SEC Cross-Border and International Enforcement

Our Lawyers Represent U.S. Citizens, Foreign Companies, and Other Targets of Cross-Border SEC Enforcement Actions

The U.S. Securities and Exchange Commission (SEC) targets foreign-based companies, financial firms, corporate executives, and other entities and individuals suspected of defrauding U.S. investors. It pursues enforcement actions involving all types of U.S. securities law violations, and it seeks both civil penalties and criminal prosecution as warranted.

Attorney Nick OberheidenInternational Litigation Team Lead

The U.S. Securities and Exchange Commission (SEC) has ramped up its cross-border enforcement efforts in recent years. It targets entities and individuals in all foreign jurisdictions, and it works with its counterparts in these jurisdictions to pursue both civil and criminal enforcement to combat transnational fraud.

Our lawyers provide strategic defense representation in these cases.

If you are dealing with an SEC investigation that crosses international borders, the lawyers in our securities fraud defense can help. We handle international enforcement efforts involving all potential securities law violations, and we represent clients worldwide. Whether your company or firm operates in an area that is subject to heightened regulatory scrutiny or you are being targeted for defrauding U.S. investors, our lawyers can interface with the SEC on your behalf and target a resolution that avoids unnecessary consequences.

The SEC’s Office of International Affairs and Cross-Border Task Force Conduct Enforcement Investigations Worldwide

The SEC’s Office of International Affairs works alongside its foreign counterparts to investigate potential violations of U.S. securities laws abroad. On September 5, 2025, the SEC also formed a new Cross-Border Task Force that focuses specifically on targeting firms and companies principally operating overseas. Other SEC divisions target international firms and foreign individuals as well. This includes (but is not limited to):

Foreign Issuers of Securities Sold in the U.S.

The SEC targets foreign issuers of securities sold in the U.S. for all types of statutory and regulatory violations. This includes violations of the SEC’s disclosure guidance, corporation finance violations, and other violations that have the potential to harm investors who buy on the NASDAQ or New York Stock Exchange (NYSE). Audit firms that review financial statements for foreign issuers may be at risk of facing scrutiny as well.

International Corporate Executives and Other Insiders

The SEC also targets corporate executives and other insiders suspected of engaging in fraudulent practices. This includes insiders at Chinese companies and others suspected of participating in or facilitating insider trading, pump-and-dump and ramp-and-dump schemes, and other means of potential market manipulation.

Investment Firms and Other Capital Markets Participants

Investment firms in foreign countries and other international participants in the U.S. capital markets are at risk of facing investigations as a result of the SEC’s heightened scrutiny of foreign market participants. The SEC’s new Task Force is prioritizing enforcement in this area, and foreign actors can face high-risk investigations related to allegations of accounting fraud; investor fraud; and other violations of the Securities Act of 1933, Investment Company Act of 1940, and other U.S. securities laws.

Foreign Financial Institutions

Foreign financial institutions can face scrutiny from the SEC (and other U.S. law enforcement authorities) involving various issues. This includes everything from failing to conduct adequate economic and risk analyses for purposes of investor protection to granting foreign companies access to frozen assets. When foreign financial institutions fail to meet their statutory and regulatory obligations, this can pose unique investor risks, and the SEC takes all cross-border threats to domestic investors very seriously.

International Securities Fraud Scammers

Preserving market integrity is among the SEC’s top priorities. As a result, the SEC’s Office of International Affairs and Cross-Border Task Force aggressively target suspected international securities fraud scammers as well. These investigations can result from investor complaints, market surveillance, and various other factors, and SEC investigations in this area can lead to serious federal charges.

Common Allegations in Cross-Border SEC Enforcement Actions

For all types of targets, a wide range of securities-related allegations can pose risks for civil or criminal enforcement in the United States. Some examples of common allegations in cross-border SEC enforcement actions include:

False statements and omissions in financial disclosures and other public filings
Front-running and other fraudulent investment practices
Insider trading
Market manipulation
Offering fraud (i.e., misrepresentations and omissions made leading up to U.S. IPOs)
Pump-and-dump schemes and Ponzi schemes targeting U.S. stocks or investors
Unregistered securities offerings

These allegations, among many others, can trigger high-risk investigations for issuers, their beneficial owners, and other targeted entities and individuals. Even if SEC investigators focus initially on pursuing enforcement at the entity level, insiders and other alleged bad actors could still be at risk of facing civil or criminal prosecution under U.S. federal law.

How Our Lawyers Can Help

Our lawyers have extensive experience representing individual and corporate clients in high-stakes SEC enforcement matters. While the SEC emphasizes scrutinizing companies in China and other high-risk jurisdictions (the SEC has received letters from Congress urging action against Chinese firms in particular), it targets companies and individuals worldwide. Regardless of where you or your company is located, our lawyers can provide assistance including (but not limited to):

Interfacing with the SEC’s Office of Internal Affairs

Our lawyers can interface with the SEC’s Office of Internal Affairs on your behalf. When facing an SEC investigation, it is critical to avoid making any statements or disclosing any records that could increase the risks involved. By interfacing with the SEC’s personnel on your behalf, we can help you avoid making mistakes that could jeopardize your (or your company’s or firm’s) defense.

Interfacing with the SEC’s Cross-Border Task Force to Combat Fraud

When the SEC announced formation of the Cross-Border Task Force to Combat Fraud, it stated that the new task force would, “consolidate SEC investigative efforts and allow the SEC to use every available tool to combat transnational fraud.” At the time, Division of Enforcement Director Margaret Ryan also stated that, “[t]he Cross-Border Task Force will leverage the Division of Enforcement’s resources and expertise to combat international market manipulation and fraud [and strengthen enforcement efforts].” If you are facing scrutiny from the SEC’s Cross-Border Task Force, we can interface with the Task Force on your behalf as well.

Interfacing with International Securities Regulators and Law Enforcement Authorities

Our lawyers can also interface with international securities regulators and law enforcement authorities. As discussed above, the SEC routinely works alongside its foreign counterparts to gather the evidence it needs to pursue civil and criminal enforcement actions in the United States.

Negotiating Settlements with the SEC (When Warranted)

If settling with the SEC is the most advantageous option under the circumstances at hand, our lawyers can work to negotiate a favorable settlement on your behalf. When the SEC is committed to pursuing enforcement, negotiating a settlement can provide certainty while also helping to facilitate a positive relationship with the SEC for the future.

Defending Against U.S. Securities Fraud Allegations (When Necessary)

If settling is not in your (or your company’s or firm’s) best interests, our lawyers will provide strategic defense representation in court. While we work to favorably resolve our clients’ SEC enforcement cases without going to trial whenever possible, we are experienced litigators—and we are fully prepared to litigate against the U.S. government in court when necessary.

FAQs: Understanding How the SEC Works to Combat Cross-Border Fraud Impacting U.S. Investors

When does the U.S. Securities and Exchange Commission (SEC) target international individuals?

The U.S. Securities and Exchange Commission (SEC) targets international individuals in cases involving significant allegations of investor fraud and market manipulation. This includes allegations ranging from using pump-and-dump schemes and false statements to inflate securities prices to using nominee accounts to conceal foreign actors’ identities. Insider trading is another common allegation in international SEC enforcement actions targeting individuals.

How can the SEC gather evidence outside of the United States?

While the SEC cannot directly compel evidence production from foreign entities overseas due to jurisdictional limits, it can (and does) work with its foreign counterparts to conduct joint investigations. As a result, if you are facing scrutiny from the SEC overseas, this is not a situation that you can afford to ignore. Our lawyers can provide the representation you need, and we can communicate with the SEC and domestic authorities on your behalf to help facilitate a favorable resolution.

Can foreign accounting firms face liability in international SEC enforcement actions?

Yes, foreign accounting firms can (and do) face scrutiny from the SEC. Auditors can face scrutiny related to failing to uncover fraud during financial statement audits, and underwriters can face liability under Sections 11 and 12 of the Securities Act of 1933. Foreign accounting firms can face various other allegations as well; and, as gatekeepers, they are expected to thoroughly document their compliance with all applicable SEC requirements. When facing SEC scrutiny, lack of documentation alone can be a significant risk factor.

Contact the International Securities Fraud Defense Lawyers at Oberheiden P.C.

To speak with an international securities fraud defense lawyer at Oberheiden P.C. in strict confidence, contact us today. Call 888-680-1745 or tell us how we can reach you online to schedule an appointment as soon as possible.

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Federal Agency International Enforcement

Defense for US Citizens Abroad

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