Federal securities matters · Preparation guide
Parallel SEC and DOJ Investigations: Keep the Proceedings and Records Distinct
Related conduct can produce separate civil and criminal proceedings. One combined folder should not erase the differences in authority, deadlines or legal decisions.
By Joseph De Gregorio · Federal Sentencing Strategist
Founder and President, Sentencing Advocacy Group
Published November 5, 2026
Request a Private Case Review · (646) 588-8182
Create a separate matter sheet for each proceeding
The SEC has civil enforcement authority; criminal authorities may examine related conduct. Record the agency, case identifier if available, counsel, confirmed dates and documents for each matter. Do not label a civil settlement a criminal resolution or assume the absence of public criminal charges means no investigation exists.
Use one factual index with controlled access
The same business record may be relevant to more than one matter, but the decision to share it is not automatic. Counsel should define recipients, handling and whether a document has been reviewed for a particular use. Keep original source references consistent and maintain a separate record of any authorized production or submission.
Separate the company from the individual
Corporate counsel, individual counsel, insurers and other professionals can have different responsibilities. Record who represents whom only when confirmed. A shared employer does not establish identical interests. A personal-history assignment should have an identified client, scope and review process rather than circulating every draft throughout the corporate response team.
Plan for changing stages
The SEC’s current enforcement materials discuss criminal referrals, but a general policy cannot predict a referral or charging decision. Build a preparation schedule around confirmed events and revise it when the posture changes. SAG can organize background history, documented corrective work and practical responsibilities. Counsel determines statements, submissions, legal strategy and any privilege arrangements. Do not assume a non-attorney engagement alone protects all communications.
Sources and the next preparation question
SEC: How Investigations Work. Source checked November 5, 2026. Counsel evaluates the governing law and individual facts.
- SEC investigation and Wells notice guide
- Federal investigation guide
- Federal securities fraud sentencing
Does settling an SEC case resolve criminal exposure?
Not necessarily. The proceedings are distinct. Counsel must evaluate the actual agreement and any separate criminal matter.
A defined preparation assignment
Work directly with Joseph to establish the scope, source records, authorized recipients and review dates. Agreed deliverables can include a personal-history chronology, an indexed supporting file, factual questions and a practical preparation schedule. Investigation-stage legal decisions require qualified federal defense counsel. An engagement with SAG does not automatically establish privilege.
SAG serves clients nationally from Freehold, New Jersey, with travel arranged for cases. Share your stage and next deadline in the initial inquiry. Do not upload investigative records, investor details or privileged advice.
For defense counsel: Discuss Support for Your Client · (646) 588-8182
SAG is not a law firm and does not provide legal advice or representation. Courts and agencies determine outcomes. No charging decision, sentence or release date is guaranteed.