It is almost axiomatic that the SEC “enjoys” bringing enforcement actions against lawyers. The SEC believes that lawyers have a special duty to protect and police the securities markets, and, when a lawyer fails, the SEC is right there to pounce.
In fact, the SEC fined and barred an attorney from practicing before the Commission because the attorney failed to conduct proper due diligence when acting as underwriter’s counsel in misleading municipal bond offerings. See https://www.sec.gov/litigation/admin/2017/33-10335.pdf. The SEC claimed that the lawyer prepared erroneous documents regarding on-going disclosure obligations. The SEC stated the lawyer never went beyond relying upon the issuer’s claims, and ignoring red flags concerning the inaccuracy of the disclosure.
If you are lawyer, you cannot outrun the long-arm of the SEC, please take precautions!