A new smartphone app called M&M Defend wants to better prepare people convicted of white collar crimes of their rights. Lawyers are pushing the new software to help financial professionals, who are confronted by federal prosecutors.
Admittedly, it’s a pretty niche market.
Former U.S. Attorney Steve Feldman, who is now a securities lawyer with Murphy and McGonigle, says, “It’s 7 am. There’s a knock at the door. And there’s two FBI agents outside the door. And the FBI agents tell you they are investigating some suspicious trading in your account.”
Feldman says he’s had a number of clients surprised outside the gym or office by investigators with the SEC or other regulators. The combination of charm and high pressure tactics, special agents can often dupe even the most savvy professionals.
“They’ll work to get as much information out of the person as possible. So with this app, the person has some guidance on dealing with this situation.”
The app is essentially text describing how to respond to raids, surprise interviews and grand jury subpoena. It also has Feldman’s cell phone number programmed in, just in case you need that lawyer, quick.