You are an associate at ABC LLP, a forensic accounting firm. Your company is retained by the Law Firm that is representing a client. The client, the former CFO of the Public Company, is being investigated by the SEC and FBI for running a large accounting fraud scheme and funneling money to his own account after allegedly falsely invoicing sales during 2013 and 2014. The Auditing Firm audited the Public Company and issued opinion letters in connection with the Public Companys 2013 and 2014 annual reports.

You are just getting up to speed on the case, but the ABC Partner asked for you to help analyze the issue in connection with the Law Firm.

1.) Assume that you are in a meeting with the Law Firm about advising the CFO on options for defending an SEC investigation / FBI investigation. Describe to the group your understanding of the following:

1. Advice of Counsel Defense
2. Good Faith Defense
3. Fifth Amendment (testimonial and documentary). What's the difference, if any, between the CFO's ability to assert the 5th as opposed to the company's? Describe. What's the difference in a civil v. criminal proceeding?