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FINRA and the SEC both investigate securities fraud and offenses similar to fraud. However, they are not the same, and the differences can have important repercussions.
FINRA is a private corporation functioning as a self-regulatory organization overseeing approximately 4,250 brokerage firms and over 613,000 registered brokers. The SEC is a federal agency that enforces federal securities laws.
Key Differences
- The SEC can bring criminal charges as a federal law enforcement agency. FINRA cannot.
- FINRA enforcement is limited to the securities industry. The SEC can reach anyone.
- Both share information with federal prosecutors like the DOJ and FBI.
SEC Investigations Can Become Criminal
The SEC is a civil law enforcement agency, but it can refer cases to the DOJ for criminal prosecution, exposing subjects to prison time.
Both Agencies Share Information
Information discovered in civil investigations is frequently shared with federal law enforcement agencies for use in criminal investigations.
Notable Cases
- SEC v. Tesla (2018): $40 million settlement over misleading tweets
- SEC v. Volkswagen (2019): $4.3 billion for emissions fraud
- FINRA v. Robinhood (2020): $70 million fine, the largest FINRA fine ever
What to Do If Investigated
Contact an experienced defense lawyer, cooperate with the investigation under legal counsel guidance, preserve all relevant evidence, and be prepared to defend yourself.
Reduction in pretrial jail population since NJ bail reform implementation.
Source: NJ Judiciary Annual ReportApproval rate for properly filed expungement petitions in NJ.
Source: NJ Courts Statistical ReportCommon Mistakes to Avoid
Actually Stay Silent
Most people know they have the right to remain silent but still talk to police. Anything you say can and will be used against you. Politely decline to answer questions until your attorney is present.
Bail Conditions Are Enforceable
Violating bail conditions, even minor ones, can result in immediate re-arrest and make it much harder to obtain bail again. Follow every condition to the letter.
Proven Track Record
Recent Case Results
*Results may vary depending on your particular facts and legal circumstances.
SEE ALL CASE RESULTSWhat Our Clients Say
"Facing an SEC investigation was terrifying. The Spodek team negotiated a resolution that preserved my career and my reputation. Their knowledge of securities law is unmatched."— David A., SEC Defense Client MORE REVIEWS
Lead Attorney & Founder
Todd Spodek
Featured on Netflix's "Inventing Anna," Todd Spodek brings decades of high-stakes criminal defense experience to every case.
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Frequently Asked Questions
New Jersey reformed its bail system in 2017. Instead of a cash-based system, judges now use a Public Safety Assessment (PSA) to determine whether a defendant should be released pretrial. Most defendants are released with conditions, while those deemed high-risk may be detained. An experienced attorney can argue for favorable release conditions at your detention hearing.
No. You have the constitutional right to remain silent and to have an attorney present during questioning. Anything you say to police can be used against you in court. Politely invoke your rights by saying "I want to speak with my attorney before answering any questions." This cannot be held against you.
Attorney fees vary based on the complexity of the case, the charges involved, and whether the case goes to trial. At Spodek Law Group, we offer transparent pricing and flexible payment plans. We provide a free initial consultation to discuss your case and give you an honest assessment of costs. Investing in quality representation often saves far more in the long run than choosing the cheapest option.
An arraignment is your first court appearance after being charged with a crime. The judge will read the charges against you, and you'll enter a plea (usually not guilty at this stage). The judge will also set bail or release conditions. Having an attorney at your arraignment is critical, as they can advocate for favorable bail terms and begin building your defense strategy from day one.
Why Clients Choose Spodek Law Group
45 seconds that explain our difference
