The shape of a federal investigation
Federal white collar investigations are usually run by a U.S. Attorney's Office or a section of the Justice Department working with agents from the FBI, IRS Criminal Investigation, the Postal Inspection Service, or an agency inspector general. Grand jury subpoenas can gather documents for a long time before anyone is charged, and prosecutors often build cases by securing cooperation from people closer to the events. Civil regulators such as the SEC may be investigating the same conduct in parallel and sharing information with prosecutors. By the time someone receives a target letter or is approached by agents, much of the record has usually been assembled.
Early choices that shape the case
The most consequential decisions often come before any charge: whether to speak with agents, whether to produce documents beyond what a subpoena requires, whether to meet with prosecutors in a proffer session, and whether your interests line up with your employer's. If company lawyers interview you, remember that they represent the company, and the privilege belongs to it, not to you. Knowingly lying to federal agents is a separate crime, which is one reason many people let counsel handle contact. Preserve documents and devices as they are, because deleting material once you know of an investigation can create a new and often simpler case.
How loss shapes the case from the start
Federal sentencing in fraud cases is shaped heavily by the advisory guidelines, and the loss figure the government attributes to the conduct is often one of the largest drivers of that calculation. That makes how loss is measured, who is held responsible for which transactions, and what role each person played central issues from the beginning, not just at the end. Counsel's early work in a federal investigation is understanding the subpoenas or letters you have received and how your role compares with others'. We also look at any indemnification or insurance that may cover legal fees, and at how the investigation is likely to unfold from here.
