Defense Attorneys Question Value of Voluntary Self-Disclosure With SEC, DOJ | The Recorder

Last May, Gurbir Grewal, director of the SEC’s Division of Enforcement, told attendees of the Securities Enforcement Forum West, “Too often, we see defense counsel—sometimes even including [SEC enforcement division] alums—engage in conduct that seems to have little purpose other than to delay our investigations,” according to a transcript of the speech on the SEC website.

Grewal also preached the benefits of cooperation, saying that lawyers who do cooperate in a genuine way can help secure more lenient terms for their clients.

At this year’s conference in San Francisco Tuesday, Grewal said what got lost in last year’s speech is “we all have to do better, including on our side of the ‘v.’”

“It shouldn’t be a game of ‘gotcha,’” he said. “We all have a part to play and want to get to the right answer as soon as possible.”

The director said his early priorities of robust enforcement and penalties and creating a culture of proactive compliance remain the same. He also noted that the agency will hold “gatekeepers accountable in the right cases.”

Source: Defense Attorneys Question Value of Voluntary Self-Disclosure With SEC, DOJ | The Recorder