC v. MacDonald
September 9, 2026

How the SEC Determines “Profit” in Insider Trading Cases When No Gain is Realized: An Analysis of the MacDonald Case

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...
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SEC Charging Decisions
July 20, 2026

What Factors Influence SEC Charging Decisions? Insights from a Former SEC Prosecutor

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...
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SEC inquiry
July 16, 2026

The SEC Is Not the DOJ: Why You Need a Former SEC Attorney, Not a Former Federal Prosecutor For a SEC Investigation

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...
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