Securities & Futures Enforcement
Related ProfessionalsOverview
The firm is committed to its clients and provides top-notch service. [They take] the time to understand the full situation and then act with a sense of urgency and strong communication. - Chambers USA, 2023
Our Securities and Futures Enforcement team members have extensive government experience and many have served in senior positions at the Securities and Exchange Commission (SEC) in the Division of Enforcement, including Deputy Chief of Staff in the Office of the Chairman, Assistant Chief Litigation Counsel, and Branch Chief. Our deep understanding of complex financial markets positions us to counsel clients through aggressive regulatory enforcement reviews and challenges. We have repeatedly been recognized for devising innovative legal strategies to resolve matters as quickly and cost-effectively as possible.
Our team regularly defends regulatory and enforcement proceedings involving the SEC, Department of Justice (DOJ), Financial Industry Regulatory Authority (FINRA), Commodity Futures Trading Commission (CFTC), Public Company Accounting Oversight Board (PCAOB), various State Attorneys General, and self-regulatory organizations (SROs).
Our experience spans all of the major programmatic areas of financial market regulation, including:
- Auditor matters
- Broker-dealer misconduct
- Complex trading practices, including proprietary futures and derivative products
- Financial reporting, complex accounting and disclosure issues
- Foreign Corrupt Practices Act (FCPA) matters
- Insider trading and expert networks
- Investment advisory fraud
- LIBOR manipulation
- Market manipulation, including spoofing and front running
- Performance reporting and adviser advertising
- Residential mortgage-backed securities (RMBS), swaps, auction rate securities (ARS), collateralized debt obligations (CDOs) and other complex instruments
- Stock option grant practices and allegations of back dating
- Subprime, commodity-backed mortgage and credit, and commodity default swap exposure
- Whistleblower matters
We also routinely counsel clients regarding preventative measures, such as establishing effective compliance programs and strengthening internal controls.
Experience
Overview
If allegations of misconduct are made, we have the knowledge and experience to conduct internal investigations and defend adversarial government-led investigations. In these investigations, we provide outstanding representation to a wide variety of clients including financial services organizations, banks, private equity funds, public companies, fund advisers, accounting firms and other major market participants, as well as individuals.
We also have a robust regulatory practice, responding to increasingly frequent and probing inquiries from government regulators and self-regulatory organizations (SROs), and preparing our clients for potential resulting enforcement actions. Our deep understanding of complicated financial products and breadth of experience — ranging from representation of top, multinational bulge bracket investment banks and alternative-asset management firms, to individual traders facing enforcement actions — makes us uniquely positioned to counsel our clients through an increasingly aggressive financial enforcement space.
Representative Experience
Advising an investment bank on its response to the SEC as part of an industry-wide investigation into communications between certain issuers and the research analysts that cover them.
Representing an investment advisory firm in connection with an examination and subsequent enforcement action by the SEC.
Represented international financial services firm in SEC, FINRA, CFTC, and exchange investigations into securities, futures, and derivatives trading.
Representing the broker-dealer arm of a global financial services firm in a money-laundering investigation being conducted by the SEC, FINRA, the Financial Crimes Enforcement Network, and the National Futures Association.
Representing the former CEO of a major corporation in an SEC investigation related to alleged insider trading.
Represented a private fund advisor in a CFTC enforcement action regarding alleged cross-market spoofing activity by a now former trader in 2013-2014. In 2018, we successfully negotiated a penalty reduction and settlement that minimized reputational impact to the client.
Represented a mutual fund manager in an enforcement action regarding alleged improper Exchange for Related Position (EFRP) trades. The matter was settled favorably in 2018.
Represented a leading investment adviser and its associated hedge funds in an SEC investigation into potentially unlawful securities trading by certain of the funds’ investors.
Represented a leading private equity investment firm in the SEC’s “pay-to-play” investigation relating to certain pension funds.
Represented a public company in an SEC investigation into possible accounting and disclosure fraud and potential Regulation FD violations.
Represented individual traders in DOJ, SEC, CFTC, and state investigations into futures and derivatives trading practices, including alleged market manipulation, front running, and insider trading.
Represented major Swiss bank in SEC inquiry into trading and tax reporting practices of bank clients.
Represented multinational financial services firm in responding to regulatory inquiries and exams, with a focus on futures and swaps trading.
Represented investment advisers and private equity fund managers in connection with responses to deficiency letters and investigative subpoenas.
Secured favorable settlement for private equity firm and investment management firm in investigations into fee allocation practices.
Tier 1 Securities Regulation
U.S. News and Best Lawyers, 2022
Ranked in Securities: Regulation: Enforcement
Chambers USA, 2024
Tier 1 White-Collar Crime
Benchmark Litigation U.S., 2024