By the time a federal white-collar case shows up in the news, the important decisions have already been made. A grand jury has been meeting in a windowless room downtown, on and off, for the better part of a year. Federal grand jury proceedings are conducted in secret, and DOJ policy leans hard on that secrecy to protect reputations and investigations alike. The Subpoena Is the First Piece of Paper You Actually SeeMost people learn they’re inside a federal investigation when a subpoena lands on the desk. The Indictment Ends the Private PhaseWhen the grand jury votes, the case turns public.