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Hedge and Private Fund Enforcement & Regulatory Developments 2016


Speaker(s): Aitan D. Goelman, Alec Koch, Alpa Patel, Andre E. Owens, Andrew B. David, Anthony S. Kelly, Bruce Karpati, Deborah R. Meshulam, Elaine C. Greenberg, Igor Rozenblit, Joan E. McKown, John H. Walsh, Julie M. Riewe, K. Susan Grafton, Katherine R. Goldstein, Kenneth J. Burke, Linda Chatman Thomsen, Marc E. Elovitz, Martin Schwartz, Stephanie Brooker, Stephen J. Crimmins, Stuart J. Kaswell, Susan E. Brune, Trevor Wiessmann
Recorded on: Dec. 1, 2016
PLI Program #: 150546

Stephanie L. Brooker, former Director of the Enforcement Division at the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) and a former federal prosecutor, is a partner in the Washington, D.C. office of Gibson, Dunn & Crutcher. She is a member of the Financial Institutions and White Collar Defense and Investigations Practice Groups. As a prosecutor, Ms. Brooker tried 32 criminal trials, briefed and argued criminal appeals, and served as the Chief of the Asset Forfeiture and Money Laundering Section in  the U.S. Attorney’s Office for the District of Columbia. Ms. Brooker’s practice focuses on compliance counseling, internal investigations, regulatory enforcement, and white-collar criminal defense.

Ms. Brooker’s practice will include representing financial institutions in connection with regulatory, civil and criminal enforcement actions and in responding to regulatory examinations involving compliance with anti-money laundering (“AML”) laws and regulations, including the Bank Secrecy Act, as amended by the USA PATRIOT Act (“BSA”), and the economic sanctions programs administered and enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control.  She will focus on assisting financial institution holding companies, domestic and multinational banks, securities broker- dealers, investment companies, insurance companies, finance companies, money services businesses, financial technology companies, casinos, other financial services businesses, and multinational corporations in developing, enhancing and implementing risk-based AML compliance programs, customer due diligence and enhanced due diligence policies and procedures, and procedures for identifying and reporting suspicious activity.

Before joining Gibson Dunn in April 2016, Ms. Brooker served as the first Director of FinCEN’s Enforcement Division, which is the lead federal regulator with responsibility for enforcing the U.S. AML laws and regulations.  In this role, she oversaw all of FinCEN’s domestic and foreign enforcement and compliance under the BSA, such as civil money penalty actions and injunctions against a wide range of financial institutions, including banks, credit unions, money services businesses, virtual currency entities, casinos, securities, futures, insurance, and dealers in precious metals, stones and jewels. She also oversaw rulemaking actions under Section 311 of the Patriot Act against foreign institutions and jurisdictions and Geographic Targeting Orders.

As Enforcement Director, Ms. Brooker also oversaw for the agency litigation of contested enforcement actions, including several cases of first impression in federal court handled by the Department of Justice (DOJ) on behalf of the agency. She also oversaw examinations of regulated financial institutions and development of compliance strategies. Ms. Brooker worked closely with a wide range of state and federal partners, including DOJ, U.S. Attorneys’ offices, State Department, Securities and Exchange Commission, Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, Financial Industry Regulatory Authority, and the Conference of State Bank Supervisors.

Prior to serving as Enforcement Director, Ms. Brooker served as Chief of Staff and Senior Advisor to the Director of FinCEN.  In this role, she worked on complex issues, such as FinCEN’s reorganization, strategic planning, BSA enforcement, policy determinations and implementation, rulemakings, guidance, advisories, and regulatory priorities.  During her tenure at FinCEN, Ms. Brooker worked on a range of substantive issues, including cyber- related threats to financial institutions, terrorist financing, and compliance with FATF standards.

Ms. Brooker served from 2005 to 2012 as an Assistant U.S. Attorney in the U.S. Attorney’s Office for the District of Columbia, where she served as the first Chief of the new Asset Forfeiture and Money Laundering Section from 2010 to 2012. This Section was responsible for all asset forfeiture and money laundering issues in Criminal Division cases and for litigation of civil forfeiture cases.  In this role, she investigated and prosecuted complex civil and criminal forfeiture cases involving high-priority enforcement areas, such as national security, sanctions violations, and major financial fraud. She established the USAO’s first DC Financial Crimes Task Force and supervised the investigation and prosecution of BSA and money laundering cases. In 2012, she received the U.S. Attorney’s Award for Creativity and Innovation in Management. During her tenure in the U.S. Attorney’s Office, she tried 32 criminal trials. She also briefed and argued appeals in federal and state appellate courts. She was awarded three Special Achievement Awards for Superior Performance and the Office’s Criminal Division Award.

Ms. Brooker clerked for Judge Diana Gribbon Motz of the U.S. Court of Appeals for the Fourth Circuit and for Judge James Robertson of the U.S. District Court for the District of Columbia.  She also worked in private practice as an appellate litigation associate at an international law firm. She graduated magna cum laude in 2001 from Georgetown University Law Center, where she served as Managing Editor of Georgetown Law Journal and was elected to the Order of the Coif. She graduated with highest distinction from Northwestern University with a B.S. in Journalism in 1996.

Ms. Brooker is admitted to practice in the District of Columbia. 

Recent Speaking Engagements*

Panel Presentation, “Recent Developments in Anti-Money Laundering Enforcement,” American Bar Association, 30th Annual Institute on White Collar Crime (2016)

Panel Presentation, “Money Laundering Enforcement Trends,” Wall Street Journal (2016)

Panel Presentation, “Enforcement Trends and Takeaways,” Anti-Money Laundering and Financial Crimes Conference, Securities Industry and Financial Markets Association (2016)

Keynote Speaker, Puerto Rico Bankers Association Annual Money Laundering Symposium (2016)

Keynote Speaker, Bank Secrecy Act Conference, State Bar of Nevada Gaming Law Section, published remarks available at https://www.fincen.gov/news_room/testimony/ (2015)

Panel Presentation, “Spotlight on Women Power Players in Government: Shaping the Future of Financial Services Law,” Women Leaders in Financial Services Industry Law, American Conference Institute (2015)

Panel Presentation, Legal and Legislative Issues Conference, Financial Markets Association (2015)

Keynote Speaker, Advanced BSA/AML Specialists Conference, Federal Financial Institutions Examination Council (2014 and 2015)

Panel Presentation, “White Collar Crime 2014: Prosecutors and Regulators Speak,” Practicing Law Institute

Panel Presentation, Risk Management and Regulatory Examination/Compliance Seminar, Institute of International Bankers (2014)

Panel Presentation, “Virtual Currency Overview,” Edward Bennett Williams Inn of Court (2014)

Panel Presentation, “AML Enforcement,” Women in Housing and Finance (2014)

Panel Presentation, Annual AML and Financial Crime Conference, Association of Certified Anti-Money Laundering Specialists (2013)

*Engagements prior to joining Gibson, Dunn & Crutcher


Alec Koch is a Partner in the Special Matters & Government Investigations practice group, resident in the Washington, D.C. office.  From 2002 to 2016, he served as a Senior Counsel, Branch Chief, and Assistant Director in the Securities and Exchange Commission’s Division of Enforcement.  During his time at the SEC, Mr. Koch supervised, conducted, and litigated investigations and enforcement actions relating to all areas of the SEC’s enforcement program, including matters involving broker-dealers, credit rating agencies, investment advisers, insider trading, public company accounting and disclosure, the Foreign Corrupt Practices Act, offering fraud, and microcap fraud.  Koch has extensive experience working with the SEC’s other divisions and offices, as well as with FINRA, federal and state criminal authorities, and foreign securities regulators.  Prior to his departure from the SEC, Koch was a member of the Enforcement Division’s Broker-Dealer Task Force Steering Committee, which is responsible for developing and overseeing investigative initiatives regarding broker-dealers. He also served as the co-chair of the Division of Enforcement’s Priorities and Resources Subcommittee.  In that role, Koch helped to conduct a review to evaluate the Division’s priorities and allocation of resources, and made recommendations that led to the establishment of the Division’s Financial Reporting and Audit Task Force, Microcap Fraud Task Force, and Broker-Dealer Task Force.  He also served as a member of the Enforcement Division’s Hiring Committee for the SEC’s main office in Washington. 

Prior to his time at the SEC, Mr. Koch was an associate with King & Spalding.

Practice Areas

  • Securities Enforcement and Regulation
  • White Collar Defense & Government Investigations
  • Foreign Corrupt Practices Act
  • Financial Institutions: Government Investigations
  • Shareholder and Securities
  • Professional Liability Litigation

    Representative SEC Experience

  • Supervised investigation that resulted in a settled action and $22 million penalty against a major broker-dealer for failing to have adequate policies and procedures to address the risk that material, nonpublic information about pending research changes would be improperly disseminated during weekly meetings between the firm’s research analysts and traders.
  • Supervised investigations that resulted in the SEC’s first two enforcement actions against Nationally Recognized Statistical Rating Organizations and associated individuals.
  • Supervised investigation that resulted in a settled action and $25 million penalty against a global resources company for failing to devise and maintain sufficient internal controls over its global hospitality program connected to the company’s sponsorship of the 2008 Summer Olympic Games.
  • Supervised covert investigation that resulted in the filing of an emergency action to halt a multi-million dollar pyramid scheme targeting the Asian-American community and investors worldwide.
  • Supervised investigation that resulted in settled charges against eight people for insider trading in the securities of a public company ahead of an announcement that it would be acquired.Negotiated cooperation agreement with a company executive who provided substantial assistance to the investigation.
  • Supervised and conducted multiple investigations that resulted in antifraud, reporting, books and records, and internal controls charges against public companies and senior officers.
  • Supervised investigations that resulted in enforcement actions against SEC-registered investment advisers and their principals for violations of the antifraud and other provisions.
  • Investigated and brought settled actions against a major broker-dealer and an equity research analyst for antifraud and other violations arising from conflicts of interest between research and investment banking, as well as a settled administrative proceeding against two of the firm’s executives for related supervisory failures.
  • Investigated and litigated an action against a broker who engaged in fraudulent trading and unsuitable sales of inverse floater CMOs to retail investors.After a two-week jury trial, the defendant was found liable on all counts, ordered to pay over $6 million in monetary remedies, and barred from the securities industry.

    Awards & Recognition

  • SEC’s Capital Markets Award (2004)

    Education

  • Georgetown University Law Center, J.D., Cum Laude, May 1997
  • Notes and Articles Editor, American Criminal Law Review
  • Author, Internal Corporate Investigations: The Waiver of Attorney-Client Privilege and Work Product Protection Through Voluntary Disclosures to the Government, 34 Am. Crim. L. Rev. 347 (1997)
University of Virginia, B.A., May 1991 – Major in History


Andre Owens' practice focuses on securities trading and markets activities. He counsels brokerĀ­ dealers, securities exchanges, investment advisers 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 2010-2019 editions of Chambers USA: America's   Leading Law yers in Business.  Mr. Owens 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


Deborah Meshulam has more than two decades of securities enforcement defense experience trying the full range of cases arising from allegations of securities law violations and related breaches of fiduciary duty.

Deborah represents clients in SEC and Department of Justice (DOJ) investigations, securities class actions and derivative lawsuits relating to claims of securities law violations, FCPA violations and counsels clients on compliance, regulatory and corporate governance matters.  She also counsels clients on Dodd Frank whistle blower program matters. Deborah also represents clients in Public Company Accounting Oversight Board (PCAOB) investigations, FINRA and Exchange proceedings and in Exchange delisting hearings.

Deborah regularly conducts investigations on behalf of public companies or their audit committees, often relating to FCPA questions, accounting issues, alleged securities law violations and employee misconduct. She also regularly advises clients on securities law compliance and litigation avoidance. She has written on securities law issues for legal publications and is a frequent speaker at professional programs on securities-related issues. 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.

Deborah's securities practice also includes counseling on a wide range of corporate governance, compliance 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.


Elaine C. Greenberg, a shareholder in the Washington, D.C. office of Greenberg Traurig, LLP, is a member of the firm’s Securities Litigation Group and White Collar Defense & Special Investigations Group.  Ms. Greenberg’s practice focuses on securities and regulatory matters, examinations, investigations, enforcement actions, and litigation; white collar and corporate investigations; and public finance.  She has represented and advised major financial institutions, underwriters, broker-dealers, investment advisers, issuers, municipal advisors, former public company officers, and other organizations and individuals. 

Ms. Greenberg has nearly 30 years of securities law experience, including a 25-year tenure at the SEC.  She possesses deep institutional knowledge of SEC policies, practices, and procedures.  As a Senior Officer in the SEC’s Enforcement Division, she served in dual roles as Associate Director for the Philadelphia Regional Office where she oversaw the SEC’s enforcement program for the Mid-Atlantic region, and as the first National Chief of the Specialized Unit for Municipal Securities and Public Pensions, where she was responsible for building and maintaining a nation-wide unit, and oversaw the SEC’s enforcement efforts in the U.S.’s multitrillion-dollar municipal securities and public pension marketplaces.  Prior to joining Greenberg Traurig, Ms. Greenberg was a partner at another major global law firm. Ms. Greenberg received her J.D. from Temple University School of Law and her B.A., magna cum laude, Phi Beta Kappa from Temple University.


Igor Rozenblit co-leads the Private Funds Unit at the SEC's Office of Compliance Inspections and Examinations. The Private Funds Unit is dedicated to building expertise in and conducting examinations of advisers to private equity, hedge and other private funds. Previously, he was part of the Division of Enforcement’s Asset Management Unit.

Before joining the SEC, Igor managed the North American private equity funds portfolio of a large financial institution. Earlier, he was a private equity investment professional focused on investing in middle market companies.

Igor received a BS from the University of Michigan and an MBA from The University of Chicago’s Booth School of Business.


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 president-elect of the board of trustees of the SEC Historical Society. She also serves on the Executive Committee 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.


Julie M. Riewe is a litigation partner and a member of the firm’s White Collar & Regulatory Defense Group. Her practice focuses on securities-related enforcement and compliance issues and internal investigations, and she has significant experience with matters involving private equity funds, hedge funds, mutual funds, business development companies, separately managed accounts and other asset managers. Ms. Riewe was recognized as a “Client Service All-Star” by BTI Consulting in 2018.

Prior to joining the firm, Ms. Riewe was Co-Chief of the Asset Management Unit of the U.S. Securities and Exchange Commission’s Division of Enforcement. Ms. Riewe oversaw a nationwide program of investigations focusing on investment advisers, investment companies, mutual funds, hedge funds, private equity funds and other investment vehicles managed by investment advisers. She co-led a team of nearly 80 attorneys, industry experts and other professionals in all 12 SEC offices, and was responsible for directing the SEC’s asset management-related enforcement efforts. In recognition of her leadership and integrity, she received the Chairman’s Award for Excellence in Leadership in 2015.

Before her appointment to Co-Chief, Ms. Riewe was Deputy Chief and Assistant Director of the Asset Management Unit in 2012 and 2010, respectively. From 2008 to 2010, she was Branch Chief in the Enforcement Division in Washington, D.C. Ms. Riewe joined the SEC in 2005 as a staff attorney in the Enforcement Division In 2007, she earned the Ellen B. Ross Award for her performance at the SEC.

From 2000 to 2004, Ms. Riewe was a litigation associate with a major international law firm, prior to which she served as a law clerk to the Hon. Diana E. Murphy of the U.S. Court of Appeals for the Eighth Circuit from 1999 to 2000.

Ms. Riewe earned her J.D. and M.P.P. from Duke University School of Law in 1999, where she was a member of the Duke Law Journal and Editor-in-Chief of the Duke Journal of Gender Law & Policy. She received her A.B. from Duke University in 1993.


Katherine Goldstein is a partner in the New York office of Milbank LLP and a member of the firm’s Litigation & Arbitration Group. Katie’s practice, which focuses on representations of individuals and entities facing white-collar, regulatory or internal investigations, builds on her more than a decade of experience as a federal prosecutor, including serving most recently as Chief of the Securities and Commodities Fraud Task Force in the United States Attorney’s Office for the Southern District of New York, where she oversaw some of the most complex and high-profile white collar and securities matters in the country.

Primary Focus & Experience

Ms. Goldstein is the former Chief of the Securities and Commodities Fraud Task Force at the United States Attorney’s Office. She joined the US Attorney’s Office in 2004, where she prosecuted a wide range of securities fraud cases, among others, and was promoted to Chief of the Securities and Commodities Fraud Task Force in 2015 after serving as Deputy Chief for one year, and before that Co-Chief of the General Crimes Unit for two years.

During her nearly three years as a chief, Ms. Goldstein supervised a team of approximately 20 senior prosecutors and all aspects of the unit’s work from investigation through prosecution, including a broad array of cases involving accounting and disclosure fraud, insider trading, market manipulation, mismarking of complex products, corporate fraud, and fraudulent investor schemes, among others. Notable prosecutions brought under her leadership include: a professional gambler charged with trading on inside information obtained from a board member of a publicly traded company; insider trading charges against individuals for hacking major New York law firms; corporate executives charged with honest services fraud; a hedge fund portfolio manager charged with trading on government secrets obtained from a political consultant; a hedge fund portfolio manager charged with the mismarking of illiquid fund assets; accounting fraud charges of an executive who manipulated a significant non-GAAP metric; and senior executives charged with a multi-year accounting fraud scheme at a publicly traded digital media company, as well as the market manipulation of the company’s stock. She also supervised the unit’s trials and appeals.

As an Assistant US Attorney, Ms. Goldstein was an accomplished trial lawyer and argued numerous appeals in the Second Circuit. Among the high-profile cases she tried were U.S. v. Mandell, et al. (a $100-million market manipulation and investor fraud, which resulted in a 12-year sentence) and U.S. v. Ebbers (public company accounting fraud by the CEO of WorldCom, which resulted in a 25-year sentence). As Chief of the General Crimes Unit, she supervised the office’s new Assistant US Attorneys, numerous investigations and dozens of trials.

Before becoming a prosecutor, Ms. Goldstein was an associate at a major national law firm.

Recognition & Accomplishments

Ms. Goldstein received her B.A. degree magna cum laude, in political science, from Duke University and her J.D. degree cum laude, from Harvard Law School, where she was Co-Chair of the Harvard Law Review’s Supreme Court Issue. From 2000 to 2001, she served as a law clerk to the Honorable Karen Nelson Moore in the United States Court of Appeals for the Sixth Circuit.

Recent Speaking Engagements

  •  Moderator, “Enforcement Priorities,” at the Practising Law Institute’s Enforcement 2018: Perspectives from Government Agencies, New York (May 2018)
  • Panelist, “Securities Litigation: The Investigation: Coordinating Requests from Government,” at the Practising Law Institute’s Securities Litigation 2018: From Investigation to Trial seminar, New York (April 2018)
  • Panelist, “Mitigating Insider Trading Risk: Best Practices for Private Fund Managers Amidst the Rulings in Martoma, Newman and Salman,” The Hedge Fund Law Report, New York (November 2017)
  • Moderator, “Legal and Policy Developments in Enforcement” at the Practicing Law Institute’s Enforcement 2017: Perspectives from Government Agencies, New York (May 2017)
  • Panelist, “Securities Litigation: The Investigation: Coordinating Requests from Government Regulators” at the Practising Law Institute’s Securities Litigation 2017: From Investigation to Trial seminar, New York (April 2017)
  • Panelist, “Securities Enforcement,” American Bar Association’s 31st Annual National Institute on White Collar Crime (March 2017)


Marc E. Elovitz is chair of the firm’s Investment Management Regulatory & Compliance Group and a member of the firm’s Executive Committee. He 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 is frequently invited to discuss current industry-related topics of interest at leading professional and trade association events. He has presented on whistleblowing, regulatory and compliance issues for private funds and SEC inspections and examinations of hedge funds and private equity funds, among many other topics. Chambers USA, Chambers Global, The Legal 500 U.S., Who’s Who Legal: The International Who’s Who of Private Funds Lawyers and New York Super Lawyers have recognized Marc as a leading lawyer. He has been a member of the Steering Committee of the Managed Funds Association’s Outside Counsel Forum, the American Bar Association’s Hedge Funds Subcommittee and the Private Investment Funds Committee of the New York City Bar Association. A recognized thought leader, Marc is regularly interviewed by leading media outlets, including Bloomberg, HFMWeek, HFM Compliance, Compliance Reporter, IA Watch, Private Funds Management and Law360, to name a few. Marc is a co-author of Hedge Funds: Formation, Operation and Regulation (ALM Law Journal Press), the “Protecting Firms Through Policies and Procedures, Training, and Testing” chapter in the Insider Trading Law and Compliance Answer Book (Practising Law Institute) and the “Market Manipulation” chapter in the leading treatise Federal Securities Exchange Act of 1934 (Matthew Bender). He also wrote the chapter on “The Legal Basis of Investment Management in the U.S.” for The Law of Investment Management (Oxford University Press). Marc received his J.D. from New York University School of Law and his B.A., with honors, from Wesleyan University.


Ms. Thomsen, who was the first woman to serve as the Director of the Division of Enforcement at the Securities and Exchange Commission, is a litigator practicing in Davis Polk’s 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).


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. 


Stuart J. Kaswell is MFA’s Executive Vice President & Managing Director, General Counsel. In his role as chief legal officer, Stuart represents the hedge fund industry on domestic and international legislative and regulatory policy issues. Stuart works directly with MFA’s President & CEO to oversee all legal aspects of the Association’s legislative and regulatory policy initiatives in Washington and around the world.

Prior to joining MFA, Stuart was Partner in Bryan Cave’s White Collar Defense & Investigations, Securities Litigations & Enforcement practice groups and focused on issues including financial services regulation and short sale regulation. Previously, Stuart was Partner in the financial services group at Dechert, LLP. Stuart was Senior Vice President and General Counsel, Securities Industry Association for nearly a decade (1994-2003) serving as chief legal officer and responsible for all legal and regulatory matters. Prior to that, he was Republican (Minority) Counsel, Committee on Energy and Commerce, U.S. House of Representatives. Earlier in his career, (1979-1986) he held several positions at the Securities and Exchange Commission, including as branch chief, OTC regulation, during which time he was responsible for oversight of the NASD. Stuart received his A.B. in political science from Vassar College with General and  Departmental Honors, and his J.D., from Washington College of Law, The American University. His bar admissions include Virginia, District of Columbia, Maryland, U.S. Supreme Court and various Federal Courts.


Susan E. Brune has been consistently recognized for excellence in the practice of law.  Susan focuses her practice on white collar matters, helping individuals and entities through investigations involving the U.S. Department of Justice, the SEC, FINRA and other criminal and regulatory bodies.

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 obtained the acquittal of a Bear Stearns hedge fund manager in a federal jury trial.

In 2010, the New York State Association of Criminal Defense Lawyers conferred upon her the Hon. Thurgood S. Marshall Award for Outstanding Criminal Practitioner, an award conferred annually on one practitioner in New York.

After leaving the U.S. Attorney’s Office and before founding Brune Law P.C., Susan founded and for 18 years led Brune & Richard LLP, a firm that The New York Times described as “a top-flight New York litigation boutique.”

Susan is a graduate of Harvard Law School.


A 23-year veteran of the Securities and Exchange Commission (SEC), John Walsh joined Eversheds Sutherland (US) in October 2011. With his deep, insider’s experience and perspective of the SEC, John now represents broker-dealers, hedge funds, investment advisers and other securities firms in compliance and regulatory issues involving the agency. He counsels clients on the full spectrum of securities issues from development and compliance to cooperation in examinations and defense in enforcement proceedings.

At the SEC, John played a key role in creating the Office of Compliance Inspections and Examinations (OCIE), which administers examinations of U.S. registered securities entities. He designed and implemented the SEC’s securities compliance examination practices, first as a senior advisor for compliance policy and then, most recently, as associate director-chief counsel. In 2009, he served as OCIE’s acting director and led a massive retraining of examination staff on antifraud techniques.

Prior to his tenure at OCIE, John was special counsel to former SEC Chairman Arthur Levitt from 1993 to 1995. From 1990 to 1993, he worked in the SEC Division of Enforcement, serving first as senior counsel and then as chief of the branch of regional office assistance, where he regularly appeared before the Commission’s closed meetings to present and discuss regional office enforcement cases.

He also advised the commissioners and staff on securities laws and agency policy. John began his career with the SEC in 1988 as an attorney in the Office of General Counsel.

Awards

  • Recognized by The Legal 500 United States in the area of financial services: regulatory (2018)
  • Recipient, SEC Law and Policy Award (2010-2011)
  • Recipient, SEC Examination Award of Excellence (2000)
  • Recipient, SEC Regulatory Simplification Award (1996)

Professional Activities

Member, American Law Institute


Susan Grafton leads Dechert’s Broker-Dealer, Securities Trading and Markets practice and co-leads its FinTech practice. She is consistently ranked nationally by Chambers USA in the Broker-Dealer (Compliance) and Broker-Dealer (Enforcement) categories. Among other comments, clients note her “problem-solving orientation. I find her to be very practical and she can work with us on getting to a positive resolution. She always has her client's goals in mind.” (Chambers USA 2017). Market observers call her “an excellent regulatory attorney” and note that “Susan’s work as always been very impressive.” (Chambers USA 2018). They also note that she is “very well connected in the industry, and is able to get the SEC and FINRA to be more responsive” (Chambers USA 2016). Clients also describe her as “a go-to attorney…especially in Regulation M issues and distribution type questions, [where] she's very knowledgeable” (Chambers USA 2015).

Ms. Grafton counsels a wide range of broker-dealers, including alternative trading systems, on all aspects of their business, including registration and changes in control; sales practices, including proposed Regulation Best Interest; trading and execution issues, including compliance with best execution, trade and order reporting, and Regulation NMS and SHO requirements; and Regulation M and FINRA’s corporate finance rules. Her practice also includes representing investment avisers, including hedge fund managers, on a variety of issues, including broker-dealer status issues and solutions to avoiding broker-dealer registration, the use of expert networks, handling material non-public information, and compliance with Rule 105 of Regulation M. She advises buy-side and sell-side clients on soft dollar issues and intersection between Section 28(e) and MiFID II.

In addition, Ms. Grafton frequently represents clients before the SEC and FINRA in connection with regulatory examinations and enforcement investigations pertaining to a wide range of issues.

Ms. Grafton has a unique combination of regulatory, in-house and law firm experience. She began her career with the SEC’s Division of Trading and Markets, and subsequently served as a vice president and associate general counsel of Goldman Sachs & Co. where she advised on a variety of strategic, regulatory compliance and operational issues related to the firm’s institutional equities sales and trading businesses.


Trevor is the General Counsel & Chief Compliance Officer of Mudrick Capital Management, LP where he oversees the legal and compliance functions. Prior to joining Mudrick Capital, Trevor served as Counsel to Two Sigma Investments, LLC from 2010 to 2015 where he played a key role in the development and growth of Two Sigma’s various product offerings and Legal & Compliance infrastructure. Prior to joining Two Sigma, Trevor served as a Vice President in the Alternative Assets Group at Credit Suisse from 2009 to 2010 where he worked on global employee plan structuring and negotiation. Previously, Trevor served as Counsel to Trafelet Delta Funds from 2007 to 2009 performing a broad array of legal and compliance work.

Trevor began his legal career at Schulte Roth & Zabel LLP where he was an Associate in their investment management group from 2005 to 2007. Trevor received his J.D. from Georgetown University Law Center and his B.A. from Columbia University. Trevor is registered with the New York State Bar Association. Prior to becoming an attorney, Trevor spent four years as an executive recruiter working at various firms including Korn/Ferry International.


Kenneth J. Burke is the Deputy Chief Compliance Officer of TPG Sixth Street Partners (“TSSP”), which is a global finance and investment business with over $30 billion of assets under management.  Mr. Burke also serves as Chief Compliance Officer of two TSSP-affiliated businesses: TPG Specialty Lending, Inc., which is a specialty finance company that is publicly listed on the New York Stock Exchange (NYSE: TSLX), and TSSP BD, LLC, which is TSSP’s captive broker-dealer.  

Prior to joining TSSP, Mr. Burke was the Chief Compliance Officer at Marble Arch Investments, a $2 billion hedge fund sponsor. Prior to Marble Arch, Mr. Burke worked as an Attorney at Gibson, Dunn & Crutcher LLP counseling private fund clients on a variety of regulatory and compliance issues.

Mr. Burke began his career at the SEC in New York, where he spent more than seven years working in the SEC’s investment adviser examination program. While at the SEC, Mr. Burke was detailed to the U.S. Attorney’s Office for the Southern District of New York for 18 months to assist in the investigation and prosecution of several complex white collar matters. Mr. Burke graduated magna cum laude with a J.D. from Fordham University School of Law and cum laude with a B.S. in Finance from the State University of New York at New Paltz.  Mr. Burke serves on the Board of Trustees of The Boys & Girls Clubs of Hudson County, a non-profit organization that serves more than 2,000 youth ages 5-21 in Jersey City, Hoboken, and neighboring communities in NJ. 


Alpa Patel is a partner in the Investment Funds Group of Kirkland & Ellis LLP. Prior to joining Kirkland, Alpa served as Branch Chief of the Private Funds Branch of the Investment Adviser Regulation Office in the SEC’s Division of Investment Management in Washington, D.C.

Alpa has extensive public and private sector experience in the investment management industry. While at the SEC, Alpa helped develop and review various rule proposals under the Advisers Act and provided technical assistance on the interpretation and application of the Advisers Act rules to all types of registered investment advisers. As head of the Private Funds Branch, Alpa was the key adviser on all private fund-related projects and priorities. For example, she was the lead counsel implementing private fund adviser reporting on Form PF and the rules related to private fund adviser registration. She also advised the Division of Corporation Finance on regulations related to the offering requirements of private funds, including general solicitation and bad actor rules.

Alpa also routinely advised the agency’s Office of Compliance Inspection and Examinations (OCIE) regarding the application of Advisers Act rules and other Federal securities regulations to investment advisers, particularly with respect to the nuances associated with private fund advisers. She participated on numerous OCIE examinations and was their primary point of contact in the Division of Investment Management on private fund examinations. Additionally, she regularly consulted with the agency’s Division of Enforcement regarding private fund issues in pending enforcement cases.

Prior to joining the SEC, Alpa was in private practice where she advised clients on the structuring, formation, and private offering requirements of onshore and offshore private funds, as well as provided counsel to investment advisers in regulatory, compliance, and corporate matters.

 


Aitan Goelman became the Director of the Division of Enforcement in the CFTC in June 2014.  After graduating from Yale Law School in 1993, Mr. Goelman spent a year clerking for Justice Aharon Barak on the Supreme Court of Israel before beginning his career in the DOJ Attorney General’s Honors Program.  As an Honor Graduate, Mr. Goelman was initially a trial lawyer in the Terrorism and Violent Crime Section in the Department of Justice’s Criminal Division.  After the Oklahoma City Bombing in 1995, Mr. Goelman was appointed Special Attorney to the U.S. Attorney General on the OKBomb Task Force and served as a trial lawyer in the federal trials of Timothy McVeigh and Terry Nichols, for which he was awarded the Attorney General’s Award for Distinguished Service.  From 1998 until 2003, Mr. Goelman was an Assistant U.S. Attorney for the Southern District of New York, where he investigated and prosecuted various federal crimes, including RICO, conspiracy, and wire, mail, bank and securities fraud.  From 2003 until 2014, Mr. Goelman was a litigation partner at Zuckerman Spaeder in Washington, DC, where his practice focused on white-collar crime and complex commercial litigation.  He is an adjunct law professor at George Washington University, where he teaches a course on the role of the federal prosecutor.  In his 20 years practicing law, Mr. Goelman has tried more than 50 cases to verdict.


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


Bruce Karpati joined KKR in 2014 and serves as KKR’s Global Chief Compliance Officer and Counsel. Prior to joining KKR, he was the Chief Compliance Officer of Prudential Investments, the mutual fund and distribution business of Prudential Financial.  Mr. Karpati was previously the National Chief of the SEC’s Asset Management Unit which he co-founded.  In this role, he supervised a staff of 75 attorneys, industry experts, and other professionals. Mr. Karpati joined the SEC as a staff attorney in 2000, was promoted to Branch Chief in 2002, Assistant Regional Director in 2005, and Co-Chief of the SEC's Asset Management Unit in 2010.  In 2007, he founded the SEC’s Hedge Fund Working Group, a cross-office initiative to combat securities fraud in the hedge fund industry. Mr. Karpati also serves as an adjunct professor at Fordham University Law School. He began his career in private practice at Dechert LLP.  Mr. Karpati earned his JD cum laude from the University at Buffalo Law School, and his Bachelor’s degree cum laude in International Relations from Tufts University.


Mr. Schwartz is the Chief Compliance Officer of Millennium Management LLC, the manager of a large multi-strategy hedge fund, with primary responsibility for developing and administering Millennium's regulatory compliance program..

Prior to joining Millennium, Mr. Schwartz practiced law with the law firm Fried Frank Harris Shriver & Jacobson. At Fried Frank, Mr. Schwartz's practice was focused on the regulation of financial institutions under the federal securities laws. Mr. Schwartz counseled clients on a full range of securities law requirements, and represented
clients in connection with SEC and SRO examinations and enforcement actions.

Before entering private practice, Mr. Schwartz was on the staff of the SEC's Division of Trading and Markets (formerly the Division of Market Regulation) at the Office of Financial Responsibility Risk Management and Control. As an SEC staff member, Mr. Schwartz administered the financial responsibility rules relating to broker-dealers.

Mr. Schwartz received a JD from the University of Maryland School of Law, where he was an Articles Editor of the ABA journal The Business Lawyer. Mr. Schwartz is also a Certified Public Accountant.