Parallel tracks and multiple agencies
A single set of facts can draw interest from federal prosecutors, the SEC or another federal regulator, a state attorney general, and licensing or industry bodies at once. The SEC brings civil enforcement actions, while criminal charges come from the Justice Department or state prosecutors, and the agencies can share information. Each track has its own rules, timelines, and potential consequences, and what you say or produce in one can affect the others. Recognizing early which agencies are involved and what each may want is part of the defense.
Companies and individuals need separate thinking
When a company is under investigation, its counsel represents the company, not its employees, and interviews of employees by company lawyers typically begin with a warning to that effect. Individuals may need their own counsel when their interests could diverge from the company's, including over cooperation or blame. Companies often conduct internal investigations to understand what happened, preserve documents through legal holds, and decide whether to self-report. Those decisions involve weighing cooperation credit, privilege, and how findings might be used by regulators and private plaintiffs.
What early engagement looks like
In an initial meeting, we review subpoenas, document requests, or contacts from investigators and identify the agencies involved. We discuss preservation steps, how to respond to requests, and whether to engage with prosecutors or regulators early. For individuals, we consider whether to provide information, invoke rights, or seek protections such as proffer agreements. For organizations, we discuss governance, communication with boards or audit committees, and how to coordinate with insurers and auditors. Early steps tend to be the hardest to undo, so careful sequencing matters more than speed alone.
