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 addition to its traditional caseflow, SEC Enforcement’s 2018 year-end report shows that digital assets will be at the forefront of regulatory scrutiny during the coming year — with the SEC’s still-new Cyber Unit zeroing in on ICOs and token-offering cases, broker-dealer and investment adviser registration issues, and outright frauds involving digital assets. Cyber breach cases will also see a significant uptick. Enforcement will focus particularly on “Main Street” cases, a Chairman Clayton priority. CFTC Enforcement will focus on fraud in cryptocurrency cash markets, cross-market and mere attempted spoofing, and its new focus on insider trading and protection of confidential customer information. FINRA’s enforcement activity will likely step up as it moves beyond its recent FINRA 360 reorganization.