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In-house attorneys at public companies face personal liability for securities violations when they act in executive roles or neglect gatekeeper duties. The SEC and DOJ pursue enforcement through various legal theories.
Gatekeeper Responsibilities
- Advising on disclosure obligations and ensuring accurate public filings
- Overseeing internal controls over financial reporting
- Investigating red flags and reporting violations to the board or Audit Committee
- Ensuring auditor independence
- Maintaining professional independence
Personal Liability Theories
1. Aiding and Abetting Fraud
Under Section 20(e) of the Exchange Act, the SEC pursues those providing substantial knowing assistance to violations.
2. Material Misstatements and Omissions
Attorneys face liability under Rule 10b-5 for material misstatements in securities offerings or public filings.
3. Scheme Liability
Broader than false statements alone, applying to conduct or practices deceiving investors.
4. Improper Disclosure
General Counsel responsible for materially inaccurate certifications face liability.
5. Auditor Independence Violations
Making materially false statements or omissions to auditors is unlawful under Rule 13b2-2(a).
6. Criminal Violations
The DOJ pursues criminal charges for securities fraud, wire fraud, or conspiracy conduct.
The SEC’s Approach
The SEC increasingly focuses on holding in-house attorneys accountable through expanded whistleblower programs, high-profile prosecutions, aggressive parallel investigations, and targeted gatekeeper enforcement.
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
