Fort Worth, TX asked in Business Law, Mergers & Acquisitions, Civil Litigation and Securities Law for California

Q: I run a business in Los Angeles and received a Wells Notice after testifying, without an attorney.

1 Lawyer Answer
James L. Arrasmith
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  • Sacramento, CA
  • Licensed in California

A: Receiving a Wells Notice in Los Angeles indicates that the Securities and Exchange Commission (SEC) is considering enforcement action against you or your business. This notice is a serious matter and typically precedes formal charges. It gives you the opportunity to present your side of the story before any official action is taken.

It's essential to take this notice seriously and respond appropriately. Although you testified without an attorney previously, it is now crucial to consider legal representation. An attorney with experience in securities law can help you understand the implications of the Wells Notice, the nature of the potential charges, and the best course of action.

Your response to the Wells Notice is an opportunity to argue against the SEC's proposed enforcement action. It should be well-crafted and compelling, presenting facts and legal arguments that support your position. This response can sometimes persuade the SEC not to pursue further action or to lessen the severity of the charges.

Remember, the steps you take after receiving a Wells Notice can significantly impact the outcome of your case. Prompt action, careful consideration of your response, and professional legal guidance are key to navigating this challenging situation.

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