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Broker/Dealer Regulation and Enforcement 2021

Speaker(s): A. Valerie Mirko, Akinyemi T. Akiwowo, Alixandra Smith, Amanda Senn, C. Annette Kelton, Carmen J. Lawrence, Caroline K. Hall, Cece Baute Mavico, Christopher J. Kelly, Christopher W. Gerold, Ghillaine A. Reid, Gina M. Gombar, Gurbir S. Grewal, James A. Brigagliano, Krista Ryan, Manal Sultan, Marni R. Gibson, Michele J. Bianco, Paul A. Murdock, Russell Johnston, Stephanie M. Dumont, Thomas P.. Smith, W. Hardy Callcott, Wayne M. Carlin, William R. Baker, III
Recorded on: Oct. 6, 2021
PLI Program #: 304000

Paul Murdock has over 25 years of experience in the financial services industry. Prior to forming MCG Compliance Services LLC, he led the Securities Consulting and Professional Services Practice for Wolters Kluwer Financial Services. Previously he led the Capital Markets and Investment Management Practice of Ernst & Young LLP in New York. His clients have included diversified financial services companies, broker-dealers, banks, investments advisers, hedge funds, private funds and mutual fund companies. 

Mr. Murdock also worked at BlackRock Inc., in the Legal and Compliance Department. He was the Chief Compliance Officer for BlackRock’s broker-dealer and investment advisors. Prior to BlackRock, he was a Principal Consultant for Pricewaterhousecoopers, LLP where he had responsibilities for broker-dealer related issues within the investment management regulatory consulting practice. Before joining PwC, he was a Director in the Corporate Compliance Department of Prudential Insurance Company of America and Chief Compliance Officer for a number of Prudential’s broker-dealer affiliates. Prior to his employment with The Prudential Insurance Company of America, he was a Senior Compliance Examiner with the New York Regional office of FINRA. 

He is a graduate of Syracuse University with a BS in Marketing and Finance and has a Master of Science from The New School in Organizational Change Management. He is a frequent speaker at various securities industry conferences.  

Gurbir S. Grewal is the Director of the Division of Enforcement. He leads and oversees the approximately 1,400-person Division, which conducts investigations into possible violations of the federal securities laws and prosecutes the Commission’s civil suits in federal court as well as its in-house administrative proceedings. Immediately before joining the Commission, Gurbir was the Attorney General for the State of New Jersey. Prior to that, he served as the Bergen County Prosecutor, the chief law enforcement officer for New Jersey’s most populous county. Earlier in his career, Gurbir served as an Assistant United States Attorney for the District of New Jersey, where he was Chief of the Economic Crimes Unit, and an Assistant United States Attorney for the Eastern District of New York, where he was assigned to the Business and Securities Fraud Unit. He was also an attorney in private practice. He holds a J.D. from the College of William & Mary, Marshall-Wythe School of Law, and a B.S. in Foreign Service from the Georgetown University School of Foreign Service.

A. Valerie Mirko is a Partner in Baker McKenzie’s North America Financial Regulation and Enforcement Practice, which is part of the firm’s Litigation and Government Enforcement practice. Ms. Mirko has substantial experience in advising clients on federal and state securities laws and regulations impacting the financial services industry, with a focus on the investment adviser and brokerage industries.  Ms. Mirko’s practice includes a wide range of regulatory, compliance, examinations and enforcement matters.  She represents asset managers and fund advisers in examinations as well as enforcement investigations, with a focus on conflicts of interest, advertising and marketing practices, and the custody rule.  Ms. Mirko is also a leading practitioner in SEC Regulation BI and related rulemaking and standards of conduct regulations at the state level, with a focus on conflicts of interest, disclosures and internal controls.  She advises both broker-dealers and dually registered investment adviser and broker-dealer firms regarding the intersection of Regulation Best Interest, ERISA prohibited transactions exemptions, and state regulations.  She also assists broker-dealers and investment advisers with regard to regulatory risk and compliance programs.  

Prior to joining the firm, Ms. Mirko was General Counsel of the North American Securities Administrators Association (NASAA), the association of state securities regulators. Ms. Mirko advised NASAA’s Board of Directors on developments in the federal securities laws and their impact on state securities regulations, including Reg BI, fiduciary duty/standards of care, preemption, and retail enforcement issues.  Ms. Mirko also served as a resource in multistate enforcement investigations and settlements and was part of regulatory coordination initiatives between state regulators and their federal counterparts. 

Earlier in her career, Ms. Mirko was in private practice with a Washington law firm, where she advised broker-dealers and investment advisers in regulatory matters and enforcement investigations.  Prior to that, Ms. Mirko held legal and compliance roles at Oppenheimer & Co., Inc., and Merrill Lynch (now BofA). Ms. Mirko is a member of the New York and DC bars. Ms. Mirko is also a member of the adjunct faculty at the George Washington University Law School and a subcommittee chair within the DC Bar Corporation, Finance, and Securities Law Community. 

Akinyemi T. Akiwowo is an Executive Director in the Firm’s Global Litigation Group, Aki oversees the conduct of active domestic and international institutional (sales, trading, investment banking, capital markets, data privacy, private equity, and investment management) civil litigation, regulatory enforcement actions, and internal investigations.  His diverse experience includes defending the Firm in class action and antitrust litigation matters, as well as investigations by the Department of Justice, Commodities and Futures Trading Commission, and the Securities and Exchange Commission.  

Aki currently co-chairs Morgan Stanley’s Legal and Compliance Division Diversity and Inclusion Network, and is also a member of the Council of Urban Professionals Fellows Board.   

Prior to Morgan Stanley, Aki was Principal Counsel in the Department of Enforcement of the Financial Industry Regulatory Organization (FINRA) where he managed a complex case load, as lead counsel, handling all aspects of investigations of member firms and associated individuals for violations of FINRA, NASD and NYSE rules and federal securities laws.  Prior to FINRA Aki was in private practice in New Jersey, focusing on commercial and securities litigation.  

Aki is a 2002 graduate of Loyola University in Maryland and a 2005 graduate of Seton Hall University School of Law. 

Alixandra Smith has served as the Chief of the Business and Securities Fraud Section at the United States Attorney’s Office for the Eastern District of New York since 2019, and is currently serving as the Acting Deputy Chief of the Office’s Criminal Division.  She has investigated and prosecuted a wide variety of criminal matters against both individuals and entities, including fraud involving publicly-traded companies, market manipulation, insider trading, healthcare fraud, tax crimes, money laundering, cyber-enabled crime and violations of the Foreign Corrupt Practices Act (“FCPA”).  Alix is also an adjunct professor at New York University Law School.

During her time at the Office, Alix has worked on significant white collar cases.  For example, Alix was the co-lead prosecutor for United States v. Martin Shkreli and Evan Greebel, in which a pharmaceutical executive and his attorney were convicted of securities fraud conspiracy and other charges in connection with four complex fraud schemes in separate trials lasting a combined total of 17 weeks.  Alix has prosecuted a number of noteworthy FCPA matters, including United States v. Odebrecht and United States v. Braskem and related cases, in which two Brazilian-based petrochemical companies that paid almost a billion dollars in bribes to government officials in at least 12 countries in order to win business pleaded guilty to conspiracy to violate the anti-bribery provisions of the FCPA as part of an agreement to resolve charges in the United States, Brazil and Switzerland; and United States v. Goldman Sachs and related cases, in which investment bank Goldman Sachs and three individuals, including two former Goldman Sachs bankers, were charged for their participation in a multi-billion dollar money laundering and bribery conspiracy related to 1 Malaysia Development Berhad (IMDB), and Goldman Sachs entered into a deferred prosecution agreement and its Malaysian subsidiary pleaded guilty to conspiracy to violate the anti-bribery provisions of the FCPA, paid $2.9 billion in criminal penalties as part of a global resolution with eight different foreign and domestic authorities.  Alix also led the criminal prosecution of United States v. AmerisourceBergen, in which the second-largest drug distributor in the United States pleaded guilty to a criminal violation of the Federal Food, Drug and Cosmetics Act and paid a combined total of $885 million in civil and criminal penalties stemming from its distribution, over a period of ten years, of millions of syringes of oncology drugs to immunocompromised cancer patients nationwide that were prepared under insanitary conditions and contaminated.

Prior to joining the Office, Alix was an associate at two law firms in New York; completed clerkships with the Honorable Julio M. Fuentes, United States Court of Appeals for the Third Circuit, and the Honorable Faith S. Hochberg, United States District Court for the District of New Jersey; and served as an adjunct professor at Fordham Law School.  She graduated from Harvard University and Harvard Law School.

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.

Christopher Kelly serves as Deputy Head of Enforcement and Senior Vice President, Main Enforcement and Sales Practice Enforcement. In that role, he oversees the work of the Main Enforcement staff who work from FINRA’s headquarters in Maryland and New York, as well as the Sales Practice Enforcement staff in FINRA’s 14 District Offices throughout the country.

He joined FINRA in 2014 and served as Chief Counsel in FINRA’s North Region until early 2018. Prior to joining FINRA, Mr. Kelly served as Deputy Chief of the Criminal Division at the U.S. Attorney’s Office for the District of New Jersey. In that role, Mr. Kelly supervised more than 35 Assistant U.S. Attorneys in the Office’s white collar units: Economic Crimes, National Security, Healthcare and Government Fraud, and Cybercrime. Prior to his promotion to the position of Deputy Chief, Mr. Kelly served as the Chief of the Economic Crimes Unit at the U.S. Attorney’s Office, where he oversaw the Office’s prosecution of complex economic crimes, including crimes involving insider trading, securities fraud, tax evasion, bank fraud, corporate fraud and embezzlement. Mr. Kelly also served as the lead prosecutor on numerous criminal prosecutions. Prior to joining the U.S. Attorney’s Office, he was an associate at the law firm Dechert LLP. Mr. Kelly also clerked for the Honorable Joseph E. Irenas, U.S. District Court Judge for the District of New Jersey.

Mr. Kelly graduated from Duke University and Harvard Law School.

Christopher W. Gerold is the Chief of the New Jersey Bureau of Securities ("Bureau") and President of the North American Securities Administrators Association (“NASAA”). 

The primary mission of the Bureau is to protect New Jersey investors.  As Bureau Chief, Mr. Gerold is responsible for the administration and enforcement of the New Jersey Uniform Securities Law and management of the Bureau.  The Bureau fulfills its mission through the registration of the securities offered in New Jersey and those individuals and entities selling them, examination of registrants, enforcement actions against those that violate the Securities Law, and investor education initiatives. 

Mr. Gerold started his legal career as a Deputy Attorney General in the Securities Fraud Prosecution Section of the New Jersey Division of Law, where from 2005 to 2010 he represented the Bureau during investigations and as a lead trial attorney in litigated matters. Mr. Gerold represented the Bureau in some of the Bureau's most complex and contentiously litigated matters, including cases involving suitability, Ponzi schemes, penny stock fraud, failures to supervise, and registration. 

Before returning to public service, Mr. Gerold was an attorney with the law firm of Chiesa, Shahinian & Giantomasi PC ("CSG").  While at CSG, Mr. Gerold was a member of the firm's Securities Litigation and Enforcement Group, where he conducted internal investigations for broker-dealers.  Mr. Gerold also represented financial professionals and companies in responding to regulatory investigations and enforcement actions by the U.S. Securities and Exchange Commission (“SEC”), the Financial Industry Regulatory Authority (“FINRA”), and various state securities regulators. 

Mr. Gerold received his J.D. degree from Seton Hall Law and his B.S. degree in finance from Villanova University.  Prior to attending law school, Mr. Gerold was a registered representative, having passed the Series 7 and 63 securities exams.  Mr. Gerold is admitted to the bar in New Jersey and New York. 

Gina Gombar is a Vice President and Associate Counsel in the Compliance, Legal and Risk Department at LPL Financial. She provides legal advice on state regulatory and legal compliance, risk management, government relations, and senior and vulnerable adult investor protection. Prior to joining the Advice, Investment Advisory, Retirement and State Law group, she managed and represented the firm in SEC, FINRA and state securities regulatory examinations and investigations as an Enforcement Attorney at LPL. She is located in LPL’s Boston office.

Ms. Gombar was formerly the Deputy Enforcement Chief for the Massachusetts Securities Division within the office of the Secretary of the Commonwealth. For fourteen years she represented the Enforcement Section as lead counsel or co-lead counsel in securities regulatory investigations and administrative adjudicatory proceedings. She successfully negotiated numerous administrative settlements resulting in restitution for investors, administrative fines and other penalties. She regularly coordinated with federal law enforcement and investigative agencies on criminal prosecutions and was appointed a Special Assistant Attorney General.

Ms. Gombar has represented LPL Financial as a member of the North American Securities Administrators Association (NASAA) fee disclosure working group and   previously served on numerous committees and special project groups for NASAA, including the Board Level Federal Legislation Committee and the Corporation Finance Project Group.

Ms. Gombar graduated cum laude from the University of Massachusetts at Amherst and New England Law¦Boston. As an adjunct faculty member at New England Law, she teaches Appellate Advocacy. 

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.

Marni Gibson has over twenty years of experience in the financial services sector and its regulation.  After spending time in the industry, she joined the Securities Division of the Kentucky Department of Financial Institutions in 2009.  While she focused much of her time on enforcement, Marni has held leadership positions in several areas and supervised all three divisions within the agency.  Over the last twelve years, Ms. Gibson has been named Securities Enforcement Manager, Depository Division Director, and Acting Deputy Commissioner. Currently, she holds the role of Securities Administrator and Director.

During her time with the agency, Ms. Gibson has served on numerous national committees, project groups, and working groups across the financial services spectrum. Marni most recently served as NASAA’s Broker-Dealer Section Chair and was elected to the NASAA Board of Directors this summer. She also serves on NASAA’s board-level Regulation Best Interest Implementation Committee.

Michele J. Bianco is a Managing Director and Associate General Counsel in Bank of America Merrill Lynch’s Legal Department.

Michele has primary responsibility for legal coverage in Prime Brokerage, Equity Structure Finance, Securities Lending and Equity Delta One Derivatives.

Michele started her career at the U.S. Securities and Exchange Commission in Trading and Markets as well as Corporation Finance.  Michele has previously worked at Patton Boggs, LLC and UBS Securities, LLC.

In addition, Michele has served as Chair of the SIFMA’s Prime Brokerage and Securities Lending Committee as well as a member of the Prime Brokerage Legal and Compliance subcommittee.

Stephanie Dumont is Executive Vice President, Market Regulation and Transparency Services. Working closely with the SEC and the exchanges, the Department conducts extensive oversight of the securities markets to protect investors and preserve market integrity. The Department combines examinations of member firms and innovative automated surveillance that assesses billions of market events each day to identify potential manipulation or fraud, and to supervise firms’ compliance with FINRA rules and federal securities laws. The Department also brings transparency to the equity and bond markets to help investors make informed investment decisions and improve supervision by regulators and firms. 

Previously, Ms. Dumont was Senior Vice President and Director of Capital Markets Policy for FINRA's Office of General Counsel, where she was responsible for leading the policy and rulemaking legal team addressing trading and customer order handling practices, order audit trails and market structure for equity, options and fixed income securities. Ms. Dumont also lead the policy, rulemaking and regulatory reporting functions relating to FINRA's market transparency facilities and provided legal counsel for FINRA's participation in various National Market System Plans. 

Prior to joining FINRA's Office of General Counsel, Ms. Dumont was Director of Compliance for a broker-dealer compliance consulting firm. Prior to that position, Ms. Dumont conducted investigations for NASD's Market Regulation Department in areas such as insider trading, fraud, short selling and options. Ms. Dumont earned her B.S. in Finance and Management from the University of Virginia and her J.D. from the University of Virginia School of Law. She also earned her LL.M, with distinction, in Securities and Financial Regulation from Georgetown University Law Center. 

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.

Amanda is the Chief Deputy Director for the Alabama Securities Commission where she has been employed since 2008.  She is responsible for advising the Commission on securities-related matters, for investigating and prosecuting fraudulent actions surrounding the sales of securities throughout the state of Alabama, and has coordinated and litigated numerous multi-jurisdictional administrative, civil, and criminal matters. She also serves as a legislative liaison for the Commission.  In that capacity, she advocates for investor protections and market integrity in Alabama. 

Amanda is involved on both the State and local level in various organizations which address issues and promote awareness of Elder Abuse and Investment Fraud; including the Montgomery County Elder Justice Task Force and the Alabama Interagency Council for the Prevention of Elder Abuse.  She is actively involved in the North American Securities Administrators Association (NASAA), where she serves as Chairman of the Cybersecurity Committee, Co-Chair of the Broker Dealer Market and Regulatory Policy Committee and is a member of project groups in the Investment Adviser and Enforcement sections.  She is a frequent speaker on Alabama’s securities laws and Elder Justice, and an instructor in a securities litigation course offered through NASAA, and has testified before the United State House of Representatives Committee on Financial Services Subcommittee on National Security, International Development and Monetary Policy on fraud and elder exploitation. Amanda is a member of the American Inns of Court, serves on the board of the Montgomery County Bar Association, and president of the Alabama Association of Regulatory Boards (AARB).

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.

Cece is Senior Vice President, Associate General Counsel, Head of Regulatory and Investigation at LPL Financial.  She and her team are responsible for representing the firm in complex regulatory matters, advising on regulatory strategy, and leading internal investigations.  She is located in LPL Financial’s Fort Mill office.

Prior to joining LPL Financial in 2015, Ms. Mavico was in private practice where she focused on securities regulatory and enforcement matters and with the NASD in Washington, DC.  Ms. Mavico started her career in the financial services industry in compliance and held various securities and insurance licenses.  Ms. Mavico received a Bachelor of Science in Finance from Trinity University and a Juris Doctor from American University, Washington College of Law.  She is a member of the New York, District of Columbia and Texas Bar Associations.

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.

HARDY CALLCOTT’s practice concentrates on enforcement defense and regulatory counseling concerning securities market and regulatory issues for broker-dealers, investment advisers, registered and private funds and others in the financial services industry. He provides securities enforcement defense before the SEC, Department of Justice, FINRA, and other SRO and state regulators for members of financial services industry, public companies, and officers and directors. He also conducts internal investigations.

Hardy was ranked nationally in Chambers USA for Securities Financial Services Regulation 2008-2016, was included in the Best Lawyers in America 2007-2012 and 2014-2016 lists, and was Best Lawyers San Francisco “Lawyer of the Year” in Securities Regulation by 2015 and 2017, all chosen based on peer-reviewed surveys of U.S. lawyers. He was with Charles Schwab & Co. Inc., as senior vice president and general counsel. He served in the General Counsel’s Office of the SEC as assistant general counsel for Market Regulation (now Trading and Markets), and taught in the Securities LLM program at Georgetown University Law Center. After law school, Hardy clerked for the Hon. Mariana Pfaelzer in the U.S. District Court for the Central District of California.  Additionally, Hardy is the immediate past Chair of the SEC Historical Society.

Krista is a member of the Fidelity Institutional Law Department and her practice focuses on brokerage trading, product, and regulatory issues across the equity, prime brokerage, securities lending, fixed income and forex trading desks.  She also covers brokerage operations issues, including net capital and customer protection- reserves and custody issues, for National Financial Services, the clearing and custody broker-dealer of Fidelity Investments.  Prior to her current role, Krista helped lead Fidelity’s advocacy and implementation efforts with respect to the Dodd-Frank Act.    

Krista received a Bachelor of Art degree, Magna Cum Laude from the University of Massachusetts, and a Juris Doctor degree from Brooklyn Law School.


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.

Russell Johnston, a partner in King & Spalding’s Government Matters practice, focuses on internal investigations, regulatory inquiries, enforcement actions, and compliance counseling.  As both a former Senior Counsel in FINRA’s Department of Enforcement and in private practice representing financial institutions and individuals, he’s worked extensively on matters addressing anti-money laundering, anti-corruption, economic sanctions, securities fraud, sales practice supervision, market regulation, and the use of crowdfunding and digital assets.

Russell also advises multinational corporations, across a wide range of sectors, on complex financial crime compliance matters. In this field, he’s led worldwide internal investigations, assisted clients in cooperating with regulatory inquiries, conducted due diligence prior to M&A transactions, and prepared corporate officers for congressional hearings.  Russell has also provided financial crime compliance training, best practices, and policy formation to both clients and fellow attorneys, and assisted in the UK Parliament Select Committee’s creation of the Bribery Act.

Russell is a graduate of Villanova University and Northwestern University School of Law. 

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

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.


Caroline Hall is the Chief Compliance Officer and Deputy General Counsel of Janney Montgomery Scott LLC. In her role, she manages a team of compliance analysts and insures that the firm has a reasonably designed compliance program.  She also collaborates with other members of the law department on regulatory matters and investigations.  Prior to joining Janney, she was a Senior Vice President and Associate General Counsel of Raymond James Financial. In her role, she heads the Regulatory Enforcement and Investigations unit in the Firm’s law department. Ms. Hall and her team represent Raymond James and its subsidiaries and employees in enforcement and pre-enforcement matters. Prior to joining Raymond James, Ms. Hall worked at UBS for 10 years as an in house lawyer and spent 10 years in private practice representing a variety of financial institutions in litigation and regulatory matters. Ms. Hall has practiced before the Federal Reserve, the SEC, the CFTC, FINRA and many of the State Regulators. Ms. Hall has been a speaker at a variety of industry conferences speaking on topics related to enforcement matters pursued by the State, Federal and SRO regulators. Ms. Hall graduated from Hofstra University School of law with Honors and Vanderbilt University with a BA in Political Science and Psychology.