The SEC has sued a lawyer for providing doctored PPMs in response to document production requests as part of an SEC examination.  The SEC, concerned that the lawyer’s client misused offering proceeds, requested copies of the PPMs delivered to investors.  As alleged by the SEC, the lawyer provided PPMs that he edited to reflect a different use of proceeds than was described in the actual PPMs delivered to investors.  The SEC has charged violations of its rules of practice as well as various violations of California statutes governing the conduct of lawyers.  The SEC also cites violations of the California criminal code for obstruction of justice.

OUR TAKE: Never create or alter documents in response to SEC requests.  It transforms what would otherwise be an unintentional regulatory problem into an intentional criminal act. 

http://www.sec.gov/litigation/admin/2011/34-63785.pdf