David Chase
Top rated Securities Litigation attorney in Fort Lauderdale, Florida
The Law Firm of David R. Chase, P.A.
Practice areas: Securities Litigation, White Collar Crimes
Licensed in Florida since: 1992
Education: University of Miami School of Law
Selected to Super Lawyers: 2006 - 2007, 2009 - 2019, 2021 - 2026 
Free Consultation The Law Firm of David R. Chase, P.A.
1700 East Las Olas Blvd.Suite 305
Fort Lauderdale, FL 33301 Phone: 800-760-0912 Email: David Chase Visit website
Details 
David Chase, a nationally recognized and acclaimed SEC defense lawyer, represents those under SEC investigations, DOJ securities fraud grand jury investigations and FINRA inquiries around the country, including all the financial centers: New York City, Washington, DC, Chicago, San Francisco, San Diego, Austin, Dallas and Houston.
David uniquely understands how the SEC conducts its investigations, settlement negotiations, and prosecutions as he served in the SEC’s Enforcement Division as a Senior Counsel in the SEC’s Miami Regional Office for approximately four years. He now uses this inside knowledge to strategically defend his clients to avoid charges or negotiate favorable settlements where required.
For the last thirty years, David has successfully represented individuals, securities professionals, investment advisors, hedge fund managers, and companies who find themselves under the SEC’s crosshairs. Cases handled include insider trading, stock manipulations, crypto fraud, Ponzi schemes, and investment advisor fraud, among others.
David, a SEC Subpoena Lawyer, will personally handle your case and patiently guide you through the complex and oftentimes stressful investigatory process. He crafts a defense strategy for each of his clients based upon their objectives and personal circumstances.
David has been widely quoted and published on SEC cases, and has appeared on Bloomberg, CBC and other media outlets. Additionally, David has served for over a decade as an Adjunct Professor of Law at the University of Miami School of Law, where he teaches a course on SEC Investigations.
First Admitted: 1992, Florida
Professional Webpage: http://www.securitiesfrauddefense.net/attorney-profile/
Bar / Professional Activity
- Florida Bar, 1992
Videos
- David R. Chase, former SEC Prosecutor and now SEC defense lawyer, is interviewed on Bloomberg Television to discuss the Game Stop phenomena, and to provide his opinion whether SEC would view potentially coordinated trading as a form of securities fraud manipulation in violation of the federal securities laws., Bloomberg Interview on Stock Market Activity in Gamestop, Financial Services, Banking, Corporations, Compliance, Oil, Pharmaceutical, Biotechnology, AI, 2021
- Anatomy of an SEC Investigation: From Inception to ResolutionUnderstanding how the U.S. Securities and Exchange Commission (SEC) initiates, conducts, and concludes an investigation is vital for legal practitioners and targeted individuals alike [00:07]. Key stages include:How Investigations Begin: [00:07] Inquiries commonly originate from whistleblowers, media reports, or regulatory referrals—such as suspicious trading alerts from FINRA or NASDAQ—as well as the SEC’s proprietary analytics technology [00:28].Informal vs. Formal Inquiries: [01:08] Investigations typically start informally (requesting voluntary cooperation, though licensed entities like investment advisers and broker-dealers are mandated to cooperate) [01:19]. If necessary, the SEC secures subpoena power to launch a formal investigation, compelling document production and sworn testimony [01:42].The Wells Notification: [02:46] Upon concluding an investigation, if the SEC believes it has sufficient evidence, it issues a Wells notice informing the target of its intent to recommend an enforcement action [02:57]. This provides defense counsel an opportunity to formally argue against charging [03:07].Resolution Paths: [03:17] Cases that are not dropped can either be settled through negotiation or proceed directly to litigation [03:22]. 🔗 Watch the full discussion: Under SEC Investigation? What You Need to KnowTop 5 Hashtags:#SEC, #SecuritiesLaw, #WhiteCollarDefense, #RegulatoryCompliance, #Litigation, Under SEC Investigation? What You Need to Know, Finance, Financial Services, Securities Compliance, Litigation, 2005
- Proving Insider Trading: What the SEC Must Establish and Defense StrategiesIn insider trading investigations, the U.S. Securities and Exchange Commission (SEC) carries the burden of proving that an individual traded while in possession of material non-public information (MNPI) [00:07]. Key takeaways for legal professionals include:Core Legal Elements: [00:07] The SEC must demonstrate either a tip derived from a breach of fiduciary duty or the misappropriation of confidential information by someone who was granted lawful access for professional purposes [00:33].Evidentiary Hurdles: [00:57] Despite clear legal definitions, insider trading cases are notoriously complex and challenging for the government to prove at trial [01:08].Navigating SEC Interviews: [01:20] For clients who are entirely innocent, counsel may advise speaking truthfully to investigators to directly deny the allegations [01:31].Invoking the Fifth Amendment: [01:42] When appropriate, asserting constitutional protections allows clients—both innocent and guilty—to remain silent and avoid being ensnared by ambiguous circumstances or misinterpreted statements [02:10].Shifting the Burden: [02:33] Remaining silent strategically prevents the SEC from using a client's own words against them, forcing the agency to independently establish its case by a preponderance of the evidence [02:45]. 🔗 Watch the full discussion: What Does the SEC Need to Prove to Win an Insider Trading Case?#InsiderTrading, #SEC, #WhiteCollarDefense, #SecuritiesLaw, #SECEnforcement, What Does the SEC Need to Prove to Win an Insider Trading Case?, Financial Services, Banking, Securities, Corporations, 2026
- Navigating Parallel SEC & DOJ Investigations: High Stakes and Strategic DefenseWhen the U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) simultaneously investigate the same facts and individuals, the legal landscape escalates rapidly [00:06]. Key strategic considerations include:Heightened Complexity & Dangers: [00:20] Parallel proceedings drastically magnify the stakes, requiring defense counsel experienced in both civil regulatory frameworks and criminal enforcement.Complicated Testimony Decisions: [00:44] A routine decision regarding whether a client should testify during an SEC deposition becomes exceptionally perilous when a pending criminal probe is underway [00:55].Anticipating DOJ Referrals: [01:15] Effective defense strategies in SEC matters must constantly factor in the distinct possibility of a criminal referral [01:22].Life-Changing Consequences: [01:41] Because criminal prosecution carries the grave threat of incarceration [01:41], safeguarding a client's constitutional and legal interests takes absolute priority [01:06]. 🔗 Watch the full discussion: Facing Parallel Investigation by Both the SEC & DOJ? Strategic Insights #WhiteCollarCrime, #SEC, #DOJ, #SecuritiesLaw, #InsiderTrading, Facing Parallel Investigations by Both the SEC and DOJ?, Financial Services, Banking, Securities, Corporations, 2026
- How the SEC Makes Formal Charging DecisionsWhen evaluating whether to bring formal charges or negotiate a settlement, the U.S. Securities and Exchange Commission (SEC) weighs several critical factors:Quality and Credibility of Evidence: [00:17] The strength, persuasiveness, and reliability of the underlying evidence are foundational to any enforcement action.Investor Harm vs. Technical Violations: [00:27] The SEC prioritizes cases involving actual economic harm to investors over isolated technical infractions that caused no financial damage.Target History (Recidivism): [00:49] Individuals or entities with a prior record of securities law violations or criminal prosecution face a significantly elevated risk of being prosecuted.Remediation & Mitigation: [01:08] Proactive mitigation efforts—such as adopting robust compliance policies and procedures or terminating individuals responsible for violations—are heavily factored into charging and settlement discussions.Shifting Administration Priorities: [02:00] Enforcement priorities naturally evolve across different political administrations [02:12], meaning conduct scrutinized under one regime may carry different risks under another.Watch the full discussion: How Does the SEC Make Formal Charging Decisions?, How Does the SEC Makes Formal Charging Decisions?, Financial Services, Banking, Securities, Corporations, 2026
- Critical Mistakes to Avoid in an SEC InvestigationReceiving an SEC subpoena can trigger immediate panic, but reacting hastily can lead to irreversible missteps that alter the entire trajectory of an investigation. In a recent video discussion, securities defense attorney David R. Chase breaks down the most common—and dangerous—self-inflicted errors targets make, and how to avoid them to protect your livelihood and reputation.Key Pitfalls to Avoid:Speaking with the SEC Unrepresented: Attempting to "explain everything away" under the assumption that an innocent conversation will make the investigation go away is a major mistake. Every word can be used against you, especially when you may not fully know the scope of what is being investigated.Discussing the Matter or Putting Things in Writing to Third Parties: Conversations, text messages, and emails with friends or business associates are not protected by legal privilege and can easily be subpoenaed and used as evidence by the SEC.Destroying or Altering Documents: Deleting or altering relevant files after receiving a subpoena can constitute obstruction of justice, instantly escalating a containable civil matter into a serious criminal offense.Choosing the Wrong Legal Representation: Relying on a general practitioner (such as an attorney who handles real estate closings, DUIs, or general litigation) is a critical error. SEC investigations require specialized defense counsel—ideally a former SEC enforcement attorney—who understands federal securities laws and the commission's unique playbook.Recommended Next Steps:Upon receiving an SEC subpoena, the immediate priority should be to secure experienced, niche-focused SEC defense counsel to guide you through the process and safeguard your legal and financial interests from day one.Watch the full video on YouTube: What are the Critical Mistakes to Avoid in an SEC Investigation? , What are the Critical Mistakes to Avoid in a SEC Investigation?, Financial Services, Banking, Securities, Corporations, 2026
Educational Background
- University of Miami School of Law, 1989-1992
Scholarly Lectures / Writings
- How the SEC Determines “Profit” in Insider Trading Cases When No Gain is Realized: An Analysis of the MacDonald CaseA common misconception among targets facing an insider trading investigation is that if they never actually sold the shares or exercised option contracts, they haven't made a profit—meaning there is no realized gain and nothing for the government to claw back (or to disgorge). However, Securities and Exchange Commission (SEC) enforcement and federal case law tell a different story. In a recent post on the SEC-FINRA Defense Blog, SEC Defense Attorney David R. Chase examines how the SEC and federal courts measure "profit" when no actual cash gain has been realized, looking closely at the landmark precedent established in SEC v. MacDonald.Key Takeaways for Practitioners and Defendants:The "Paper Profit" Fallacy: Defendants often mistakenly believe that holding onto securities shields them from disgorgement or financial penalties.The MacDonald Standard: Under SEC v. MacDonald, courts measure ill-gotten gains by determining the "paper profit" that accrues during the gestation period—the time necessary for the market to fully absorb and react to the original material nonpublic information (MNPI).Disgorgement Beyond Actual Sale: Disgorgement can be calculated based on the market's reaction within a reasonable time after public dissemination of the inside information, regardless of whether the trader actually sold the stock at its peak or held onto it indefinitely.High-Stakes Defense: Because insider trading investigations involve complex calculations of trading records, market impact, and intent, early and sophisticated legal counsel is critical to challenge the government's theories of disgorgement.To read the full analysis and learn more about navigating SEC and FINRA defense, visit the David R. Chase, P.A. Law Firm Blog.SecuritiesLaw #InsiderTrading #WhiteCollarDefense #SuperLawyers, Author, How the SEC Determines “Profit” in Insider Trading Cases When No Gain is Realized: An Analysis of the MacDonald Case, David R. Chase, SEC Defense Lawyer, Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Litigation, 2026
- Facing an SEC investigation requires balancing critical constitutional protections with significant legal risks. While the Securities and Exchange Commission (SEC) is a civil regulatory agency, its findings can trigger criminal referrals to the Department of Justice, creating high-stakes choices for targets and witnesses:The Civil-Criminal Dilemma: Invoking the Fifth Amendment prevents compelled self-incrimination and avoids risks from inconsistent testimony or false statements, but it allows courts in civil enforcement proceedings to draw adverse inferences against the witness.The Act of Production Doctrine: While the contents of pre-existing business and personal documents are generally not protected by the Fifth Amendment, complying with an SEC document subpoena can sometimes be "testimonial" if the act of production implicitly confirms the existence, control, or authenticity of the documents.Corporate Limitations: The Fifth Amendment right is personal and does not apply to corporations or other collective entities. Because an adverse inference cannot replace the SEC’s burden of proof, understanding what the agency already knows, or is likely to learn, is vital. Strategic and experienced advice from an SEC defense attorney is essential before deciding whether to testify or produce documents in response to a SEC subpoena., Author, Should You Invoke Your Fifth Amendment Right in an SEC Investigation? Taking the Fifth, SEC Subpoenas and the Act of Production Doctrine, Law Firm of David R Chase, Financial Services, Banking, Finance, Energy, Technology, AI, Biotechnology, Pharmaceutical, 2026
- Insider Trading: Key Questions AnsweredInsider trading investigations often raise difficult, complex questions about what constitutes material nonpublic information, who can be held responsible, and how the SEC evaluates trading activity. In his latest article, David R. Chase, a former SEC Enforcement Attorney, addresses common questions about insider trading, including the legal standards that apply, the types of conduct that can attract SEC scrutiny, and how regulators investigate potential violations. The article also discusses practical considerations for individuals who may be facing an insider trading investigation and the importance of understanding the facts and circumstances surrounding the trades. Call David R. Chase directly for a direct and strictly confidential consultation: 800-760-0912., Author, Your Questions About Insider Trading Answered, David R. Chase, SEC Subpoena Defense Attorney of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Aerospace, 2026
- When Does the SEC Refer Insider Trading Matters to the DOJ?An SEC insider trading investigation can sometimes lead to a parallel criminal investigation by the U.S. Department of Justice. Understanding when and why that referral may occur is an important consideration for anyone facing SEC scrutiny. In his latest article, David R. Chase, a former SEC Enforcement Attorney and Special Assistant US Attorney, examines the circumstances that may lead the SEC to refer an insider trading matter to the DOJ, including the strength of the evidence, the nature and scope of the alleged conduct, and indications of intentional or knowing violations. The article also discusses the significant differences between civil SEC enforcement proceedings and potential criminal prosecution—and why the possibility of parallel proceedings should be considered early when responding to an SEC investigation and formulating a successful defense strategy. Call David R. Chase directly for a strictly confidential consultation: 800-760-0912., Author, Under What Circumstances Does the SEC Typically Refer Insider Trading Cases to the Department of Justice for Criminal Investigation?, David R. Chase, SEC Subpoena Attorney of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Aerospace, 2026
- What Factors Does the SEC Consider in Evaluating an Insider Trading Case?An insider trading investigation can turn on a range of factual and legal issues. The SEC does not simply look at whether a person traded profitably—it examines the circumstances surrounding the trade and whether the available evidence supports a violation of the securities laws. In his latest article, David R. Chase, a former SEC Enforcement Attorney, examines the factors the SEC considers when evaluating potential insider trading, including the nature of the information, when and how it was obtained, the timing and circumstances of the trades, communications, trading history, and evidence of intent. Understanding how the SEC evaluates these cases can be critical for individuals facing an investigation and for counsel developing an effective defense strategy. Call David R. Chase for a direct and strictly confidential consultation: 800-760-0912., Author, What Factors Does the SEC Consider in Evaluating an Insider Trading Case?, David R. Chase, SEC Defense Lawyer, Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Aerospace, 2026
- SEC Stock Manipulation Investigations: What You Need to KnowAllegations of stock manipulation can expose individuals and companies to significant SEC scrutiny and potential criminal exposure. But determining whether trading activity constitutes unlawful manipulation, or is lawful, requires a careful examination of the facts, trading patterns, communications, and market circumstances. In his latest article, David R. Chase, a former SEC Enforcement Attorney, discusses how the SEC investigates suspected stock manipulation, the types of conduct that can trigger scrutiny, and the evidence regulators may examine. The article also addresses key considerations for responding to an SEC investigation and developing an effective defense., Author, How SEC Investigations Target Pump-and-Dump Schemes, David R. Chase, SEC defense attorney, Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Mergers And Acquisiitions, Aerospace, 1997
- SEC Spoofing Investigations: What Traders Need to KnowSEC scrutiny of alleged spoofing and manipulative trading can raise significant legal and regulatory issues for traders, investment firms, and other market participants. In his latest article, David R. Chase, a former SEC Enforcement Attorney, explains how the SEC investigates suspected spoofing, the evidence regulators examine, and the challenges involved in distinguishing unlawful manipulation from legitimate trading activity. The article also discusses practical considerations for responding to an SEC investigation and the importance of understanding the trading activity in its full market context. For anyone facing regulatory scrutiny over alleged spoofing, understanding how the SEC builds these cases can be an important first step in developing a defense strategy., Author, SEC Spoofing Investigations: What You Need To Know, David R. Chase, SEC Subpoena Defense Attorney of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, 2026
- The 2026 SEC Enforcement Manual Update: What Does It Mean for Individuals Considering Cooperation?The SEC’s 2026 update to its Enforcement Manual provides greater clarity on how the agency evaluates individual cooperation in enforcement investigations. In his latest article, David R. Chase, a former SEC Enforcement Attorney, examines the changes and what they may mean for individuals deciding whether and how to cooperate with the SEC. The updated guidance places particular emphasis on early, proactive, and meaningful cooperation, while providing potential benefits such as reduced charges or penalties in appropriate cases. The decision to cooperate, however, remains highly fact-specific. Understanding the potential risks, benefits, timing, and strategic considerations is essential before making that decision. Call David R. Chase for a direct, highly confidential consultation: 800-760-0912., Author, The 2026 SEC Enforcement Manual Update: What Does It Mean for Individuals Deciding to Cooperate with the SEC?, David R. Chase, SEC Enforcement Defense Lawyer of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Mergers And Acquisiitions, 2026
- What Really Happens During an SEC Insider Trading Investigation?SEC insider trading investigations often begin long before the subject knows they are under scrutiny. By the time the SEC makes contact, investigators may already have trading records, communications, brokerage information, and other evidence. In his latest article, David R. Chase, a former SEC Enforcement Attorney, explains how these investigations typically develop, what the SEC looks for, and why early decisions can have significant consequences. The article examines the SEC’s use of data-driven surveillance, parallel investigations involving the DOJ and FBI, the evidence regulators analyze, and common mistakes that can complicate a defense. Understanding how the SEC investigates insider trading—and responding strategically from the outset—can be critical when facing regulatory scrutiny. Call David R. Chase for a direct and confidential consultation: 800-760-0912., Author, Former SEC Prosecutor Explains: What Really Happens During an SEC Insider Trading Investigation, David R. Chase, SEC Subpoena Defense Attorney of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Aerospace, 2026
- What the New SEC-FDA Information-Sharing Agreement Means for Pharmaceutical Insider Trading DefenseA new information-sharing agreement between the SEC and FDA could significantly change how insider trading investigations are conducted in the pharmaceutical and biotechnology industries. In his latest article, David R. Chase examines how the agreement may give SEC investigators faster access to nonpublic FDA information, make it easier to connect trading activity with clinical and regulatory events, and increase scrutiny of executives, researchers, and others with access to material nonpublic information. The article also explores the implications for Rule 10b5-1 trading plans and potential SEC investigations involving pharmaceutical and life sciences companies. For executives and professionals in the industry, understanding how this expanded regulatory cooperation may affect insider trading investigations is increasingly important. Call to speak directly and strictly confidentiality with David R. Chase at: 800-760-0912., Author, The Regulators Are Talking: What the New SEC-FDA Information-Sharing Deal Means for Pharmaceutical Insider Trading Defense, David R. Chase, SEC Enforcement Defense Lawyer of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Mergers And Acquisitions, 2026
- he Supreme Court’s Sripetch Decision: What It Means for SEC DisgorgementThe U.S. Supreme Court’s Sripetch v. SEC decision provides important guidance on when the SEC may seek disgorgement of profits from alleged securities-law violations. In his latest article, David R. Chase examines the Court’s decision and its implications for individuals and companies facing SEC enforcement actions. He also discusses important issues that remain relevant in challenging disgorgement, including causation, the distinction between gross revenues and net profits, and whether the alleged conduct affected a legally protected investor interest. For anyone facing SEC scrutiny, understanding potential disgorgement exposure—and the defenses available—can be an important part of developing an effective enforcement strategy. Call for a strictly confidential consultation with David R. Chase, 800-760-0912, Author, The Supreme Court’s Sripetch Decision: Clarity on When the SEC Can Obtain the Return of Ill-Gotten Profits, David R. Chase, SEC Enforcement Defense Attorney of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Aerospace, 2026
- What Does a Wells Notice Really Mean?A Wells Notice is a pivotal moment in an SEC investigation. It signals that SEC Enforcement staff is considering recommending an enforcement action—but it is not a final charging decision. In representing individuals and companies facing SEC scrutiny, one of the most important points to understand is that the period following a Wells Notice can provide a meaningful opportunity to challenge the SEC’s factual and legal theories before the Commission decides whether to proceed. David R. Chase discusses what a Wells Notice means, how the Wells process works, and the strategic considerations that should be addressed immediately after receiving one. He also examines the role of the Wells submission and how counsel can use it to identify weaknesses in the SEC’s case, present additional facts, and explain why an enforcement action may not be warranted—or why the proposed charges should be reconsidered. The Wells process should not be treated as a formality. The decisions made during this stage can have significant implications for the ultimate successful resolution of the investigation. For anyone facing an SEC investigation, understanding the process and developing a calibrated defense strategy early can make a meaningful difference. Call to speak directly and confidentiality with David R. Chase at: 800-760-0912., Author, You Received a Wells Notice From the SEC — Here’s What Happens Next, David R. Chase, SEC Defense Attorney and Principal of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Mergers And Acquisiitions, 2026
- What Factors Influence SEC Charging Decisions? Insights from a Former SEC ProsecutorReceiving an SEC subpoena, Wells Notice, or learning that you are the subject of an SEC investigation naturally raises an important question: Will the SEC actually bring charges? David R. Chase, SEC Defense Lawyer, explains that the answer is more nuanced than many people realize. In his latest article, he draws on his experience as a former SEC prosecutor to explain the factors that can influence the Commission’s charging decisions. The SEC evaluates the strength and quality of the evidence, the applicable securities laws, intent and state of mind, potential investor harm, prior misconduct, cooperation, remedial measures, litigation risk, and the SEC’s current enforcement priorities. The charging process also involves multiple levels of review within the SEC rather than being decided by a single enforcement attorney. Call for a strictly confidential consultation with David R. Chase: 800-760-0912., Author, What Factors Influence SEC Charging Decisions? Insights from a Former SEC Prosecutor, David R. Chase, SEC Defense Lawyer of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, Mergers And Acquisiitions, 2026
- When the SEC Knocks: Defending Against Algorithmic Insider Trading ProbesThe SEC and FINRA increasingly rely on sophisticated algorithms to identify suspicious trading activity that may warrant further investigation. A profitable trade shortly before a merger, acquisition, earnings announcement, or other significant corporate event can trigger regulatory scrutiny. However, an algorithmic alert is only a starting point, not proof of insider trading. David R. Chase examines how algorithmic trading surveillance can lead to an SEC insider trading investigation and the challenges faced by individuals whose trades are flagged. Also discussed is the importance of understanding the complete context surrounding a trade, including the trader’s communications, prior trading history, investment rationale, and what information was actually known at the time of the transaction. From this a strategic defense can be created., Author, When the SEC Knocks: Defending Against Algorithmic Insider Trading Probes, David R. Chase, SEC Defense Attorney of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, Biotechnology, 2002
- What Is an SEC Formal Order of Investigation—and What Does It Mean? Author David R. Chase, former SEC enforcement attorney, explains that while an SEC formal order of investigation is an important document in a formal SEC investigation, it does not mean that the SEC has determined that a person or company violated the securities laws. David R. Chase explains what a formal order is, when the SEC utilizes it, and how it can provide valuable insight into an investigation. The article discusses what a formal order may reveal—including the subject matter of the investigation, potential securities-law violations, relevant time periods, factual allegations, and the securities, transactions, individuals, or entities under scrutiny. David R. Chase also explain how a person who has received an SEC subpoena or been asked to provide documents or testimony may be able to obtain and review the formal order, as well as the important distinctions between a formal order, an SEC subpoena, and a Wells Notice. For anyone facing SEC scrutiny, understanding the scope and purpose of the formal order can be an important early step in assessing and thus defending the investigation. To speak with David R. Chase directly and confidentially, call: 800-766-0912., Author, What Is an SEC Formal Order of Investigation? What It Means and How to Obtain It, David R. Chase, SEC Defense Attorney of Law Firm of David R. Chase, Finance, Financial Services, Securities Compliance, Banking, Pharmaceutical, 2026
- SEC Subpoena Defense Guide: Legal Obligations, Response Strategies, and Non-Compliance Risks Executive Summary & High-Level Overview Receiving a subpoena from the U.S. Securities and Exchange Commission (SEC) signals an active investigation by the Division of Enforcement into potential violations of federal securities laws. The article published by securities defense firm David R. Chase, P.A. serves as an essential roadmap for individuals, corporate officers, financial professionals, and entities facing SEC investigations or who just received a subpoena. It outlines the formal authority behind an SEC subpoena, critical steps required for legal compliance, appropriate response strategies, and the severe civil and criminal penalties associated with non-compliance. Key Concepts & Takeaways 1. Understanding SEC Subpoena Authority & ScopeFormal Order of Investigation: An SEC subpoena is issued pursuant to a Formal Order of Investigation, granting SEC enforcement staff full legal authority to compel sworn testimony and document production.Target vs. Subject vs. Witness: The SEC does not formally distinguish between targets and witnesses on a subpoena, making early assessment by an experienced securities lawyer critical to understanding your legal exposure.Document Requests & Subpoena Duces Tecum: Requests often encompass extensive books, records, electronic communications (emails, text messages, messaging apps), trading logs, and financial records. 2. Strategic Response & Compliance ProtocolImmediate Legal Representation: Retaining experienced SEC legal counsel before interacting with SEC staff is paramount to safeguarding Fifth Amendment rights, preserving attorney-client privilege, and avoiding self-incrimination.Document Preservation & Litigation Holds: Recipients must immediately issue internal document preservation holds and suspend automatic deletion policies to prevent spoliation of evidence.Negotiating Scope & Timelines: Defense attorneys can negotiate with SEC staff to narrow the subpoena scope, establish rolling production schedules, or extend response deadlines.Preparing for Sworn Testimony: Individuals summoned for investigative testimony under oath must undergo thorough preparation with defense counsel to review key documents and understand SEC questioning techniques. 3. Risks & Consequences of Non-ComplianceSubpoena Enforcement Actions: Failure to comply allows the SEC to file an enforcement application in Federal District Court, compelling compliance via court order.Contempt of Court: Ignoring a federal court order enforcing an SEC subpoena can result in civil or criminal contempt charges, leading to monetary fines and imprisonment.Criminal Liability for Obstruction: Altering, destroying, or concealing relevant records can trigger federal criminal charges under 18 U.S.C. § 1519 for obstruction of justice, perjury, or making false statements to federal agents., Author, SEC Subpoena: What It Means, How to Respond and The Consequences of Non-Compliance, David R. Chase, SEC subpoena lawyer, Law Firm of David R. Chase, Financial Services, Banking, Corporations, Compliance, 2026
- A detailed explanation of how the SEC conducts its investigations., Author, SEC Investigations: The Process Explained, David R. Chase, SEC Investigation Attorney of Law Firm of David R. Chase, Financial Services, Banking, Corporations, Compliance, 2024
Industry Groups
- Financial Services Industry
Office location for David Chase
1700 East Las Olas Blvd.
Suite 305
Fort Lauderdale, FL 33301
Selections
19 Years Super Lawyers
- Super Lawyers: 2006 - 2007, 2009 - 2019, 2021 - 2026