• videocam Live Webinar with Live Q&A
  • calendar_month August 25, 2026 @ 1:00 PM ET/10:00 AM PT
  • signal_cellular_alt Beginner
  • card_travel Corporate Finance
  • schedule 90 minutes

Securities Fraud Fundamentals: Criminal vs. Civil Proceedings, Private Litigation, and Agency Involvement

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Discount expires 8/11/26

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About the Course

Introduction

This CLE course will provide a fundamental overview of securities fraud, including criminal and civil enforcement actions and private litigation. This focused 90-minute program is designed for attorneys new to fraud matters who want to understand how securities fraud proceedings are initiated, investigated, and resolved.

Description

A serious white-collar crime, securities fraud can be prosecuted both criminally and/or civilly. The SEC enforces securities fraud under the Securities and Exchange Act of 1934, often as the plaintiff in these matters, but private plaintiffs can have standing to bring suit. The Financial Industry Regulatory Authority (FINRA), a self-regulatory organization for broker-dealers, also investigates and enforces securities fraud matters under federal law. Fraud allegations arise when investors are misled about the sale or purchase of a security, and may also involve market manipulation. Examples include investment fraud, Ponzi schemes, broker embezzlement, falsified corporate filings, share price manipulation, and more.

Companies or individuals facing a civil enforcement action by the SEC and/or FINRA may find themselves facing simultaneous, parallel criminal prosecution led by the U.S. Department of Justice (DOJ) or a U.S. Attorney. When civil and criminal proceedings intersect, understanding interagency information sharing is critical and consequences are far-reaching. These complex matters involve significant fines, criminal exposure, and costly defenses so it is imperative for practitioners to have a solid understanding of case development.

During this webinar, our esteemed faculty will examine the life cycle of a securities fraud matter, from inquiry to subpoena to Wells notice to trial, highlighting current enforcement trends. The elements of fraud and the parties and agencies involved will be discussed, including when securities fraud is pursued criminally, civilly, or both. Time will be spent discussing how civil enforcement actions, criminal prosecutions, and private securities litigation (class actions and derivative suits) proceed in parallel and influence strategy and outcomes. 

Listen as our panel examines how securities fraud enforcement, criminal prosecutions, and private litigation unfold and offers practical guidance for navigating parallel proceedings across multiple forums and effective defense strategies.

Presented By

Thomas P. DeFranco
Of Counsel
Davis Wright Tremaine LLP

Mr. DeFranco is a seasoned litigator who focuses his practice on securities and complex commercial litigation, regulatory investigations, and enforcement defense on behalf of financial institutions, public companies, and individuals. He routinely represents clients facing investigation and enforcement actions from financial regulators, including the SEC, CFTC, FINRA, and state securities regulators. These representations touch on a wide variety of issues, including disclosure or offering fraud, insider trading, market manipulation, lack of registration, and failure to maintain adequate policies and procedures. In connection with this practice, Mr. DeFranco regularly advises clients on their obligations under the federal securities laws. He has also represented clients subject to investigation by the DOJ.

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Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

Date + Time

  • event

    Tuesday, August 25, 2026

  • schedule

    1:00 PM ET/10:00 AM PT

I. The elements of fraud and the role of the SEC, FINRA, DOJ, and U.S. Attorneys

II. The fraud life cycle

III. Dissecting criminal vs. civil cases and their varying standards

IV. Understanding Rule 10b-5 claims and 10b-1: elements and defenses, 10b-5 letters and 10b-5 opinions

V. Securities fraud under Securities and Exchange Act 17(a)(2)

VI. Private litigation: class actions and derivative shareholder suits

VII. Parallel proceedings: coordination, risks, and special considerations, including privilege complications

VIII. Enforcement trends, defense strategies, and best practices for mitigating risk

The panel will review these and other critical issues:

  • What do typical securities fraud cases look like, and where is enforcement focused today?
  • When does the SEC pursue civil vs. DOJ criminal matters?
  • What are some best practices to manage parallel proceedings?
  • What are the basic considerations for claims pursuant to Rule 10b-5?
  • When is fraud prosecuted under Section 17(a)(2)?
  • How can parties improve settlement opportunities and limit damages?
  • What are the best practices to mitigate the risk of fraud and defend against fraud claims, including enforcement actions?