How to Succeed in SEC Administrative Proceedings: 10 Insider Tips

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Administrative Proceedings (APs) brought by the Securities and Exchange Commission’s Division of Enforcement are often referred to as the SEC’s ‘‘home court’’ because the SEC’s enforcement teams enjoy significant advantages. APs are tried before Administrative Law Judges (ALJs) who are employed by the SEC; there is no opportunity to seek a jury trial. The timetable is, the rules applicable to the proceedings are antiquated, there is virtually no opportunity for discovery, and a respondent often must rely solely on and digest quickly an investigative record that the Division has had years to develop. The appellate process is even more sobering and makes a trial win all the more important. An ALJ’s initial decision is appealed to the Commission itself—the same body who approved bringing the action in the first place.

The Securities and Exchange Commission has done exceedingly well with their stacked deck—from October 2010 through March 2015, the SEC won against 90 percent of respondents in contested APs, and during fiscal year 2014 the SEC won 100 percent of its litigated APs, a far better percentage than it enjoyed in federal court over the same periods.

In March 2015, a Haynes and Boone trial team beat the SEC in a contested AP. It was the first time the SEC, had lost in a contested proceeding in nearly two years.

Plan to attend this BBNA webinar to learn insider tips from Haynes and Boone on how to succeed in SEC Administrative Proceedings.

Educational Objectives:
• Provide tips on defending an Administrative Proceeding
• Discuss the creation of an investigative record
• Explore techniques on investigative testimony and the wells process
• Analyze research tips
• Review what to ask for during pre-hearing conferences

Who would benefit most from attending this program?
Lawyers, public and private companies, non-profit organizations, institutional investors in corporate, corporate governance and securities regulation.



Kit S. Addleman is a partner in the Dallas and Fort Worth offices of Haynes and Boone, where she is a member of the White Collar Defense and Investment Funds Practice Groups. Kit is also co-head of the firm's Crisis Management Practice Group. Whether she is defending clients against charges of wrongdoing or helping clients stay off the government's radar, Kit uses the extensive experience she gleaned at the Securities and Exchange Commission (SEC) to provide vigorous representation to advance her clients' interests. Kit defends companies and their executives and directors against charges of civil and criminal misconduct, particularly investigations and litigation by the Securities and Exchange Commission and Department of Justice. Many of her experiences involve defending allegations of accounting and financial fraud, insider trading, hedge fund and advisor fraud, and Foreign Corrupt Practices Act violations. She also counsels public companies, investment advisors, hedge funds and broker-dealers concerning compliance with the securities laws and SEC rules. She is a member of the Oklahoma and Texas bars.


Ronald W. Breaux is a partner in the Dallas office of Haynes and Boone. For more than 24 years, Ron Breaux has focused his practice on complex commercial litigation, the defense of corporations and executives in federal investigations and trials, antitrust, internal corporate investigations and government investigations, and data breach matters. Ron is a former co-chair of the firm’s Litigation Department and currently chairs the firm's Privacy and Data Breach group and serves on the Board of Directors of Haynes and Boone. He is a member of the Texas bar. Scott M. Ewing Scott M. Ewing is an associate in the Dallas office of Haynes and Boone. He has served as a key advisor and counsel to numerous corporations and executives in civil and criminal investigations, antitrust matters, and class action litigation. Scott has successfully defended some of the world’s most recognized businesses in complex matters involving civil and criminal components and has tried cases in state and federal court, as well as arbitration hearings and Securities and Exchange Commission (SEC) administrative proceedings.  Scott frequently represents companies, directors, and officers in Department of Justice, SEC, and internal investigations. Apart from his civil and criminal litigation work, Scott also regularly counsels clients on a wide variety of antitrust issues, including resale price maintenance, advertised pricing; minimum advertised price policies, internet minimum advertised price policies, Colgate policies, and customer and territorial restraints. Scott’s work spans a broad variety of industries, including consumer products, electronics, lighting solutions, and restaurant franchises. Clients frequently turn to Scott to formulate solutions to complex pricing issues, and he is routinely asked to speak on navigating antitrust concerns in the areas of product pricing and distribution. He is a member of the Texas bar.


Sarah S. Mallett is an associate in the Dallas office of Haynes and Boone. She serves as a “go-to” lawyer for government enforcement actions and investigations due to her tireless work ethic, ability to analyze and streamline the most complex facts, and dedication to client service. Sarah frequently represents individuals and executives at the highest levels and has developed a reputation for attention to detail, professionalism, and strategic and practical advice. Sarah has developed a broad knowledge base through representing clients in a variety of civil, criminal, and internal investigations. Although equipped to tackle any type of government investigation, Sarah has quickly gained extensive experience in SEC enforcement matters. Sarah counsels clients through every stage of an SEC enforcement action including the investigation, Wells process, and litigation. She also recently served as trial counsel in a multi-week SEC administrative proceeding, resulting in a complete victory for her client. She is a member of the Texas bar.