Sarah S. Mallett

Partner Litigation

Dallas +1 214 432 4936

Sarah S. Mallett

Overview

Sarah Mallett is a partner in the Government, Regulatory & Internal Investigations Practice Group in the Dallas office of Kirkland & Ellis LLP. Sarah is a former Assistant Director in the United States Securities and Exchange Commission’s (SEC) Division of Enforcement and an experienced litigator who focuses on advising and representing public companies, private equity firms, asset managers, financial institutions, and other entities and individuals facing government, regulatory, or internal investigations, examinations and enforcement proceedings. Sarah brings clients a current and insider’s view on how to best navigate SEC investigations, examinations and rulemaking.

During her more than seven years at the SEC, Sarah supervised or served as the primary attorney on countless investigations, including multiple complex and high-profile enforcement actions, national priority investigations, sweep investigations and parallel investigations with the Department of Justice, FINRA, and other federal or state regulatory and law enforcement authorities. She also served on multiple of the Division’s national working groups and contributed to the drafting of the SEC’s SPAC rulemaking. The SEC has recognized Sarah with numerous awards for her work. In 2022, Sarah was an individual recipient of the Division’s Ellen B. Ross Award for “exemplary commitment, enthusiasm and performance” and a team recipient of the Chair’s Award for Investor Protection. In 2021, Sarah received an inaugural Performance Incentive Bonus Award for an “extraordinary and rare level of performance,” and she received a Director’s Award in 2017. Sarah’s understanding of the SEC’s processes and priorities and her broad experience with the federal securities laws make her uniquely positioned to offer key insights to prevent or minimize clients’ regulatory exposure and to work productively with SEC staff to protect her clients’ interests.

While at the SEC, Sarah worked on the following selected matters:

  • Supervised SEC investigation and settled enforcement action in connection with international Fortune 500 company’s violation of Rule 21F-17 under the Dodd-Frank Whistleblower Rules.
  • Supervised SEC investigation and settled enforcement action of registered investment advisers in connection with more than $50 million in undisclosed fees charged to multiple funds and failures to implement appropriate policies and procedures regarding conflicts of interest.
  • Supervised SEC investigation and litigated action against international entities and an individual alleged to have raised more than $1 billion through unregistered offerings of crypto asset securities in addition to fraud allegations.
  • Supervised SEC investigation and litigated action alleging certain entities and individuals operated as unregistered broker-dealers that facilitated more than $1.2 billion of securities trading.
  • Co-supervised SEC investigation and settled enforcement action against international audit firm, firm CEO, and engagement quality review partner for professional misconduct, reporting violations, and proxy fraud violations in connection with de-SPAC transaction.
  • Co‐lead counsel in SEC complex fraud/SPAC investigation of battery-electric and hydrogen-powered vehicle transportation company resulting in settled enforcement action against the company and litigated action and parallel criminal prosecution of former founder and CEO.
  • Supervised numerous investigations involving potential securities law violations by SPACs, target companies, sponsor entities, and underwriters in connection with de-SPAC transactions.
  • Supervised several investigations regarding public company issuers, executives, and their auditors, some of which resulted in SEC enforcement actions for violations of antifraud, internal accounting controls, disclosure controls and procedures, and internal control over financial reporting provisions of federal securities laws.
  • Supervised or served as lead counsel on numerous confidential investigations regarding potential misconduct involving disclosure fraud, complex accounting fraud, auditor misconduct, insider trading, and the unregistered offer and sale of crypto assets.

Assistant DirectorUnited States Securities and Exchange Commission, Division of Enforcement2021–2024

Senior CounselUnited States Securities and Exchange Commission, Division of Enforcement2016–2021

Judicial InternMagistrate Judge Irma C. RamirezUnited States District Court for the Northern District of Texas2010

Government Investigations & Securities Litigation Associate, Haynes and Boone LLP, 2011–2016

More

Thought Leadership

Speaking Engagements

“Navigating SEC Cyber Disclosure Rules,” Society for Corporate Governance, December 2023

“Broker-Dealers - SEC & FINRA Enforcement Trends,” NSCP National Conference, October 2023

“Executive Compensation, Clawbacks, and Other Compensation Concerns,” Government Enforcement Institute, September 2023

“Crypto Assets and the Regulatory Landscape,” University of Houston-Houston Money Week, April 2023

“SPACs: Enforcement Techniques and Liability Theories,” Southwest Securities Conference, November 2022

“Conversations on Women’s Financial Literacy,” U.S. Securities and Exchange Commission’s Podcast, September 2022

“Developments in Alternative Investments panelist,” Southwest Securities Conference, March 2021

“How to Succeed in SEC Administrative Proceedings,” Bloomberg BNA Live Webinar, November 2015

Recognition

While at the SEC, Sarah was honored with the following awards:

  • Individual Recipient, Ellen B. Ross Award, 2022
  • Team Member Recipient, Chair’s Award for Investor Protection, 2022
  • Inaugural Performance Incentive Bonus Award, 2021
  • Annual Enforcement Director’s Award, 2017

Memberships & Affiliations

Fellow, Texas Bar Foundation

Associate Member, Higginbotham Inn of Court, 2014–2015

Credentials

Admissions & Qualifications

  • Texas

Courts

  • United States District Court for the Northern District of Texas
  • United States District Court for the Eastern District of Texas

Education

  • SMU Dedman School of LawJ.D.cum laude2011

    SMU Law Review, Comment and Casenote Editor, 2010–2011; Staff Member, 2009–2010

    Dean’s Honors Scholarship Recipient

  • University of Texas at Austin, McCombs School of BusinessB.B.A., Finance2006