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Broker/Dealer Regulation and Enforcement 2017

Speaker(s): Andrew Stemmer, C. Annette Kelton, Carmen J. Lawrence, Colleen P. Mahoney, Douglas T. Siegel, Gerald Balacek, Gerard S. Citera, Ghillaine A. Reid, Henry Klehm III, Ilene B. Marquardt, Jacquelyn Kasulis, James A. Brigagliano, Janet A. Broeckel, Jessica B. Hopper, Joaquin M. Sena, Justin M. Kletter, Lauri Scoran, Manal Sultan, Melanie Senter Lubin, Neal E. Sullivan, Ronak V. Patel, Tanya Solov, Thomas P.. Smith, Thomas R. Gira, William R. Baker, III
Recorded on: Oct. 17, 2017
PLI Program #: 185457

Andrew Stemmer is Deutsche Bank’s Head of Litigation & Regulatory Enforcement for the Americas, and a Managing Director and Associate General Counsel. Andrew has been at Deutsche Bank since 2013, prior to which he was associated with the law firm Cadwalader Wickersham & Taft LLP, where he focused on securities, complex commercial disputes and bankruptcy.

Carmen Lawrence is a partner in King & Spalding’s Special Matters and Government Investigations practice group and co-head of the firm’s securities enforcement and regulation practice.

Ms. Lawrence's practice focuses on representing parties in investigations and litigations conducted primarily by the US Securities and Exchange Commission, US Commodity Futures Trading Commission, US Department of Justice, self-regulatory organizations and state securities regulators, conducting internal investigations, providing crisis management advice to public and private companies and counseling public companies and regulated entities (broker-dealers and investment advisers) on their obligations under the federal securities laws.

From 1996 until June 2000, Ms. Lawrence was the Regional Director for the SEC's Northeast Regional Office (covering 14 states and the District of Columbia), where she oversaw all enforcement and regulatory operations in the SEC's largest region.  Some of the SEC's most significant cases were brought by the Northeast Regional Office under Ms. Lawrence's leadership.

Before her appointment as regional director, from 1990 through 1995, Ms. Lawrence served as Senior Associate Regional Director, heading up the Northeast Regional Office's Enforcement Division.  From 1981 to 1989, she served in various staff and senior positions in the Enforcement Division.

Ms. Lawrence received numerous awards during her tenure at the SEC, including the Equal Employment Opportunity Award in 1998; the Presidential Distinguished Executive Award in 1995; the Stanley Sporkin Award in 1993; and the Irving M. Pollack Award, presented to an enforcement lawyer exhibiting leadership, integrity and intellect, in 1990. 

Ms. Lawrence is consistently recognized by Chambers USA: America's Leading Lawyers for Business as a leading individual for Securities Regulation and for Litigation: White-Collar Crime & Government Investigations.  She is consistently recognized by Legal 500 in Litigation: White-Collar Criminal Defense, and is additionally recognized in Financial Services: Litigation.  She is also consistently recognized by Benchmark: Litigation as a New York Litigation Star. She was named to Securities Docket’s inaugural “Enforcement 40” list of top SEC enforcement lawyers in 2013.

Ms. Lawrence has spoken extensively and participates in numerous continuing legal education programs for federal securities law matters.

Colleen P. Mahoney heads the firm's Securities Enforcement practice, and regularly represents financial services firms, corporations, their boards, board committees, officers, directors and employees in Securities and Exchange Commission (SEC) and other law enforcement investigations.

Ms. Mahoney assists management and boards of directors performing internal inves­tigations, often advising clients on preventive and remedial measures before and after securities-related issues arise.

Ms. Mahoney has been the lead attorney representing many of the company boards and individuals embroiled in signature SEC investigations. Her clients have included many well-known U.S. and foreign companies. As is frequently the case with SEC enforcement matters, the biggest victories are the ones that never become public – the government investigations and inquiries that are put to rest before charges are filed or an indictment is issued, or even before a public disclosure of the government interest. Ms. Mahoney has succeeded in bringing a number of matters to a close in those circumstances.

Prior to joining Skadden, Ms. Mahoney spent 15 years in increasingly senior positions with the SEC, serving as acting general counsel of the agency and as deputy director of the division of enforcement. During her tenure at the SEC, Ms. Mahoney helped manage a civil law enforcement program that addressed a wide range of issues, including financial fraud and disclosure, asset management issues, derivatives and insider trading.

Ms. Mahoney frequently lectures on securities regulatory and enforcement issues at seminars and conferences in the United States and abroad.

Ms. Mahoney has been selected for inclusion in Chambers USA: America's Leading Lawyers for Business, The International Who's Who of Corporate Governance Lawyers, Lawdragon 500 Leading Lawyers in America and The Best Lawyers in America. Since 2012, she has been recognized as one of Benchmark Litigation's "Top 250 Women in Litigation" and she also was named to the shortlist of the nation's top women regula­tory lawyers by Chambers USA (2012). Additionally, Ms. Mahoney was included in Washingtonian Magazine's 2013 "Best Lawyers" list.


Douglas T. Siegel is Managing Director and Chief Compliance Officer (CCO) for the Oppenheimer Companies.  As CCO, Mr. Siegel sets the Compliance strategy and manages the Firms regulatory and reputational risk.  He is responsible for the compliance program for all of Oppenheimer’s businesses which includes a full service broker dealer and asset management company.

Mr. Siegel joined the Company in February 2016.  Prior to joining Oppenheimer he spent 17 years at UBS, and for the last 6 years was Managing Director and Chief Compliance Officer for UBS Wealth Management Americas.  Prior to UBS, He spent 13 years at Smith Barney and predecessors in various Compliance roles.  He is a frequent speaker at SIFMA, FINRA and SEC events.

Mr. Siegel graduated from Syracuse University in 1985 with a B.S. in Finance.  He holds the Series 7, 8, 14, 24 and 65 licenses.

Henry Klehm leads the Firm’s Securities Litigation & SEC Enforcement Practice, brings almost 30 years of experience at the U.S. Securities and Exchange Commission as a senior enforcement officer, a senior in-house lawyer at two global financial institutions, and a public company director. In the last ten years, Henry has acted as counsel in major corporate investigations and civil and criminal enforcement actions throughout the world. He counsels boards, corporations, and financial institutions on cross-border internal investigations, crisis management, corporate governance, and effective compliance and ethics programs, as well as legal matters related to internal control, auditing, litigation loss contingencies (ASC 450), and whistleblowers.

Recent representations include public companies, audit and special committees, financial institutions, and senior corporate officers in investigations and litigation involving disclosure, complex financial products, financial reporting, the Foreign Corrupt Practices Act, money laundering, and economic sanctions.

Prior to joining Jones Day, Henry was Deutsche Bank’s global head of compliance and Prudential Financial’s deputy general counsel for regulatory matters. He was with the SEC for ten years, serving as head of enforcement for the northeastern United States for five years, where he investigated, litigated, and supervised more than 500 enforcement actions including insider trading, financial frauds, Ponzi schemes, rogue traders, market manipulations, and investment company and advisor matters.

Since 2006, Henry has served as an independent director of RenaissanceRe Holdings, an NYSE-listed catastrophe reinsurance firm. He is currently chair of the Compensation and Governance Committee and previously chaired the audit committee.

Henry frequently lectures on cross border investigations, financial services, and corporate governance matters.

Ilene Marquardt is lead counsel for Wells Fargo Advisors’ retail brokerage operations.  In this role, Ilene heads a team of thirty professionals who provide legal advice and counseling for all products, services and operations within the Wells Fargo Advisors Line of Business, including First Clearing and FInNet.  Ilene is a member of the WFA Operating Committee and serves on multiple other WFA business, legal, compliance and risk working groups and committees that support the WFA channel.

Before joining Wells Fargo in February 2019, Ilene spent more than 24 years at UBS (originally PaineWebber) where she held multiple roles including Head of Litigation and Regulatory for Wealth Management US, Interim General Counsel for Wealth Management US and Head of Regulatory for Region Americas.  Ilene is also an appointed member of the FINRA National Adjudicatory Council, and serves on SIFMA’s Compliance and Legal Executive Committee.  Before joining PaineWebber in 1994, Ilene was a litigation associate in NY at Morgan Lewis and Bockius.

Ilene has a B.A. from Northwestern University, and a J.D. from New York University School of Law.  She is a member of the New York and New Jersey bars.

Jacquelyn M. Kasulis joined the United States Attorney’s Office for the Eastern District of New York in January 2008, and was appointed Acting U.S. Attorney in June 2021.  During her tenure in the Office, Jacquelyn has served as both the Chief of the Criminal Division and the Chief of the Business & Securities Fraud Section.  She has investigated and prosecuted a wide variety of criminal matters, including market manipulation, fraud involving publicly traded companies, investment adviser fraud, money laundering and violations of the Foreign Corrupt Practices Act and the Bank Secrecy Act. During her time in the Office, Jacquelyn has worked on significant white collar cases.  For example, Jacquelyn was the lead prosecutor in U.S. v. Martin Shkreli, in which Martin Shkreli was convicted in August 2017 of multiple counts of securities fraud.  Jacquelyn also led the Office’s prosecution in U.S. v. Low Taek Jho, et al. and U.S. v. Leissner, in which two former bankers and a wealthy Malaysian financier were charged for their participation in a multi-billion dollar money laundering and bribery conspiracy related to 1MDB, Malaysia’s investment development fund.  In October 2020, Goldman Sachs agreed to pay $2.9 billion in penalties as part of a global resolution with eight different foreign and domestic authorities for its role in the scheme.  Jacquelyn was also the lead prosecutor in United States v. Bandfield, et al., in which nine defendants and six corporations, including three brokerage firms, were charged for their involvement in an elaborate $250 million offshore securities fraud, money laundering and tax evasion scheme.  Prior to joining the Office, Jacquelyn was a litigation associate at Kirkland & Ellis LLP in New York.  She graduated with honors from Columbia Law School in 2003.

Jamie Brigagliano is a partner in Sidley’s Securities Enforcement and Regulatory group.  Sidley received the 2019 Chambers USA award for Financial Services Regulation Firm of the Year and was named the “Law Firm of the Year” for Securities Regulation in 2021,2020, and 2017 by U.S. News – Best Lawyers. Prior to joining Sidley, Jamie served as the Deputy Director of the Division of Trading and Markets at the Securities and Exchange Commission, where he held senior policymaking and management responsibilities. His practice at Sidley is composed of advising broker-dealers, hedge funds and other financial services firms on a broad variety of regulatory, enforcement, compliance, and transactional matters.  Jamie focuses his practice in particular on SEC and SRO rules governing trading by broker-dealers and hedge funds, and broker-dealer registration and conduct rules.

Jamie’s practice has been regularly recognized by Chambers USA (2013 – 2021) and The Best Lawyers in America. In the 2020 edition of Chambers USA, Jamie was recognized for his work “in equity market structure and trading issues,” highlighting that “his mental rolodex for regulatory guidance is superb and it makes him so efficient to use and easy to work with.” For the 2016–2017 and 2019–2021 rankings, The Best Lawyers in America list Jamie as a “Best Lawyer” in the Securities Regulation category.

While at the SEC, Jamie oversaw the regulation of broker-dealers, securities markets, and trading practices; advised on enforcement matters and testified before Congress. Jamie was honored with numerous awards during his tenure at the SEC.  He has been a frequent speaker at industry conferences and continuing legal education seminars.

Janet A. Broeckel is a Managing Director and Associate General Counsel in Litigation and Regulatory Proceedings group at Goldman, Sachs & Co., where she focuses primarily on government investigations and inquiries, civil litigation, and internal investigations. Prior to joining Goldman in 2005, Ms. Broeckel was a litigation partner at the law firm Pillsbury Winthrop, LLP firm in New York, where she specialized in representing corporations and individuals in regulatory investigations and enforcement proceedings, white collar criminal securities matters, and securities class actions.

Prior to joining private practice, she served in the SEC’s Division of Enforcement in New York. Ms. Broeckel is a graduate of the University of Washington and the Washington College of Law, American University.

Lauri Scoran is currently Managing Director and Chief Compliance Officer at Jefferies LLC, where she is responsible for overseeing all aspects of the compliance programs for multiple Jefferies broker dealers and swap dealers, as well as for the Firm’s futures commission merchant and asset management affiliates.  She is also the Chief Compliance Officer of Leucadia Asset Management, LLC.  Lauri advises the Firm’s various business lines and functional areas on a wide range of compliance and regulatory matters and interacts frequently with the Firm’s regulators.

Lauri has more than 25 years of compliance experience including senior compliance roles at Merrill Lynch, Credit Suisse (formerly DLJ) and Smith Barney.  She has extensive product knowledge with investment banking, origination, research, sales and trading of all equity, debt, futures, foreign exchange, commodity, exchange traded and OTC derivative and structured products.  Her broad experience also includes expertise in broker-dealer financial and operations compliance regulation and investment advisory compliance including registration and regulation of fund managers and private funds. 

Lauri is a member of FINRA’s Large Firm Advisory Committee, where she provides input regarding the effect of current and proposed securities rules and regulations on members engaged in retail, institutional and investment banking activities.  Lauri is also a member of SIFMA’s C&L Executive Committee.  She has also participated on other SIFMA committees and working groups and with numerous industry working groups.  Lauri holds the following licenses: Series 7, Series 4, Series 9 & 10, Series 14, Series 24 and holds a Partners, Directors and Senior Officers designation in Canada.

NEAL SULLIVAN, a member of the Firm’s Executive Committee, is co-leader of Sidley’s Securities & Derivatives Enforcement and Regulatory practice, which received the 2016 Chambers USA Award for “Financial Services and Securities Regulation.” Neal conducts a comprehensive securities regulatory and enforcement practice in which he represents broker-dealers, investment banks, investment advisers, accounting firms, public companies, and senior corporate officers before the SEC, DOJ, DOT/FinCEN, PCAOB, FINRA, state attorneys general and securities regulators in private and public investigations and enforcement proceedings and in connection with international securities regulatory matters. He has been recognized in the areas of Securities Regulation and Enforcement since 2008 in Chambers USA: America’s Leading Lawyers for Business, where he has been described as “the epitome of a ‘wise counselor,’” with “significant credibility with the regulators and a keen sense of what all parties need to accomplish to reach resolution.”

A dynamic and effective enforcement counsel, Neal has represented financial services clients in many of the SEC’s major Wall Street investigations in the past 15 years, including anti-money laundering, insider trading, the sale of auction-rate securities, other structured products and various subprime mortgage-related matters; mutual fund market timing. He has represented public companies and accounting firms in connection with SEC investigations and proceedings related to audit work papers, accounting treatment of assets and valuations, compliance with Regulation FD and accounting treatment in connection with M&A.

Neal is also one of the leading advisers to the securities industry on major compliance and regulatory matters. He has played a central role in many significant matters over the past 20 years, such as representing Freddie Mac in a multi-year investigation by the SEC and the DOJ regarding sub-prime mortgages, representing Morgan Stanley in obtaining regulatory approvals for the 2009 launch of Morgan Stanley Smith Barney, the country’s largest retail broker-dealer and in its subsequent move to self-clearing and the Boston Options Exchange’s 2012 filing with the SEC to become a national self-regulatory organization. He represented the settling banks in negotiating the NASAA model settlement that become the basis for the Global Settlement Relating to Firm Research and Investment Banking Conflicts of Interest announced by the SEC, NASD, NASAA, NYSE and the N.Y. Attorney General’s office in April 2003.

During his tenure as the executive director of the North American Securities Administrators Association, he represented the 53 states and territories in negotiations concerning The National Securities Markets Improvement Act of 1996 and was one of the principal drafters of NSMIA. He also served as chief of the Massachusetts Securities Division and was vice president of regulation at the Boston Stock Exchange.

Neal appears regularly on industry and legal panels that address issues of concern to the securities industry, including the SIFMA C&L annual meeting and certain SIFMA regional meetings. He has co-chaired the Fall PLI course on broker-dealer regulation annually since 2007. He also speaks at FINRA’s fall and spring annual conferences.  He has appeared before the U.S. Congress to provide testimony on various SEC proposals and proposed federal oversight of the U.S. capital markets. He has authored several published articles on regulation of broker-dealers.

Thomas Gira is the Executive Vice President of FINRA's Market Regulation and Transparency Services Departments.  Market Regulation conducts surveillance and trading examinations of activities in the over-the-counter markets overseen by FINRA -- Trade Reporting Facilities, ADF, unlisted equities, TRACE and municipal bonds.  Market Regulation also provides regulatory services to the exchanges operated by NASDAQ, ICE/NYSE, CBOE/BATS, and MIAX, as well as IEX and BOX.  Transparency Services is responsible for all FINRA transparency initiatives in the fixed income and equity markets and operates FINRA’s market systems -- TRACE, ADF, OTC Equity Reporting Facility, OTC Bulletin Board, and Trade Reporting Facilities.

By combining FINRA’s trading data with data from its client exchanges, Market Regulation conducts comprehensive cross market equity surveillance for U.S.-listed equities and options markets.  Market Regulation conducts surveillance for, among other things, manipulative trading algorithms, best execution, trade reporting, order exposure rules for options, OATS, Regulation NMS, short sales, fixed income pricing, Regulation M, and order handling. 

Before joining FINRA in 1997, Mr. Gira was an Associate General Counsel at Nasdaq.  Prior to that, he was Branch Chief for Options and Derivative Products Regulation within the Division of Market Regulation at the SEC.

Mr. Gira received his undergraduate degree from Wake Forest University and his J.D. from the University of Maryland.

William R. Baker, III is a partner in the Washington office of Latham & Watkins.  For almost three decades, first as a senior officer at the SEC, and then at Latham, Mr. Baker has worked on some of the most significant securities regulatory and corporate governance matters. Today, he represents financial institutions, corporations, auditing and other professional firms in SEC and other regulatory enforcement proceedings.  In addition, Mr. Baker conducts internal investigations on behalf of management and boards of directors. He regularly counsels clients on SEC reporting, disclosure, compliance and corporate governance requirements.

Prior to joining Latham, he served as Associate Director of the SEC’s Division of Enforcement where he was responsible for supervising all types of SEC enforcement activities, including investigations involving issuer accounting fraud and other disclosure violations, insider trading, market manipulation and broker-dealer and investment adviser misconduct. Mr. Baker led numerous high-profile investigations that resulted in several landmark enforcement actions, including the SEC's action against WorldCom Inc., involving one of the largest financial frauds in history. While at the Commission, he was a recipient of the SEC's Stanley Sporkin Award, awarded by the Chairman of the SEC in recognition of outstanding contributions to the Enforcement program, and of the Commission's Law and Policy Award.

Mr. Baker is consistently recognized as a leading securities lawyer by Chambers USA and The Legal 500 US and is listed as one of the Best Lawyers in Washington by Washingtonian magazine. In 2017, he was named to BTI Consulting Group’s “Client Service All-Star List,” which recognizes national leaders in superior client service identified directly by corporate counsel and executives. He is the co-author of "Corporate Internal Investigations after Sarbanes-Oxley" published in Volume II of The Practitioner's Guide to the Sarbanes-Oxley Act (American Bar Association 2005) and is a contributor to Securities Law Techniques (Matthew Bender). He was named to the Securities Docket 2017 "Enforcement 40" list, which lists the forty leading securities enforcement defense attorneys.

Mr. Baker is a Trustee of the SEC Historical Society.  Previously, he was an adjunct professor at George Washington University Law School, where he taught Securities Regulation. He is a frequent author, speaker and panelist on securities law issues at programs organized by a wide variety of groups, including the American Bar Association, the District of Columbia Bar Association, the Association of the Bar of the City of New York, SIFMA, the Justice Department's National Advocacy Center, the Practicing Law Institute, Georgetown University Law Center and Stanford Law School.

Annette is an associate general counsel in the Legal Department and is co-head of the department’s America’s Sales and Trading Practice Team. She advises Goldman Sachs and its affiliated US broker-dealers on a wide array of regulatory and legal issues relating to equities products and services. Annette joined Goldman Sachs in 1999 and was named managing director in 2005.

Prior to joining the firm, Annette worked with the US Securities and Exchange Commission (SEC), where she co-headed the Enforcement Program in the Philadelphia District Office. While at the SEC, she was responsible for oversight of a number of high profile federal securities law cases involving issues such as insider trading and market manipulation. During her tenure with the SEC, Annette also served as a legal assistant to SEC Commissioner Mary L. Schapiro. Prior to joining the SEC, Annette served as a federal clerk for the Honorable William F. Hall, Jr. in the US District Court for the Eastern District of Pennsylvania.

Annette earned a BS in Business Administration from Boston University School of Management in 1981 and a JD from Howard University School of Law in 1984.

Ghillaine co-leads the securities investigations and enforcement practice at Troutman Pepper. She focuses her practice on government and securities regulatory investigations, financial services litigation, commercial litigation and corporate compliance. Drawing on her experience in government service and private practice, Ghillaine regularly represents corporations and individuals in investigations conducted by the Securities & Exchange Commission, the Department of Justice, the Financial Industry Regulatory Authority and other government and regulatory agencies. Ghillaine has successfully defended several high profile SEC investigations and enforcement proceedings involving a wide range of significant issues, including insider trading, accounting fraud, market manipulation and broker-dealer sales practice violations. Prior to entering private practice, Ghillaine was a Branch Chief and Staff Attorney in the New York Regional Office of the Securities & Exchange Commission's Division of Enforcement, where she investigated and litigated a wide range of securities enforcement matters.

Ghillaine also represents clients in complex financial services and commercial litigation matters, in both federal and state courts. She has achieved favorable outcomes in cases involving fraud, breach of contract, breach of fiduciary duty, misrepresentation and tortious interference. She has also successfully defended clients in large scale arbitration proceedings, both through the Financial Industry Regulatory Authority and the American Arbitration Association.

Jack leads Bank of America's Regulatory Inquiries Group, which responds to regulatory inquiries that potentially present significant reputational, financial or legal risk to Bank of America Corporation and its subsidiaries, including Merrill Lynch.  He is a member of the Legal Department’s Diversity and Inclusion Business Council and serves on the board of the Adams Street Foundation, which supports the Urban Assembly School for Law and Justice in Brooklyn, New York.

Jack received a Bachelor of Science degree in Economics and in Psychology from Brown University in 1982, and a Juris Doctor degree from the University of Pennsylvania in 1985.

Prior to joining Bank of America in 2005, he served in the Securities and Exchange Commission's Division of Enforcement for twelve years, including three years as a trial lawyer and nine years as an investigative attorney.  While employed by the SEC, he also served as a Special Assistant United States Attorney in the Eastern District of Virginia, where he handled various criminal matters.

Prior to joining the SEC, Jack spent four years at a law firm practicing antitrust law, which was preceded by three years at the Federal Trade Commission's Bureau of Competition.


Manal Sultan is currently the Deputy Director for the Division of Enforcement and is in charge of the Division’s New York office. Ms. Sultan represented the Division in many enforcement actions, including virtual currency matters, which are filed in the United States District Court and focus on allegations of manipulation, fraud, and trade practice misconduct. She has also successfully negotiated and settled many actions including benchmark cases and spoofing cases. Prior to being appointed Deputy Director, she has served as a chief trial attorney with the Division of Enforcement at the CFTC in New York. She also served as the Squad Leader of the Manipulation and Disruptive Trading squad of the Division. Ms. Sultan is a graduate of Fordham Law School. In addition, she holds an MBA in finance and information technology.

Mr. Citera is senior legal advisor to large banks, investment banks, brokerage firms and other financial institutions in complex legal, regulatory and compliance matters. Previously, he was a Managing Director and Associate General Counsel at J.P. Morgan Chase & Co. where he managed the cash equities legal team.  Before joining J.P Morgan, he was Counsel in the Financial Institutions Group at Davis Polk & Wardwell and one of the senior lawyers in that firm’s Trading and Markets Practice. Mr. Citera also served as Deputy General Counsel at PaineWebber Securities and Regulatory Risk Manager for the U.S. Equities Division of UBS Investment Bank.  Earlier in his career, he was an attorney in the SEC’s Division of Market Regulation and Office of General Counsel and Special Counsel at the law firm Wilmer, Cutler & Pickering.   Mr. Citera has been a guest lecturer at the Rockefeller College of Public Administration at SUNY Albany, the University at Buffalo Law School, and Albany Law School.  He serves on the Dean’s Advisory Board to Rockefeller College and on the Advisory Council for the Institute of Financial Market Regulation at SUNY Albany.  Mr. Citera obtained his J.D. degree from the University at Buffalo Law School and his B.A. from the State University of New York at Albany.

Jessica Hopper is Executive Vice President and Head of Enforcement, responsible for FINRA’s disciplinary actions across the country. Prior to assuming this role in January 2020, she was Senior Vice President and Deputy Head of Enforcement for four years, and Senior Vice President in charge of the Regional Enforcement program in the 14 FINRA District Offices from 2011 to 2016. Hopper joined FINRA in 2004 and was a Director in FINRA’s Washington D.C. office until 2011.

Prior to joining FINRA, from 2000 to 2004, she was part of Legg Mason Wood Walker, Inc.'s Legal & Compliance team, where her responsibilities focused on retail sales compliance. She began her career as a litigation attorney in private practice.

Hopper holds a J.D. from the University of Toledo College of Law and earned a B.A. from Hillsdale College.

Ronak Patel is a member of Winstead’s Litigation Practice Group and Securities Litigation & Enforcement Practice Group. He focuses on a wide range of securities regulatory and litigation matters. He is an experienced litigation attorney who possesses extensive regulatory experience with securities regulatory agencies across the U.S.

Before establishing his private practice, Ronak served as Deputy Securities Commissioner of Texas. He held numerous leadership positions with the North American Securities Administrators Association (NASAA), working very closely with state and federal securities regulators across the country. As a regulator, he led the prosecution of a number of high profile investigations involving matters such as the 2008 failure of the auction rate securities market, Ponzi schemes, broker misconduct and complex investment products. Patel now draws on that experience to navigate broker-dealers and investment advisers through complex regulatory investigation, enforcement actions, and litigation involving allegations such as failures to supervise, fraud, and breach of fiduciary duty.

Patel practices before the Texas State Securities Board, the Massachusetts Securities Division, the Florida Office of Financial Regulation and many other state securities regulators as well as the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Consumer Financial Protection Bureau (CFPB), and the Commodity Futures Trading Commission (CFTC).He represents broker-dealers, investment advisers, hedge funds and other private funds, public companies, asset managers, gate-keepers, and other institutions in government investigations, securities law enforcement matters and related litigation. 

Select Matters as Securities Regulator

  • Led complex investigation and litigation related to major Wall Street firms related to the auction rate securities (ARS) market. Key participant in global settlement negotiations with multiple financial institutions resulting in approximately $50 billion in equitable relief to investors.
  • Headed a multi-state investigation and settlement related to a multi-million dollar market manipulation and fraudulent conduct by an issuer and the role of a broker-dealer in aiding-and-abetting the issuer’s conduct.
  • Led complex investigation of Texas based investment adviser running a $50 million fraud scheme involving real estate limited partnerships. Lead attorney for administrative action and criminal referral to U.S. Attorney.
  • Leadership role in a national task force investigating sales and supervision practices related to the sale of non-traded Real Estate Investment Trusts (REITs).
  • Investigated a national brokerage firm’s supervisory systems and controls as a result of a broker “selling away” $5.5 million in investments.

Professional & Community Involvement

  • State Bar of Texas
  • Texas Advocacy Project, Board Member

Awards & Recognition

  • NASAA Patricia D. Stuck Award, 2016 
  • NASAA Outstanding Team Service Award (Dodd-Frank Studies Working Group), 2011 
  • NASAA Outstanding Team Service Award (Auction Rate Securities Task Force), 2010

Admitted to Practice

  •  Texas, 2002

Tom Smith is an Assistant Regional Director in the SEC’s Enforcement Division, working from the New York Regional Office.  Tom joined the SEC in 2004, and has worked on numerous investigations, including ones involving Ponzi schemes, accounting fraud, market manipulation, insider trading, the operation of alternative trading systems, and auditor independence.  Tom received his law degree from the Georgetown University Law Center in 1998 and received a B.S. in Mechanical Engineering from the United States Naval Academy in 1988.  Between college and law school, Tom served as a commissioned officer in the U.S. Navy’s submarine force.


Jay Balacek is Deputy Head of Global Litigation for JPMorgan Chase.  Prior to Joining JPMorgan Chase, Jay worked at the Bank of New York heading a group charged with responsibility for managing government investigations, regulatory enforcement matters, congressional investigations and a portfolio of internal investigations.  Before joining the Bank of New York, he held several public sector positions including: Assistant United States Attorney (U.S. Attorney’s Office for the District of Columbia); Branch Chief, U.S. Securities and Exchange Commission, Division of Enforcement (Washington, D.C.); and Patrol Officer, New York City Police Department.

Justin M. Kletter is an Associate General Counsel in the Equities Legal Department at Bank of America Merrill Lynch.  Mr. Kletter is responsible for the in-house legal coverage of Shares Trading, Derivatives Trading, Operations, Clearing, Designated Market Maker activities and the Corporate Re-Organization department.  Prior to joining Bank of America Merrill Lynch in 2005, Justin was a Senior Attorney in the Financial Industry Regulatory Authority’s (FINRA) American Stock Exchange Enforcement Department where he handled matters regarding best execution, trade reporting, short sales, insider trading, fraud, order handling and other rule violations.  Prior to that, Justin was a Principal Analyst in the New York Stock Exchange Division of Market Surveillance.  Mr. Kletter received his B.A. in Economics from the State University of New York at Albany and his J.D. from Brooklyn Law School.

Melanie Senter Lubin was appointed by the Maryland Attorney General as the Maryland Securities Commissioner for the Securities Division, Office of the Attorney General.  Before becoming Commissioner, Ms. Lubin serves as the Deputy Securities Commissioner and as an Assistant Attorney General and Chief of both the Investment Adviser/Broker-Dealer and Securities Registration Units.  Ms. Lubin is serving her fourth term as a member of the Board of Directors of the North American Securities Administrators Association (NASAA) and also served as NASAA’s Treasurer.  She serves as the state securities representative on the Financial Stability Oversight Council (FSOC). Ms. Lubin is the current chair of NASAA’s Central Registration Depository/Investment Advisor Registration Database (IARD) Steering Committee, and is a member of NASAA’s Expungement Policy Task Force, its Senior Issues/Diminished Capacity task force, and its Federal Legislation and Electronic Filing Depository project groups.  Because of her focus on the regulation of financial professionals, Ms. Lubin chaired NASAA’s Dodd-Frank Investment Adviser Switch project and has served the organization in numerous other capacities including chair of the Investment Adviser Section.  Ms. Lubin was the first recipient of NASAA’s Investment Adviser Distinguished Service Award and has received NASAA’s Blue Sky Cube, the top honor that the association awards.

Tanya Solov has served as Director of the Illinois Securities Department since her appointment in 1999 by Secretary of State Jesse White.  She began working for the Securities Department in 1994 as the Senior Attorney and then as the Assistant Director for Enforcement.  Prior to this, she served as an Illinois Assistant Attorney General handling trial and appellate work, and worked in the private sector as a management consultant at Arthur Anderson.  She serves on various NASAA project groups involving broker dealers, arbitration, and legal issues and is an active member of the Illinois State Bar Association’s Business and Securities Committee.