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Hedge Fund and Private Equity Enforcement & Regulatory Developments 2021


Speaker(s): Adam S. Aderton, Andre E. Owens, Andrea Griswold, Andrew B. David, Anthony S. Kelly, Barry R. Goldsmith, Deborah R. Meshulam, Elizabeth P. Gray, Eric M. Albert, Igor Rozenblit, James M. McDonald, Joan E. McKown, Kelly L. Gibson, Ken C. Joseph, Kenneth J. Burke, Kristina Littman, Marc E. Elovitz, Marc P. Berger, Mark K. Schonfeld, Maurya C. Keating, Ranah L. Esmaili, Robert A. Cohen, Stephen J. Crimmins, Susan E. Brune, Vincent A. McGonagle
Recorded on: Sep. 24, 2021
PLI Program #: 306496

Elizabeth P. Gray is a partner in the Litigation Department and Co-Chair of the Securities Enforcement Practice Group. Elizabeth represents investment advisers, investment companies and their boards, accounting firms, broker-dealers, self-regulatory organizations, public companies and senior executives facing examination, investigation and litigation by financial regulators. She counsels clients on cybersecurity regulation and breach response, and conducts investigations on behalf of audit committees and other committees of the board.

In ranking Elizabeth among the leaders in Securities and Financial Services Enforcement, Chambers USA highlighted that she is “the much needed type of attorney who doesn’t just identify problems but works to solve them,” commending her “practical approach to client representation and to adversarial negotiations with the government.” Elizabeth is recognized nationally among the leading individuals practicing in the area of Securities Regulation: Enforcement in Chambers USA (2010-2021); Financial Services Regulation: Broker Dealer (Enforcement) in Chambers USA (2014-2021); Securities Litigation and Securities Regulation in The Best Lawyers in America (2010-2021); and Securities Litigation in Super Lawyers (2018-2021).

Elizabeth has been named to Securities Docket’s “Enforcement 40” for 2020, recognizing “the best and brightest securities defense lawyers” in the industry. Previously, she was named by Law360 in 2016 among the 25 Most Influential Women in Securities Law, an elite list including current and former senior regulators and private practitioners who have achieved impressive success in securities litigation and enforcement. Additionally, she received the Women of Influence Award in Securities/Capital Markets Law in 2017 by Best Lawyers and the Coalition of Women’s Initiatives in Law. Elizabeth serves as a member of Law360’s 2021 Securities Editorial Advisory Board, a position she previously held from 2017-2019.


Kristina Littman is the Chief of the Division of Enforcement’s Cyber Unit, a national, specialized unit that focuses on protecting investors and markets from cyber-related misconduct. Ms. Littman joined the SEC’s Division of Enforcement in 2010 in the Philadelphia office. She has held senior attorney positions in SEC Chairman Jay Clayton’s office, the Trial Unit, and the Market Abuse Unit. Prior to joining the SEC, Ms. Littman practiced law at Drinker Biddle & Reath LLP, specializing in white collar and securities litigation. Ms. Littman earned her J.D. and M.B.A. from Rutgers University School of Law – Camden and an undergraduate degree from Florida State University.


Adam S. Aderton is Co-Chief of the SEC Enforcement Division’s Asset Management Unit, a national specialized unit that focuses on misconduct by investment advisers, investment companies, and private funds.  Mr. Aderton joined the SEC as an Enforcement staff attorney in 2008 and became an Assistant Director in 2013.  Before joining the SEC, Mr. Aderton served as a law clerk to Judge J. Frederick Motz of the U.S. District Court for the District of Maryland and worked in the securities litigation and enforcement practice at Wilmer Cutler Pickering Hale and Dorr LLP.  Mr. Aderton received his undergraduate degree from Truman State University and his J.D. from the University of Virginia.


Andre Owens' practice focuses on securities trading and markets activities. He counsels broker-dealers, securities exchanges and other clients on a variety of regulatory issues under the rules of the SEC, FINRA and various securities exchanges, including Regulation NMS; Regulation ATS; short sale regulation; automated trading and risk controls and order handling matters. Mr. Owens also provides advice with respect to acquisitions of securities broker-dealers and investment advisers.

Mr. Owens served as a member of the Counseling and Regulatory Policy Group of the SEC’s Office of General Counsel from 1992 to 1994, where he provided advice and recommendations on various proposals presented for Commission action, including proposed rulemaking actions, exemptive applications and enforcement matters. From 1994 to 1997, he served as Counsel to SEC Commissioner Steven M.H. Wallman and advised Commissioner Wallman on market regulation and investment adviser issues, as well as on a variety of administrative law issues.

Honors & Awards

Mr. Owens has been recognized as a leader in the financial services regulation: broker dealer field in the 2010-2020 editions of Chambers USA: America's Leading Lawyers in Business.  He also is a member of the American Law Institute.

Professional Activities

Mr. Owens is a member of the Business Law Section of the American Bar Association, the Securities Industry Financial Markets Association's Legal and Compliance Division and the National Association of Securities Professionals. He also taught a course entitled "The Regulation of Securities Professionals and the Securities Markets” at Georgetown University Law Center.

Education

JD, Harvard Law School, 1988

BS, summa cum laude, Providence College, 1985


Barry Goldsmith is a partner in the New York and Washington, D.C. offices of Gibson, Dunn & Crutcher and a member of the firm’s Securities Enforcement Practice and White Collar Defense Practice Groups.  Mr. Goldsmith's practice focuses on the representation of hedge and private equity funds; broker-dealers and other financial institutions; public companies and their boards and officers in SEC, FINRA, and other regulatory matters and in internal investigations.  Mr. Goldsmith joined the firm after serving as head of Enforcement at NASD (now FINRA), the primary private-sector regulator of the country’s securities industry.  Mr. Goldsmith was NASD’s top enforcement official responsible for formulating its national enforcement policy and overseeing investigations and cases. Prior to his 10-year tenure at NASD, Mr. Goldsmith served as Chief Litigation Counsel at the Securities and Exchange Commission, where he was responsible for all enforcement litigation brought by the agency.

Mr. Goldsmith has consistently been ranked by Chambers USA America's Leading Business Lawyers as one of the top Securities Regulation and Enforcement attorneys nationwide and was named Best Lawyers’ 2016 and 2018 Securities Regulation “Lawyer of the Year” for New York City. BTI Consulting recently named him to its “BTI Client Service All-Stars list. 

Mr. Goldsmith is a frequent speaker on securities enforcement and regulatory issues at industry, legal, and media sponsored conferences.  He received his law degree in 1975 from Georgetown University Law Center.  He graduated magna cum laude in economics from the University of Pennsylvania’s Wharton School in 1972.


Deborah Meshulam is a partner at DLA Piper where she is one of the leaders of DLA Piper’s Securities Enforcement practice.  An experience trial lawyer, Deborah has a broad practice which includes defending clients facing claims of securities law violations, including FCPA and accounting fraud allegations, and conducting cross-border investigations for multinational corporations related to those and other topics. She regularly advises clients on compliance matters and litigation avoidance and counsels them on a wide range of regulatory matters, including the application of the federal securities laws to digital assets. She advises exchanges, digital asset issuers, and regulated entities on these issues.  Deborah has published multiple articles related to the SEC’s regulation of digital assets and other securities law and compliance issues.  She is a sought-after speaker at professional programs on these topics. Deborah has been repeatedly recognized by legal industry publications including most recently by the Legal 500 for her work in Securities Litigation-Defense and Who’s Who Legal Investigations: 2021 as a Global Leader in investigations.  She is a past recipient of the Burton Award for Legal Achievement, run in alliance with the Law Library of Congress.  She is also recognized as a Washington DC Super Lawyer in Securities Litigation.

Prior to joining DLA Piper, Ms. Meshulam served for seven years as Assistant Chief Litigation Counsel for the Securities and Exchange Commission’s Division of Enforcement, a senior level position.  As lead trial counsel, she prosecuted securities enforcement cases, including jury trials, involving complex financial fraud, accounting, corruption, market manipulation, insider trading, sales practice fraud, Ponzi schemes and public offering fraud and disclosure issues.

At DLA Piper, Ms. Meshulam represents and has successfully defended individual and corporate clients in SEC and Department of Justice (DOJ) investigations relating to claims of securities law and FCPA violations. She also represents clients in investigations conducted by the Public Company Accounting Oversight Board (PCAOB), FINRA, Congress, state securities authorities, and Exchanges.

She counsels clients on compliance, regulatory and corporate governance matters, including Sarbanes-Oxley and Dodd Frank whistle-blower matters.

In her investigations practice, Ms. Meshulam leads and conducts investigations, including cross border investigations, involving a variety of industries and sectors including financial services, defense, energy, consumer, real estate, and healthcare. She has conducted and led investigations involving market manipulation claims, FCPA allegations and accounting fraud claims in China, India, Kazakhstan and Kuwait as well as in Europe. Ms. Meshulam has obtained SEC no-action and DOJ declination decisions in several such matters. In one of her recent matters, she persuaded the SEC to close an accounting fraud investigation against a global corporation with no action. In another recent matter she successfully resolved an SEC investigation involving complex financial products and a number of affiliated financial services companies. 

Ms. Meshulam’s regulatory counselling practice includes advising clients on a wide range of corporate governance and regulatory matters, including financial reporting and disclosure issues, design and implementation of compliance programs under the securities laws and the FCPA as well as issues faced by brokers/dealers, investment advisers and other regulated entities. She also represents clients in rulemaking proceedings and in SEC inquiries from the Divisions of Corporate Finance and Trading and Markets, the Office of Chief Accountant and the Office of Compliance Inspections and Examinations.

She is an Audit Committee Member of the non-profit organization, Global Fund to End Modern Slavery.


Eric M. Albert is the Chief Compliance Officer and Legal Counsel of Holocene Advisors, LP.  Mr. Albert joined Holocene in April 2021 from Assured Guaranty and Assured Investment Management LLC, where he was Chief Compliance Officer/Deputy General Counsel, Litigation since Assured’s acquisition of BlueMountain Capital Management, LLC in 2019.  Prior to the Assured acquisition, Mr. Albert was BlueMountain’s Chief Compliance Officer/Deputy General Counsel (2015-2019) and Deputy Chief Compliance Officer/Associate General Counsel (2013-2015).  Before joining BlueMountain, Mr. Albert was Director/Senior Counsel, Litigation & Regulatory Investigations at Deutsche Bank AG (2011-2013).  Prior to Deutsche Bank, Mr. Albert was Vice President/Counsel, Office of the General Counsel at Lehman Brothers Holdings, Inc. (2009-2011).  Mr. Albert began his legal career as a Litigation Associate at Simpson Thacher & Bartlett LLP (1998-2009).  Mr. Albert holds a Bachelor of Arts from Duke University and a J.D. from Columbia University School of Law.  He is admitted to the Bar of the States of New York and Connecticut and to the U.S. District Courts for the Southern and Eastern Districts of New York.


Igor Rozenblit is a leading expert in financial regulation who helped shape the U.S. Securities and Exchange Commission’s regulatory approach to the private capital markets.  Igor focuses on helping clients successfully navigate a broad range of challenges stemming from regulatory examinations, investigations, litigation, disputes and other crisis scenarios.  Igor’s unique combination of investing experience, due diligence expertise and decade of service as the SEC’s primary private markets expert allows him to provide insightful and practical guidance to clients grappling with complex regulatory and operational issues.

While at the SEC he held various leadership positions including, Fellow in the Division of Enforcement’s Asset Management Unit, founder and co-head of the Division of Examinations’ Private Funds Unit and co-lead for the agency’s inter-divisional Private Fund Specialized Working Group. 

Igor completed and supervised more than 250 examinations and dozens of enforcement investigations resulting in many seminal enforcement actions.  His significant docket of cases, investigations and examinations included issues related to breaches of fiduciary duty, violations of the Investment Advisers Act’s anti-fraud provisions, valuation, fee and expense allocation, fund restructurings, stapled secondary transactions, manipulated auctions, insourcing, real estate/real assets issues, carried interest calculations, co-investment policies, private credit conflicts, related party transactions, cap table manipulation, structured products, ESG, Business Development Companies and Real Estate Investment Trusts. 

Igor trained SEC staffers, including examiners, investigators and rule makers on the private markets and provided training outside the agency including to FBI agents, IRS agents, prosecutors from the Department of Justice and examiners from the Small Business Administration.

Before joining the SEC, Igor held various senior investment roles.  He headed the North American private market investment activities for Amundi Asset Management where he invested in and performed due diligence on hundreds of private equity investment managers.  Before Amundi, Igor was a private equity investment professional completing equity, debt and structured investments in healthcare and industrial companies.

Igor holds a Master of Business Administration with Honors from the University of Chicago’s Booth School of Business and a Bachelor of Science in Computer Science from the University of Michigan.  He is a frequent speaker at industry conferences including the Practicing Law Institute, SuperReturns, Private Equity International, Pension Bridge, GAIM Ops, Managed Fund Association, Association of Corporate Growth, SIFMA and the Investment Adviser Association.


Joan McKown has more than 30 years of experience in Securities and Exchange Commission (SEC) enforcement and financial regulatory matters including investigations, exams, internal investigations, and disputes throughout the United States. She has in-depth knowledge of investigatory issues relating to financial fraud, corporate disclosure, corporate governance, accounting, compliance, private equity, FCPA, broker dealer, investment adviser, investment companies, and insider trading. Joan represents corporations, and financial services firms, and their officers, directors, and employees, counseling them to avoid regulatory scrutiny, and when necessary, resolving matters on the best terms possible.

Prior to joining Jones Day in 2010, Joan was the longest serving chief counsel in the Division of Enforcement at the SEC, where she played a key role in establishing enforcement policies and worked closely with Commission and senior SEC staff. Joan literally wrote the book on SEC enforcement when she oversaw creation of the first version of the SEC Enforcement Manual. As chief counsel, she led hundreds of Wells meetings and settlement negotiations. At Jones Day, Joan has extensive experience submitting persuasive Wells submissions, having reviewed thousands of such submissions while on the SEC staff.

Joan is the chair of the board of trustees of the SEC Historical Society. She also serves as president of the board of trustees of the Legal Aid Society of the District of Columbia. She frequently speaks and writes on SEC enforcement related topics.


Kelly L. Gibson is the Acting Deputy Director of Enforcement for the SEC.  Prior to starting in the Acting Deputy Director role, Ms. Gibson served as the Director of the SEC’s Philadelphia Regional Office, overseeing a staff of approximately 160 enforcement attorneys, accountants, and specialists who investigate and enforce the federal securities laws nationwide, and examiners who perform compliance inspections in the Philadelphia region.  Ms. Gibson joined the SEC in 2008 as a staff attorney in the Division of Enforcement in the Philadelphia office, and joined the Market Abuse Unit when it was established in 2010.  She was named Assistant Regional Director in 2013 and Associate Regional Director in 2017.  Prior to joining the SEC, Ms. Gibson was a litigation associate at Ballard Spahr LLP in Philadelphia.  


Ken C. Joseph, Esq. is a Managing Director and Head of the Financial Services Compliance and Regulation practice for the Amercias at Kroll, LLC. (Duff & Phelps rebranded as Kroll in 2021), based in the New York office. From 2018-2020, he served as Global Leader of Kroll’s Disputes Consulting practice.  He is also a fellow of the Kroll Institute, providing thought leadership on a variety of financial services and regulatory matters, as well as Head of the firm’s Cryptocurrency Task Force. Ken focuses on serving clients who need informed and proven strategies to successfully navigate a broad spectrum of threats arising from investigations, compliance examinations, litigation, and crisis scenarios. At Kroll, Ken has provided expert testimony and reports on various regulatory compliance and enforcement matters, counseled on multiple high-profile investigations, advised SEC-registered entities on ESG policies and practices, conducted due diligence in the context of M&A transactions, and guided innovators on various digital currency structures and proposed offerings.  He has a unique combination of front-line expertise and experience in U.S. securities law, regulatory compliance, and corporate governance. Ken served with distinction for a total of over 21 years at the U.S. Securities and Exchange Commission, including service as one of the inaugural supervisors in the Division of Enforcement’s specialized Asset Management Unit, and most recently as a Senior Officer in the Commission’s Division of Examinations (f/k/a as the Office of Compliance Inspections and Examinations). He has investigated, supervised, and resolved numerous complex and high-profile cases involving a wide variety of alleged misconduct by market professionals, other individuals, and by public and private entities.

Ken’s extensive docket of cases and compliance examinations at the SEC included allegations and/or findings of breaches of the anti-fraud provisions, fiduciary duty, disclosure, custody and compliance requirements, as well as the anti-corruption, data privacy and cybersecurity obligations under the federal securities laws. In total, his enforcement and examination matters on behalf of the SEC resulted in the payment of over $1 billion in monetary relief to shareholders, investors, and clients. He was responsible for conducting numerous parallel investigations and successful actions in conjunction with federal, state, and local law enforcement authorities. And, he led his team’s response to regulatory concerns involving reinsurance products, special purpose vehicles, credit default swaps, auction rate securities, cyber-intrusions, Brexit, high-yield bonds, fee and expense allocations, undisclosed conflicts, and share class selection, among others. While at the SEC, Ken served in leadership positions on several governance committees, including the National Exam Program’s Executive Committee and as co-chair of the Risk and Exam Process Committee, where he helped develop national and local examination initiatives and priorities. He also served on the Risk Analytics Committee and contributed to the development of technology solutions to improve his program’s analytical capabilities, efficiency, and techniques used to identify actual or potential misconduct.

Ken holds a Juris Doctor degree from the University of North Carolina at Chapel Hill School of Law. He also earned B.S., MBA, and post-graduate degrees in Marketing Management and International Finance from St. John’s University, New York.  He earned a Certificate in Securities & Financial Regulation from the Georgetown University Law Center (through the SEC), and a Certificate in Strategic Management of Regulatory and Enforcement Agencies, from the Harvard University, John F. Kennedy School of Government, Executive Education.  Ken is admitted to practice law in the U.S. District Court for the Southern and Eastern Districts of New York, as well as the States of New York and Connecticut. He is a frequent speaker at industry panels on matters relating to SEC enforcement and securities law compliance, governance, and risk management and has represented the SEC on several foreign technical assistance missions. Ken also has substantial experience interacting with U.S. and foreign regulators and law enforcement agencies from the state, federal, and international levels, including those from the Department of Justice, the Federal Bureau of Investigation, the United States Postal Inspection Service, the Financial Industry Regulatory Authority, the Federal Reserve, and state securities regulators. 

Prior to joining the SEC, Ken worked in the financial services industry, as well as in academia.  He is a former Associate Dean of the largest undergraduate college within a major New York-area university. He currently serves on the Board of Directors of the Harvard Kennedy School NY/NJ/CT Alumni Network (President), University Settlement, the University of North Carolina Law Alumni Association, and through June 2021 on the School Leadership Team of Ft. Hamilton High School, Brooklyn, NY. 


Marc E. Elovitz is co-managing partner of Schulte Roth & Zabel. He serves as chair of the Investment Management Regulatory & Compliance Group and as a member of the firm’s Executive Committee. Marc advises private fund managers on running their businesses consistent with the Investment Advisers Act of 1940 and all other applicable laws, regulations and legal requirements. Marc provides guidance to clients on SEC registration, examination and enforcement matters. He also regularly leads training sessions for investment professionals on complying with insider trading and market manipulation laws, and he has developed and led compliance training sessions for marketing and investor relations professionals. Marc works closely with clients undergoing SEC examinations and responding to deficiency letters and enforcement referrals. He develops new compliance testing programs in areas such as trade allocations and conflicts of interest, and he leads macro-level compliance infrastructure reviews with fund managers, identifying the material risks specific to each particular firm and evaluating the compliance programs in place to address those risks. Marc has a cutting edge practice covering the latest trends of interest to private funds, including blockchain technology and digital assets. He advises on the legal and regulatory considerations involving virtual and digital currency business initiatives and the blockchain technology behind them.


Marc P. Berger, former Acting Director and Deputy Director of the Division of Enforcement and Director of the New York Regional Office at the SEC, and former Chief of the Securities and Commodities Fraud Task Force in the U.S. Attorney’s Office for the Southern District of New York, represents companies, boards and executives in government and internal investigations, regulatory enforcement matters, and high-profile disputes.

As Acting Director and Deputy Director of Enforcement at the SEC, Marc oversaw thousands of investigations and hundreds of litigations addressing a broad range of securities matters, including issuer disclosure and accounting violations, foreign bribery, investment advisory issues, securities offerings, market manipulation, insider trading, broker-dealer misconduct, cyber threats, initial coin offerings, digital assets and COVID-related fraud. He first joined the SEC as Director of the New York Regional Office, where in addition to supervising all New York enforcement matters, Marc oversaw all of the New York office’s compliance examinations of investment banks, investment advisers, broker-dealers, mutual funds and hedge funds.

As a federal prosecutor, Marc tried 13 cases in district court and as Chief of the SDNY’s Securities Unit he supervised some of the nation’s most significant financial and investment fraud matters, including those related to corporate and accounting fraud, insider trading, market manipulation, and violations of the FCPA. Marc’s SEC and DOJ work involved extensive coordination of cross-border and multi-agency investigations.

In between Marc’s tenures at the SEC and DOJ, Marc was a litigation partner at another international law firm where he represented global financial institutions, public companies, investment firms and individuals in numerous high-profile matters.

Education 

  • University of Virginia School of Law, 1999 J.D.
  • Cornell University, 1996 B.S.
    With Distinction
 
Clerkships
  • Hon. Richard M. Berman, United States District Court, Southern District of New York
 
Admissions
  • New York 


Mark K. Schonfeld is a litigation partner in the New York office of Gibson, Dunn & Crutcher and Co-Chair of Gibson Dunn’s Securities Enforcement Practice Group.  He is also a member of the Crisis Management and the White Collar Defense and Investigations Practice Groups.

Mr. Schonfeld’s practice focuses on the representation of financial institutions, public companies, hedge funds, accounting firms and private equity firms in investigations conducted by the Securities and Exchange Commission (SEC), Department of Justice (DOJ), States Attorneys General, Financial Industry Regulatory Authority (FINRA) and other regulatory organizations.  Mr. Schonfeld also conducts internal investigations and counsels clients on compliance and corporate governance matters.

Benchmark Litigation recognizes Mr. Schonfeld as a “Litigation Star,” and he has been ranked as a leading lawyer in Securities Regulation and Enforcement by Chambers USA:  America’s Leading Lawyers for BusinessChambers highlighted client praise for Mr. Schonfeld’s “invaluable current knowledge of agency practice, procedure and personalities active at the SEC” and noted he is “a very strategic, seasoned professional. He’s measured, thoughtful and incredibly proactive in terms of keeping clients updated. He’s detail-oriented and produces extremely high quality work.”

Prior to joining Gibson Dunn, Mr. Schonfeld concluded a 12-year career with the SEC, the last four years as the Director of the New York Regional Office, the largest of the SEC’s regional offices.  Mr. Schonfeld oversaw professional staff of nearly 400 enforcement attorneys, accountants, investigators and compliance examiners engaged in the investigation and prosecution of enforcement actions and the performance of compliance inspections of more than 4,000 SEC registered financial institutions in the region.  Mr. Schonfeld led the New York Office through one of the most vibrant and rapidly evolving periods in the history of the SEC and securities law enforcement and brought many of SEC’s major landmark cases dealing with complex accounting fraud, mutual fund trading, hedge fund abuses, foreign bribery, insider trading and market manipulation.

Mr. Schonfeld received his Juris Doctor, cum laude, from Harvard Law School in 1988 and his Bachelor of Arts degree, summa cum laude, and with Highest Distinction from the University of Rochester in 1984.  Following law school, Mr. Schonfeld was a law clerk for the Honorable Ellsworth A. Van Graafeiland of the U.S. Court of Appeals for the Second Circuit.  Following his clerkship and before joining the SEC, Mr. Schonfeld was a litigator in private practice.

Mr. Schonfeld is a frequent public speaker to legal and industry practitioners and commentator on television and radio, and has participated in international training programs for foreign financial regulators and law enforcement agencies.  He is a past recipient of the SEC Chairman’s Award for Excellence and the Capital Markets Award.  He is a member of the New York and Massachusetts State Bars, the New York State Bar Association and the Committee on White Collar Criminal Litigation, the Association of the Bar of the City of New York and the Federal Bar Council. 


Maurya Crawford Keating is an Associate Regional Director in the New York Regional Office of the U.S. Securities and Exchange Commission.  She joined the Investment Adviser/ Investment Company unit of the SEC’s Office of Compliance, Inspections and Examinations in 2018. 

Before joining the SEC, she was a Lead Director and Associate General Counsel in the National Compliance Office of AXA Equitable Life Insurance Company.  Her work for AXA Equitable included advising on a wide range of securities, insurance and investment advisory compliance, product and distribution issues, including international legal and compliance issues associated with AXA Equitable’s affiliation with AXA Group, a global financial services organization.  Maurya was also Vice President, Chief Broker-Dealer Counsel & Investment Advisor Chief Compliance Officer of AXA Advisors, LLC, a full-service broker-dealer and investment adviser.  Prior to AXA Equitable, she was an Associate General Counsel at New York Life Insurance Company and Royal Alliance Associates, Inc.

Maurya received her J.D. from St. John’s University School of Law, and her B.A. and M.A. from The Catholic University of America. She is admitted to practice as an attorney in New York state, and is on the Roll of Solicitors of the Law Society of England & Wales.


Stephen J. Crimmins is a partner at Murphy & McGonigle, a 50-lawyer securities-focused boutique in New York and Washington.  He defends clients in enforcement matters involving the Securities and Exchange Commission and other financial regulators.

Before returning to private practice well over a decade ago, Steve spent 14 years trying cases at the SEC’s Enforcement Division, including 8 years leading its large Trial Unit in prosecuting securities cases in federal courts and administrative proceedings.  Steve is a Brooklyn native, earned his law degree at Columbia, and began his practice at a large New York firm.

Best Lawyers recognized Steve as the “2017 Securities Regulation Lawyer of the Year for New York City,” and Chambers USA recognized him in 2019 a “real leader of the SEC enforcement Bar” and among the top 20 enforcement lawyers nationally.  Steve has chaired the securities law sections of both the Federal Bar Association and the DC Bar.  He has testified three times before Congress on SEC issues, most recently in June 2019, and he regularly speaks on professional panels. 


Susan E. Brune has been consistently recognized for excellence in the practice of law. Chambers USA has identified Susan Brune as a “Star Individual,” an elite ranking above “Band 1.” Per Chambers, she is “at the top of her game and fights hard for her clients. She can parachute into a case and learn everything and get up to date so fast.” She is “truly one of the greatest lawyers in our field and at the very top of the profession. She's the whole package: a brilliant lawyer, incredible advocate, trusted adviser and totally fearless.” In support of the ranking, Chambers states that she is “a market-leading attorney for the representation of individuals involved in complex, high-stakes criminal trials” and a “strong choice for corporations facing white-collar proceedings.”

Susan is focused on efficiently solving her clients’ problems, whether they involve commercial disputes or contacts with prosecutors or regulators. In the white collar sphere, Susan has repeatedly warded off indictment and regulatory charges through sound strategic choices, meticulous preparation and forceful advocacy. When cases are brought, she is equally effective. A seasoned trial lawyer, she achieved a complete victory for a private equity investor in an enforcement case in the SEC’s administrative forum. She also obtained the acquittal of a Bear Stearns hedge fund manager in a federal jury trial. 

Before starting her private practice, Susan served as a federal prosecutor in Manhattan.


Andrea M. Griswold is currently the Co-Chief of the Securities and Commodities Task Force at the United States Attorney’s Office for the Southern District of New York.

Previously, as a prosecutor in the unit she now supervises, Ms. Griswold investigated, prosecuted and tried to verdict a wide variety of significant securities fraud cases, including those involving allegations of accounting fraud, valuation fraud, insider trading and market manipulation. Most recently, Ms. Griswold led the criminal investigation that resulted in the indictment and arrest of Arif Naqvi and other senior executives at the Abraaj Group, the largest failed private equity firm, on charges that the defendants serially inflated the valuation of private equity investments and misappropriated hundreds of millions of dollars, all while promoting the firm as a pioneer of so-called “impact investing” that could “do good” without “compromising returns.” Ms. Griswold has also served as an Acting Deputy Chief of the Narcotics Unit and as a member of the public corruption unit where she was part of the team that investigated and prosecuted attorney Michael Cohen for campaign finance violations and criminal tax evasion.

Ms. Griswold graduated cum laude from Georgetown University and earned her law degree from New York University in 2007. Prior to becoming a prosecutor, Ms. Griswold began her legal career at Simpson Thacher & Bartlett LLP, where she worked from 2007 to 2013, primarily on matters in the firm’s White Collar and Government Investigations group.


Robert Cohen is a partner in the Washington, DC office of Davis Polk & Wardwell. He is a member of the firm’s White Collar Criminal Defense and Government Investigations Group.

Mr. Cohen held senior positions in the Enforcement Division of the Securities and Exchange Commission during a 15-year tenure.  He served as the first Chief of the SEC’s Cyber Unit, and previously was Co-Chief of the Market Abuse Unit.  Mr. Cohen supervised a wide variety of high-profile cases, including investigations of complex insider trading; market structure violations by broker-dealers, trading platforms, and national securities exchanges; financial fraud and disclosure violations by public companies; investment adviser compliance and trading violations; cybersecurity controls; and cryptocurrency, initial coin offerings, and other digital assets.

Mr. Cohen is admitted to practice in New York, Maryland, and Washington DC.


James M. McDonald is a litigation partner and a member of the Firm’s Securities & Commodities Investigations and Enforcement Practice and its Commodities, Futures and Derivatives group. His practice focuses on advising clients on regulatory enforcement matters, white-collar criminal matters, and internal investigations, as well as on corporate governance and compliance related to commodities and derivatives laws.  
  
From 2017 to 2020, Mr. McDonald served as Director of the U.S. Commodity Futures Trading Commission’s Division of Enforcement, where he had overall responsibility for all aspects of the CFTC’s enforcement program, including its investigations and litigations, market surveillance activity, and whistleblower office. During his time at the CFTC, Mr. McDonald was responsible for creating the first task forces within the Division of Enforcement focused on manipulation and spoofing; insider trading; foreign corruption; anti-money laundering and the Bank Secrecy Act; and digital assets. He also coordinated the CFTC’s enforcement activities with the Department of Justice, the SEC, and numerous international regulators.
  
Prior to joining the CFTC in 2017, Mr. McDonald served as an Assistant United States Attorney in the Southern District of New York, where he investigated and prosecuted white-collar criminal offenses, as well as cases involving international narcotics trafficking and violent crime, and tried numerous jury cases. 
  
Mr. McDonald currently serves as an Adviser to the American Law Institute’s Principles of Compliance, Risk Management, and Enforcement. Mr. McDonald previously served as a Visiting Scholar at Harvard Business School, where he co-taught a course on the intersection of business, regulation, and enforcement, and as a Senior Fellow at NYU Law’s Program on Corporate Compliance and Enforcement. Originally from Oklahoma, Mr. McDonald previously taught Constitutional Law, Federal Courts, Foreign Relations Law, and Supreme Court Decision-making as a Visiting Assistant Professor at the University of Tulsa College of Law.
 
Mr. McDonald is a frequent featured speaker at bar association and professional organization conferences on issues relating to white-collar enforcement and internal investigations, including the American Bar Association, SIFMA, the Futures Industry Association, the New York City Bar, and PLI. Mr. McDonald’s comments have been reported by numerous major news publications, including The Wall Street Journal, The Financial Times, The New York Times, and Bloomberg.
 
Mr. McDonald served as a law clerk to John G. Roberts, Jr., Chief Justice of the United States, and Jeffrey S. Sutton, Jr., Judge on the United States Court of Appeals for the Sixth Circuit, and as a Deputy Associate Counsel, in the Office of the White House Counsel, under President George W. Bush.


Kenneth J. Burke joined Vista in 2020 as Head of Compliance and Senior Counsel for Vista Credit Partners.

Prior to joining Vista, Mr. Burke served as Deputy Chief Compliance Officer at TPG Sixth Street Partners (“TSSP”) as well as Chief Compliance Officer for TSSP’s broker dealer and BDC affiliates. Before his time at TSSP, Mr. Burke was Chief Compliance Officer of Marble Arch Investments and an associate attorney in the Securities Enforcement practice group at Gibson, Dunn & Crutcher. Ken began his career at the SEC where he spent more than seven years in the SEC’s Office of Compliance, Inspections and Examinations. While at the SEC, Ken was seconded to the US Attorney’s Office for the Southern District of New York for 18 months to assist with various white collar criminal investigations. Mr. Burke is a member of the State Bars of New York and New Jersey.

Education

B.S. in Finance, State University of New York, New Paltz, cum laude
J.D., Fordham University School of Law, magna cum laude


Andrew B. David is a Partner and Chief Operating Officer of Aristeia Capital, L.L.C., where he is responsible for the non-investment aspects of the firm’s business.  In addition, Mr. David serves as the firm’s General Counsel and Chief Compliance Officer.  Mr. David joined Aristeia in June 2009.  Mr. David received a B.A., cum laude, in International Affairs from The George Washington University in 1994, and a J.D., cum laude, from the Georgetown University Law Center in 1999.  From 1999 to 2004, Mr. David served as an associate in the New York office of the international law firm Coudert Brothers LLP, where he represented a variety of investment management clients in organizational and operational matters and counseled clients on regulatory issues.  In addition, he advised public and private clients in mergers and acquisitions and private equity investment transactions.  From 2004 to 2009, Mr. David served as General Counsel and Chief Compliance Officer of North Sound Capital LLC, an investment firm headquartered in Greenwich, Connecticut, focusing on long-short equity strategies and with peak assets under management of approximately $3 billion.  Mr. David is admitted to practice law in New York and Connecticut.


Anthony S. Kelly focuses his practice on trial, investigations and securities litigation, with an emphasis on matters concerning the asset management industry. As a former co-chief of the Enforcement Division’s Asset Management Unit at the U.S. Securities and Exchange Commission, Mr. Kelly has a thorough background in supervising investigations of misconduct by investment advisers and service providers to mutual funds, ETFs, hedge funds, private equity funds and other investment products. In recognition of his SEC service, he was awarded the Chairman’s Award for Excellence and the Ellen B. Ross Award, which acknowledge his exemplary commitment and performance in enforcing the federal securities laws.

During his time at the SEC, Mr. Kelly oversaw investigations and enforcement actions covering a wide range of asset management-related issues, including fund valuation, fund distribution and 12b-1 fees, conflicts of interest, fund governance, trading away and best execution, trade allocation, cross trading and principal transactions, investment adviser and broker-dealer registration, and whistleblower retaliation.

He also has extensive experience in parallel criminal and SEC investigations and insider trading investigations. He investigated a large-scale insider trading ring involving hedge fund traders and other industry professionals, as well as a serial insider trading scheme involving an investment banker and private equity firm associate. 

Mr. Kelly has spoken at numerous industry and regulatory conferences, hosted by organizations such as the Investment Adviser Association, Investment Company Institute, Managed Funds Association, Mutual Fund Directors Forum, PLI, NYU Program on Corporate Compliance and Enforcement, and American Bar Association.

Education

  • The George Washington University, B.B.A., Finance, 1999, summa cum laude
  •  Georgetown University Law Center, J.D., 2004


Ranah L. Esmaili is a partner at Sidley’s office in Washington, D.C. and a member of the firm’s global Securities Enforcement and Regulatory practice. Ranah’s practice focuses on representing private fund and other asset managers in regulatory and government investigations, and providing compliance advice and counseling.

Ranah joins Sidley from the U.S. Securities and Exchange Commission’s (SEC) Enforcement Division, where she served as Assistant Director of the Asset Management Unit within the Division of Enforcement. As Assistant Director, Ranah oversaw investigations relating to the activities of hedge funds, private equity funds, venture capital funds, registered investment companies, separately managed accounts, and their investment advisers.

During her tenure at the SEC, Ranah brought significant and groundbreaking enforcement actions, including first-ever enforcement actions against a digital asset hedge fund manager, and a mutual fund adviser for undisclosed conflicts related to securities lending recall practices. Ranah also supervised an enforcement action resulting in one of the SEC’s largest-ever hedge fund settlements. Ranah also developed and led sweeps and initiatives focused on asset management industry practices, including on issues related to securities lending and ESG disclosures.

Ranah also served in multiple policy roles within the Division of Enforcement, including a detail as Counsel to the Directors of Enforcement and Senior Advisor to the Asset Management Unit. Before joining the Asset Management Unit, Ranah conducted investigations relating to conduct by public company issuers, audit companies, and municipal bond offerors.

Prior to her time with the SEC, Ranah was counsel at a leading global law firm where she represented financial institutions, domestic and foreign corporations, and special committees in civil litigation matters, internal and government investigations, and enforcement matters before the SEC, the Department of Justice, and the Commodity Futures Trading Commission.

*Admitted only in California and New York; pending approval of application for admission to the D.C. Bar, practicing law in the District of Columbia under the supervision of principals of the firm who are members in good standing of the D.C. Bar.


Vincent McGonagle is the Principal Deputy Director of the Division of Enforcement where he has also served as Acting Director since October 2020. In his current role as Acting Director, Mr. McGonagle is responsible for leading a team of attorneys, investigators, economists, surveillance analysts, and other professional staff who investigate and prosecute alleged violations of the Commodity Exchange Act and CFTC regulations. 

A career civil servant and government executive, Mr. McGonagle has spent the last 23 years with the CFTC, including in a number of senior roles. He has led the Division of Enforcement on an acting basis on two other occasions—from October to December 2010 and February to April 2017—and has also led the Division of Market Oversight on two occasions—from October 2013 to January 2017 and on an acting basis from August to September 2019.

While serving as Acting Director of the Division of Market Oversight in 2019, Mr. McGonagle oversaw a number of key rulemakings, and provided guidance and direction to the division’s branches in the handling of time sensitive and complex market issues. While leading the division from 2013 to 2017, Mr. McGonagle oversaw market surveillance, compliance examination, registration and rule review, and the contract market product review programs over trading facilities and swap data repositories.  He also oversaw several rulemakings, testified twice before Senate panels, and led the transition of swaps trading to a regulated market, including the first ever permanent registration of SEFs.

From 2002 to 2013, he served as the Senior Deputy Director of the Division of Enforcement where he opened the first regulatory investigation into LIBOR and other global benchmark interest rates and thereafter supervised the CFTC’s landmark enforcement cases for manipulative conduct and false reporting concerning those benchmarks.

Mr. McGonagle joined the agency as a staff attorney in 1997 after working 11years in private practice.

Education

BA, Economics, LaSalle University (1985)

JD, Pepperdine University School of Law (1988)