Reading where you stand
Federal prosecutors often describe people as witnesses, subjects, or targets, and that status can change as an investigation develops. A target letter is a serious signal, but the absence of one is not reassurance. State prosecutors, including New York's district attorneys and the Attorney General's office, run their own financial crime investigations, sometimes in parallel with federal ones. A subpoena for documents, a request for an interview, and a search warrant each call for a different response, and people often learn only gradually how wide an investigation is. Your status is a reading of the government's current view, not a finding, and it can move in either direction.
Protecting yourself while it unfolds
Do not destroy, alter, or move documents and devices once you know of an investigation, and turn off auto-delete settings on messaging apps. If agents ask to talk, you can politely decline and say your lawyer will be in touch; if you do speak, knowingly false statements can become a separate charge. Avoid discussing the matter with co-workers who may be witnesses. Companies often open internal investigations at the same time, and employees interviewed by company counsel should understand that the lawyer represents the company, not them. If agents arrive with a search warrant, do not obstruct them, ask for a copy of the warrant, and call counsel.
The first strategic choices
Early on, we try to learn what the government is investigating and what role it believes you played. The options then range from responding only to compulsory process, to meeting with prosecutors, to presenting information that may change their view before charges are considered. A proffer can be useful but carries risks that should be weighed carefully, and cooperation is a major decision with lasting effects. Each step is taken with you, and none of them should be rushed by the pace investigators set. We also look early at whether your employer or an insurer should be paying for your defense.
