Regulatory Enforcement Defense

  • Representing a global bank senior executive in SEC investigation of supervision.
  • Representing the President and CEO, and separate Finance Executive, of a private company in SEC investigation regarding sales of private placement securities to international investors.
  • Representing a broker-dealer and registered representative in FINRA investigation of Outside Business Activities related to purchases of private placement securities.
  • Representing a broker-dealer in FINRA investigation concerning Large Options Position Reporting (LOPR).
  • Represented leading national securities exchange in investigation by the SEC Division of Enforcement related to exchange order type functionality, which concluded with a formal closing letter from the Division.
  • Representing an investment services company regarding the Municipalities Continuing Disclosure Cooperation Initiative (MCDC).
  • Serving as defense counsel for a Swiss bank in connection with the Department of Justice Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks.
  • Representing an individual criminally charged with insider trading.
  • Representing a broker-dealer owner in FINRA investigation into overseas trading and related supervisory issues.
  • Representing a senior trader of global bank in SEC enforcement action alleging parking of securities.
  • Representing a global bank’s senior capital markets executive in FINRA enforcement action alleging failure to establish adequate supervisory procedures.
  • Representing a broker-dealer in FINRA investigation into potential information barrier violations.
  • Representing a private equity firm’s principal in a settled SEC enforcement matter alleging conflicts of interest and non-disclosure.
  • Representing a financial institution as lead counsel in trial of an SEC administrative proceeding.
  • Representing a major broker-dealer in a FINRA investigation related to mutual fund sales practices and customer suitability.

Looking Forward

In a year challenged by pandemic, political divisions and staff working remotel, the SEC rounded out its fiscal 2020 this fall with a respectable 715 case count, an all-time record of $4.68 billion in monetary sanctions, and an array of enforcement activity spanning all its program areas. Several factors point to a particularly aggressive year ahead. Foremost is the SEC’s new focus on whistleblowers, now a major case source, where it made a record $175 million in awards to 39 individuals in fiscal 2020, and kicked off its new year with a record award of $114 million to a single whistleblower. We expect SEC funding and hence staffing to grow significantly in the Biden administration, with bipartisan support made easier by the fact that the SEC uses no tax dollars and instead operates on filing fees.