What is a parallel proceeding?
Email: [email protected]
A parallel proceeding is when a second regulatory agency brings a case against a criminal defendant. So for example, in an insider trading case the Department of Justice could charge someone criminally and then SEC could bring a civil case based on the same facts. In the criminal case, the person could be facing jail but in the civil case, you can never face jail. So a parallel proceeding is basically two different cases going on by two different government agencies about the same facts where the stakes are different but basically the allegations and the evidence is all exactly the same.