New York, NY securities attorney Jenice L. Malecki talks about the types of evidence that are typically collected during a FINRA or SEC investigation. She shares that both FINRA and the SEC possess extensive powers to obtain nearly any information they seek during an investigation, short of invoking the Fifth Amendment privilege, which can effectively end a professional’s career, as pleading the Fifth typically leads to an inactive license. She notes that these regulators often conduct what is colloquially known as a “financial colonoscopy,” aiming to uncover any ill-gotten gains resulting from the individual’s conduct. They may request highly personal financial information, including transfers to spouses or loved ones that could be tied to questionable gains. Noncooperation with FINRA can result in the loss of a license, while failing to cooperate with the SEC can lead to enforceable court orders with potential civil or criminal consequences.