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Storming the Gatekeepers: When Compliance Officers and In-House Lawyers Are at Risk 2018

Speaker(s): Adriaen M. Morse Jr., Carrie H. Cohen, Dixie L. Johnson, Ellen M. Murphy, Gregory S. Bruch, Jacquelyn Kasulis, Jay A. Dubow, Jonathan R. Tuttle, Joseph K. Brenner, Joshua E. Levine, Kevin J. O'Connor, Linda Chatman Thomsen, MaryJeanette Dee, Michael D. Trager, Richard J. Morvillo, Samantha J. Leventhal, Wayne M. Carlin
Recorded on: Sep. 5, 2018
PLI Program #: 219471

Carrie H. Cohen has a distinguished record of success in the courtroom handling high-stakes litigation, with a particular focus on white-collar and securities cases. Prior to joining the firm, she was an Assistant United States Attorney in the Southern District of New York, where she tried public corruption, investment fraud, and securities cases, including securing the conviction of Sheldon Silver, the longtime Speaker of the New York State Assembly, on corruption and money laundering charges. Carrie also served in the New York State Attorney General’s Office, as Chief of the Public Integrity Unit in the Criminal Division, and as an Assistant Attorney General in the Civil Rights Bureau, receiving the Louis J. Lefkowitz Memorial Award for outstanding service.

Ms. Cohen is an experienced trial attorney, having tried both criminal and civil cases, and has vast experience conducting large and complex criminal and civil investigations involving federal, state, and local agencies and regulators. In addition to being the lead prosecutor in the Sheldon Silver case, Ms. Cohen has been lead or co-lead counsel on other significant public corruption cases, including the prosecution of then-state Comptroller Alan Hevesi for personal use of state employees’ time, and on investment and securities fraud trials, including a significant multi-stock securities fraud case and an $80 million Ponzi scheme case. As a former federal and state prosecutor, Ms. Cohen focuses on white-collar criminal matters, securities and investment fraud cases, internal investigations, regulatory enforcement proceedings, and bribery, procurement, money laundering, and enterprise corruption cases. Prior to her government service, Ms. Cohen spent six years in private practice, including as a litigation associate at Morrison & Foerster.

Ms. Cohen is a bar association leader and regular speaker at white-collar and bar association programs. Among her many public service roles, Ms. Cohen has held numerous bar leadership positions, including serving as the past Vice President of the New York City Bar, chair of its Executive Committee and a member of its Nominating Committee, and former Chair of the Federal & Commercial Litigation Section of the New York State Bar Association. Ms. Cohen currently serves on the Advisory Group to the New York Federal-State Judicial Council, as a representative to the New York State Bar Association House of Delegates, as a member of the Federal Bar Council, American Inns of Court, and as a member of the New York Chapter of the Women’s White Collar Defense Association (WWCDA). Ms. Cohen has also been a leader in advancing women in the legal profession both in the United States and globally. She co-authored the recent and acclaimed NYSBA report “If Not Now, When?: Achieving Equality for Women Attorneys in the Courtroom and in ADR” and currently serves as a member of the New York City Bar’s Cyrus R. Vance Center for International Justice, where she spearheads a professional development program for women attorneys in Latin America.

Ms. Cohen is also an Adjunct Professor at the University of Pennsylvania Law School, where she received her J.D. in 1993. She received her B.A. from Cornell University in 1989.

Dixie L. Johnson is a partner at King & Spalding LLP in Washington, DC. She represents businesses and individuals in securities enforcement investigations and conducts internal investigations for corporate board committees and companies. A partner on the Securities Enforcement and Regulation team and the Special Matters and Investigations team, Dixie also serves as Deputy Practice Group Leader for Government Matters, a collection of ten government-facing practices within the firm. She appears regularly before the SEC, DOJ, FINRA, PCAOB and other federal and state authorities. Since she joined King & Spalding in early 2014, the government has closed almost forty investigations without charging Dixie's clients.

Dixie brings to her clients solid judgment and strategic insight from over 30 years of experience in representing public companies, financial institutions, investment managers, broker-dealers, public accounting firms, boards of directors and boards of trustees, law firms, corporate officers and others. She is widely recognized as a legal industry leader in securities enforcement, regulatory compliance, corporate governance and crisis management.

Board committees call on Dixie to investigate accounting and disclosure-related whistle-blower allegations and look to her for guidance in times of crisis. She regularly interacts with lead directors, presiding directors, and non-executive board chairs from many of the largest companies in the world. She is a Fellow of the American College of Governance Counsel and, for five years, was a member of the Lead Director Network.

Public companies and regulated entities seek Dixie's representation in complex securities-related government investigations. C-Suite officers and other professionals look to Dixie for representation in internal and SEC or other investigations when their careers are on the line. She is a lawyer's lawyer, representing law firms and lawyers under scrutiny. Her bench is deep and highly skilled. She analyzes lessons learned and especially enjoys counseling clients on how to avoid problems in the future.

Chambers USA, Legal 500, Benchmark, Who’s Who, Best Lawyers and others all consistently rank Dixie as a leading lawyer, and Chambers included our practice on the 2017 short list of firms for Securities and Financial Services Regulation. Chambers has noted that she is "a very strong and thoughtful lawyer with an encyclopedic knowledge of securities laws," (2019), she “wins praise across the board for her ‘terrific relationship with the SEC.’” (2018) and she leads an “expert, broad-based enforcement practice.” (2017) Dixie has served in multiple leadership roles within the American Bar Association, including as Business Law Section Chair, Chair of the Federal Regulation of Securities Committee, and co-Chair of the Fellows Committee. She is a member of the Board of Trustees for the Legal Aid Society of Washington, D.C. and of the Board of Advisors for the SEC Historical Society. Before becoming a lawyer, Dixie served for six years as a public school teacher in Albuquerque, New Mexico.

Gregory S. Bruch represents public companies, audit committees and special committees, broker-dealers, hedge funds and asset managers, accountants and lawyers, and other institutions and individuals in civil and criminal securities law enforcement, compliance and litigation.  Mr. Bruch has been lead counsel for securities enforcement and related civil and criminal matters for many leading companies and financial services firms.  He has served as corporate monitor, counsel to the corporate monitor, and independent compliance consultant for a range of subjects arising from SEC and DOJ settlements.  He is recognized as a leading attorney in securities regulation and litigation, and white-collar defense, by Chambers USA (2006-2018), The Best Lawyers in America® (2007-2018), Benchmark Litigation, and other publications. 

Mr. Bruch worked at the SEC’s Division of Enforcement for 12 years, the last five as an Assistant Director, where he was responsible for many of the agency’s significant enforcement actions concerning complex financial fraud, market manipulation, insider trading, and the FCPA.  Prior to co-founding Bruch Hanna LLP, Mr. Bruch was a partner in the Washington, DC offices of Willkie Farr & Gallagher LLP and Foley & Lardner LLP.

Mr. Bruch is a frequent speaker and panelist on securities enforcement matters, and has been quoted in numerous media publications. He graduated from Stanford University (AB History, 1982), and from the University of Iowa College of Law (JD with High Distinction, 1985), where he was the Editor in Chief of the Iowa Law Review and received the Legal Scholarship Award from the law faculty.  Following graduation, Mr. Bruch was a law clerk to the Hon. George E. MacKinnon of the United States Court of Appeals for the DC Circuit.

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.

Jonathan R. Tuttle is a partner in Debevoise & Plimpton LLP’s Washington, D.C. office and a member of the firm’s Litigation Department.  He regularly represents public companies, regulated financial institutions, boards of directors, audit and special committees of boards, and individual directors, officers and employees in enforcement investigations and proceedings brought by the Securities and Exchange Commission, the Department of Justice, FINRA, and the PCAOB as well as in securities class actions, shareholder derivative suits, internal corporate investigations, and a variety of other securities and finance related litigation and regulatory compliance matters.  He received his J.D. cum laude from Harvard Law School in 1992.  Mr. Tuttle is admitted to practice in Washington, D.C., Virginia and the United States District Courts for the District of Columbia and the Eastern District of Virginia.

Josh Levine is a Managing Director and Head of ICG NAM Regulatory Investigations at Citigroup.  Working at Citigroup since 2006, Josh handles a broad range of regulatory and internal investigations, sweeps, enforcement and litigation proceedings, and other related inquiries conducted by federal and state regulatory authorities, criminal law enforcement authorities, and self-regulatory agencies.  Prior to Citigroup, Josh was an enforcement attorney in the SEC's New York Regional Office, with responsibility for planning and directing investigations and litigations involving all aspects of the securities markets. Prior to the SEC, Josh was a litigation associate at Davis Polk & Wardwell.  Josh received a J.D. from NYU School of Law in 1999, an M.A. in Political Science from Columbia University in 1995, and a B.A. in Government and History from Connecticut College in 1994.

Kevin O’Connor is the Chief Legal Officer for Point72, L.P. Mr. O’Connor joined Point72 in June 2015 from United Technologies Corporation (UTC) where he served as Vice President of Global Ethics & Compliance. Prior to joining UTC, Mr. O’Connor was a partner and chair of the white collar practice group at the law firm Bracewell & Giuliani.

Mr. O’Connor’s legal career includes extensive public service. He served, upon appointment of President George W. Bush and unanimous confirmation by the United States Senate, as United States Attorney for Connecticut from 2002-2008 and as Associate Attorney General of the United States from 2008-2009. During his tenure with the Department of Justice, Mr. O’Connor also served as Associate Deputy Attorney General, Chief of Staff to the Attorney General, and chair of the Department’s Intellectual Property Task Force. In 2008, Mr. O’Connor received the Edmond J. Randolph Award, the Department of Justice’s highest honor. Mr. O’Connor previously worked in the Division of Enforcement of the U.S. Securities & Exchange Commission in Washington, D.C. He began his legal career as a law clerk for the Hon. William H. Timbers of the U.S. Court of Appeals for the Second Circuit.

Mr. O’Connor received his B.A. with honors from the University of Notre Dame, and graduated with high honors from the University of Connecticut School of Law. Mr. O’Connor is a recipient of the Distinguished Graduate Award from the University of Connecticut School of Law. He currently serves as Chair of the Board of Directors Trinity Health of New England, an integrated health delivery system and owner of five hospitals in New England.

Linda Chatman Thomsen, who was the first woman to serve as the Director of the Division of Enforcement at the Securities and Exchange Commission, is senior counsel in Davis Polk’s Litigation Department and practices in the Washington DC office. Her practice concentrates in matters related to the enforcement of the federal securities laws. She has represented clients in SEC enforcement investigations and inquiries, in enforcement matters before other agencies, including the Department of Justice (various U.S. Attorneys Offices) and the Commodities Futures Trading Commission, in investigations and inquiries from self-regulatory agencies, including FINRA, and in internal investigations. These matters, which are typically non-public, have covered a broad range of securities related subject matters, including insider trading, foreign corrupt practices, financial reporting, manipulation and regulatory compliance. Her clients have included major financial institutions, regulated entities, public companies and senior executives.

Ms. Thomsen returned to Davis Polk in 2009 after 14 years of public service at the SEC. While there she held a variety of positions and ultimately served as the Director of Enforcement from 2005 through February 2009. During her tenure as the Director of Enforcement, she led the Enron investigation, the auction rate securities settlements, the stock options back dating cases and the expansion of the enforcement of the Foreign Corrupt Practice Act.

She is a graduate of Smith College (A.B. ’76, Government (High Honors)) and Harvard Law School (J.D. ’79).

MaryJeanette Dee is a partner in the Government Contracts, Investigations and International Trade Practice Group in the firm’s New York office. She is a member of the firm’s Executive Committee and serves as the Firm’s Co-Managing Partner.

MaryJeanette concentrates in internal investigations and regulatory and white collar criminal defense. Ms. Dee frequently represents banks, broker-dealers, investment advisers, corporate officers, financial advisors and other securities professionals in connection with domestic and cross-border investigations and inquiries by U.S. Attorney’s Offices for the Southern and Eastern Districts of New York, the SEC, the CFTC, FINRA, the NY Attorney General’s Office, the FRB, the NY Department of Financial Services and other governmental entities and self-regulatory organizations. She has conducted numerous internal investigations into a wide variety of allegations, including insider trading, trading and position valuation issues, misuse of confidential information, embezzlement, money laundering and BSA/AML issues, sanctions compliance and retail brokerage sales practice violations.

Mike Trager is the Co-Chair of Arnold & Porter’s Securities Enforcement and Litigation Practice Group.

With more than 30 years of experience, Mr. Trager defends clients in governmental and regulatory investigations, conducts internal corporate investigations, and counsels on compliance, disclosure, corporate governance, and crisis management.

His clients include public companies, financial services and investment firms, accounting and law firms, boards and committees, officers and directors, and professionals, including in-house counsel and compliance personnel.

Prior to entering private practice, Mr. Trager served in the SEC's Division of Enforcement in Washington, DC, where he was responsible for conducting investigations and involved in representing the government in litigation.

Mr. Trager is recognized as a top securities enforcement lawyer.  He has been consistently ranked and included in Chambers USA: America’s Leading Lawyers for Business, The Best Lawyers in America, Securities Docket Enforcement 40, and The Legal 500 US, among many others. 

Mr. Trager publishes and speaks on investigations. He also serves on the Board of Advisors of the Securities and Exchange Commission Historical Society and the Executive Council of the Federal Bar Association Securities Law Section, and he served previously on Task Forces established by the American Bar Association and District of Columbia Bar to review the SEC’s selective disclosure and insider trading rules.

Mr. Brenner was Chief Counsel of the SEC’s Enforcement Division from January 2011 through August 2021. He also is Adjunct Professor at the Columbus School of Law, Catholic University of America.

Prior to joining the SEC, he was a partner at Wilmer Cutler Pickering Hale and Dorr LLP. At WilmerHale, he was Vice-Chair of the firm’s Securities Department, and his practice focused on securities enforcement, related civil and criminal litigation, and internal corporate investigations.

Mr. Brenner served as a Court Law Clerk for the U.S. Court of Appeals for the District of Columbia Circuit. He graduated from Georgetown University Law Center, and received his undergraduate degree from Cornell University.

Mr. Dubow is a Partner in the White Collar Litigation and Investigations Practice Group and is co-chair of the Securities and Financial Services Enforcement Group.   Mr. Dubow focuses his practice on complex business litigation, with a special emphasis on defending against shareholder derivative and securities class action litigation and representing clients involved in investigations by the U.S. Securities and Exchange Commission, the Pennsylvania Department of Banking and Securities and various self-regulatory organizations, including the Financial Industry Regulatory Authority, Inc.

Mr. Dubow first joined Pepper in 2007 from another Philadelphia law firm, where he was a partner in the litigation and corporate departments and a member of the executive committee.  In 2008, he joined a client, Advanta Corp., as senior vice president, general counsel and chief administrative officer.  He returned to Pepper in 2011.  Mr. Dubow began his career as a staff attorney and later branch chief in the Division of Enforcement of the U.S. Securities and Exchange Commission in Washington, D.C.

Mr. Dubow is active in local and national bar associations.  Mr. Dubow is a leader in the American Bar Association’s Business Law Section and currently serves as chair of the Securities Litigation Subcommittee of the Business and Corporate Litigation Committee.

Samantha J. Leventhal is the Global Financial Crimes Executive responsible for the oversight for Individual and Small Business Banking, Merrill Lynch Wealth Management, Bank of America Private Bank and Merrill EDGE.  Samantha has also recently assumed oversight of Bank of America’s Enterprise Fraud Program.  In this role, Samantha is responsible for driving the execution of the anti-money laundering and fraud program through the Consumer and GWIM businesses and evaluating and mitigating risks presented by those businesses.

Prior to this role, Samantha was the Global Wealth and Investment Management Risk Executive serving as the Chief Risk Officer for Merrill Lynch Wealth Management and Merrill EDGE.  In this role, Samantha was responsible for looking across all seven risk types that define our risk management program and evaluate the impact of those risks on our retail broker-dealer activities. 

Samantha joined Merrill Lynch & Co. Inc. in May 2002 as a member of the Office of General Counsel in the Global Monetary and Financial Control Group.  This group was responsible for developing and implementing the company’s anti-money laundering program.  Samantha was part of that team until 2008 and as part of the transition work between Bank of America and Merrill Lynch, Samantha assumed responsibility for the Enterprise Client Coverage Team which was responsible for building a client referral program between the newly combined Bank and broker-dealer.  In 2012, Samantha joined GWIM Compliance and served as the GWIM Compliance Chief Operating Officer coordinating strategic business initiatives across the GWIM businesses.  In 2015, Samantha was named the GWIM Compliance Executive responsible for the GWIM Investment Solutions Group and Retirement and Personal Wealth Solutions group overseeing the compliance program for these retail broker-dealer products.  In 2017, Samantha was named the Merrill Lynch Wealth Management/Merrill EDGE Chief Risk Officer and Samantha assumed her current role as Global Financial Crimes Executive in May 2019.  

Samantha graduated from the University of Pennsylvania where she studied Diplomatic History and subsequently attended the Benjamin N. Cardozo School of Law.  After law school, Samantha practiced white collar criminal defense where she represented both corporations and individuals in complex business investigations. 

Samantha lives in New York and is active with fundraising for the Memorial Sloan Kettering Cancer Center.  Samantha is also an avid hiker and has hiked across six of the seven continents around the globe. 

Rich is the leader of our White Collar & Investigations practice and a nationally recognized litigator in Securities and Exchange Commission (SEC) enforcement and other white collar matters. He brings decades of experience in over 250 SEC investigations, including some very high-profile matters the SEC has handled and he regularly handles Foreign Corrupt Practices Act (FCPA) cases, securities-related white-collar criminal matters and private securities litigation.

Drawing on his experience as a former branch chief with the SEC’s Division of Enforcement, Rich represents corporations, corporate executives, brokerage firms, investment advisers, accounting firms, auditors, law firms, hedge funds and individual investors in connection with SEC, Public Company Accounting Oversight Board (PCAOB), New York Stock Exchange (NYSE), Financial Industry Regulatory Authority (FINRA), congressional, state attorney general and grand jury investigations; SEC litigation; and complex securities cases.

Rich has had a significant role in various important matters, including: several CDO and RMBS investigations of investment banks and collateral managers; SEC and criminal investigations of Enron; investigations and litigations concerning possible insider trading involving the securities of Dick’s Sporting Goods, Liberty Media, Capital One, and Prestige Brands; investigations and litigation concerning trading by NYSE specialists; investigations of alleged FCPA violations by various financial institutions; investigations and litigation concerning merger activities of Wachovia Corporation and National City Corporation; investigations concerning transactions by MGIC, Royal Dutch Shell, HSBC, Lernout & Hauspie, Aetna, Denso Corporation, AG Edwards, Merrill Lynch and Credit Suisse; investigations concerning the financial statements and/or audits of Orange County, Citi, Navistar, Autonomy, Bally’s, CarMax, SteinMart, and Allegheny Health Systems; investigations into marketing and other activities of registered investment advisors (including Smith Barney Asset Management, Family Endowment Partners, UBS Asset Management, F Squared and Harbinger) and ETF sponsors (including Pro Shares and Wisdom Tree Investments); internal investigations at a Fortune 10 retailer, Aon Corporation, E*Trade, Nash Finch Corporation and TD Ameritrade; investigations and litigation related to alleged pricing violations by NASDAQ traders; investigations of auditing firms and audit partners from KPMG, E&Y, D&T, Friedman, and PWC International; and congressional investigations concerning, among others, Goldman Sachs and Riggs National Corporation.

Rich conducts internal investigations for corporations, and advises members of numerous special committees of boards of directors as to their rights and obligations regarding the handling and evaluation of corporate transactions, internal investigations and shareholder litigation. Additionally, Rich has litigated to a successful judgment a number of SEC enforcement cases and defended numerous class actions and shareholder derivative suits in federal courts throughout the country.

A well-known figure in the industry, Rich is a frequent speaker at professional seminars and serves as the co-chair of two PLI annual programs: “Internal Investigations” and “Auditor Liability.” He has served on the adjunct faculty of Georgetown University School of Law, teaching a course in “Professional Responsibility in Corporate and Securities Practice.”

Wayne M. Carlin is a litigation partner with Wachtell, Lipton, Rosen & Katz.  His practice is concentrated in the defense of regulatory, enforcement, white-collar criminal and complex civil litigation matters, as well as the conduct of internal investigations.  Mr. Carlin was previously Regional Director of the New York Regional Office of the United States Securities and Exchange Commission from 2000 to 2004.  He earlier served in a variety of positions on the SEC's enforcement staff from 1993 to 1997 and from 1999 to 2000.  From 1997 to 1999, Mr. Carlin was Head of Regulatory Affairs at Lazard Frères & Co.  Mr. Carlin was a member of the Task Force on the Role of Lawyers in Corporate Governance of the Association of the Bar of the City of New York, and previously served on the Securities Regulation Committee and the Financial Reporting Committee.  Mr. Carlin served as a member of the Board of Directors of the Association of SEC Alumni from 2006 to 2019

Adriaen has represented individuals, public companies, financial services firms, accounting firms, and executives involved in investigations and litigation with the SEC, Department of Justice, United Kingdom’s Financial Services Authority (FSA), Financial Industry Regulatory Authority (FINRA), federal agency Offices of Inspector General, and other government and industry regulators. Adriaen represents clients in civil litigation, arbitration, and federal criminal prosecutions involving business fraud, securities fraud, government contract fraud, or compliance issues and has consistently obtained positive results for clients in such high-stakes matters. In the context of government investigations, he assists clients to devise legal strategies to avoid litigation and to win at trial.

Throughout his twenty-plus year career as a lawyer, Adriaen has gotten results for all sorts of clients in a variety of settings. He uses the experience he gained with the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC), with international law firms, and with the legal and compliance departments of Fortune 200 public companies to inform the tactics and strategies he deploys on behalf of plaintiffs and defendants in all kinds of business litigation. A former partner with national and global law firms and Chief Ethics and Compliance Officer and Chief Litigation Officer at two public companies, he now runs his own firm, Morse Law Office PLLC, in the Washington, DC area.

Ellen Murphy represents individuals and organizations in a variety of civil, criminal and regulatory investigations and matters.

Her practice focuses on white-collar defense and complex civil litigation. Her cases have involved allegations of public corruption, securities fraud, mail and wire fraud, as well as securities class actions and complex commercial litigations.

Ellen has significant experience litigating almost every aspect of civil and criminal cases and also has extensive experience handling mediations and all aspects of arbitrations. Ellen has represented both companies conducting internal investigations and individuals in connection with those investigations.  She has represented both individuals and corporations under investigation by the Department of Justice, the Securities and Exchange Commission, the District Attorney’s Office, the Commodity Futures Trading Commission, and FINRA.