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A Financial Industry Regulatory Authority (FINRA) Wells Notice notifies you or your company of charges FINRA intends to bring for engaging in unlawful activity. The Notice is very serious and needs to be addressed immediately.
What is a Wells Notice from FINRA?
A Wells Notice is a notification from FINRA that its enforcement branch plans to bring a civil action alleging unlawful conduct such as securities fraud. It is a preliminary step before FINRA decides to move forward with official charges. The Wells Notice does not mean you are guilty — it is an opportunity to explain why FINRA should not bring charges.
What Should I Do If I Receive a Wells Notice?
You should always respond to the Wells Notice and provide your side of the story. The Wells Submission is a formal document presenting your side to FINRA.
What Happens If I Don’t Respond?
FINRA will interpret non-response as a sign of guilt and will likely move forward with the charges.
What Should I Write in My Wells Submission?
Reasons to submit a Wells Submission include:
- Without one, FINRA will assume you are guilty
- A Wells Submission could persuade FINRA not to move forward
- It could demonstrate that FINRA’s facts are inaccurate
- It could convince FINRA the charges are not worth pursuing
- It could protect against negative media coverage
- It helps preserve your reputation
Do I Need an Attorney?
When you receive a Wells Notice, you should hire an attorney with experience dealing with FINRA. An attorney will draft and submit the Wells Submission on your behalf and protect your rights throughout the process.
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.
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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.
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