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Hedge Fund and Private Equity Enforcement & Regulatory Developments 2017


Speaker(s): Andre E. Owens, Andrew B. David, Anthony S. Kelly, Barry W. Rashkover, Brian T. Daly, Bruce Karpati, Colleen K. Lynch, Colleen P. Mahoney, Dixie L. Johnson, Elcin Yildirim, James M. McDonald, Jane E. Jarcho, Joan E. McKown, John H. Walsh, K. Susan Grafton, Katherine Milgram, Kenneth J. Burke, Lara C. Thyagarajan, Mark K. Schonfeld, Perry Vais, Robin Roger, Simon Raykher, Stephen J. Crimmins, Susan E. Brune, Telemachus P. Kasulis, Wayne M. Carlin
Recorded on: Nov. 30, 2017
PLI Program #: 182502

Andre Owens' practice focuses on securities trading and markets activities. He counsels broker­ 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


Brian T. Daly is a partner with Schulte Roth & Zabel, where he advises hedge, private equity and real estate fund managers on regulatory, compliance and operational matters. He has extensive experience designing and improving compliance processes and organizational systems and helps clients navigate their initial and ongoing regulatory compliance obligations under the rules and regulations of the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the National Futures Association. Brian also regularly represents clients in enforcement actions, regulatory examinations, trading inquiries, and in seeking no-action or similar relief. Having spent nearly a decade in-house as general counsel and chief compliance officer of several prominent investment management firms, Brian is well-versed in the wide range of legal and business challenges facing investment advisers, commodity pool operators and commodity trading advisers.

Brian is a recognized leader in advising alternative investment fund managers on regulatory and compliance matters and is well-known for his thought leadership in this area. He also regularly represents managers in examinations, investigations, and enforcement actions in both the securities and the commodity futures sectors. Chambers Global and Chambers USA list Brian as a “leading individual” in investment funds, noting that he is “especially skilled at assisting clients with the development of strategic compliance programs.” Interviewees also praise him for knowing “what it’s like on the ground” and for providing “practical and meaningful advice.” In addition, Brian sits on the New York City Bar Association’s Private Investment Funds Committee, and he is a chair of the Steering Committee for the Managed Funds Association’s CTA/CPO Forum and a member of the CFTC Working Group for the Alternative Investment Management Association. He formerly served as co-chair of the MFA’s General Counsel Forum, its CTA, CPO & Futures Committee, and as a steering committee member of its Investment Advisory Committee. In addition to his legal practice, Brian taught legal ethics at Yale Law School. Brian received his J.D., with distinction, from Stanford Law School.


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

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

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

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

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


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.


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. 


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.  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.


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


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


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

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

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

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

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

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


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.


Colleen K. Lynch graduated with a B.A. from University of Pennsylvania (1994) and J.D. from the University of Pittsburgh School of Law (1998). Litigation Associate at Reed Smith LLP (1998-2000).  Litigation Associate at Wolf Block Schorr and Solis-Cohen LLP (2000-2003).  Colleen served in various roles within the U.S. Securities and Exchange Commission’s Division of Enforcement in the Philadelphia Regional Office from 2003-2013.  Her last role was Assistant Regional Director, in the Market Abuse Unit.  Colleen joined Coatue Management in 2013.


James McDonald joined the CFTC from the U.S. Attorney's Office for the Southern District of New York.  Earlier in his career, Mr. McDonald served as a law clerk to the Honorable John G. Roberts, Jr., Chief Justice of the United States, and, before that, as a law clerk to the Honorable Jeffrey S. Sutton, Jr., on the United States Court of Appeals for the Sixth Circuit.  A graduate of Harvard College and University of Virginia School of Law, Mr. McDonald previously served in the Office of White House Counsel under President George W. Bush, and he worked at the law firm of Williams & Connolly LLP.  Originally from Tulsa, Oklahoma, Mr. McDonald has also served as a visiting professor at the University of Tulsa College of Law, where he taught Constitutional Law, Federal Courts, Foreign Relations Law, and Supreme Court Decision-making.   


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. 


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


BARRY RASHKOVER is a partner and co-leader of the Securities & Derivatives Enforcement and Regulatory practice in the New York office of Sidley Austin LLP. He defends companies and individuals in investigations and enforcement cases brought by government agencies and other regulators, including the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), Commodity Futures Trading Commission (CFTC), state attorneys general and Department of Justice. Barry represents investment banks, broker-dealers, investment advisers, public companies, accounting firms and senior company officials. Barry has worked on some of the most significant SEC enforcement matters of the last two decades, including representation of clients in LIBOR, RMBS, high frequency trading, insider trading and related matters. He regularly advises investment advisers in connection with compliance and conflicts, among other topics. Barry and his colleagues received the 2016 Chambers Award for “Financial Services and Securities Regulation.” He has been consistently recognized in Chambers USA, which in 2017 noted that “clients describe him as a ‘terrific partner,’ who ‘knows SEC matters and hedge fund regulations as well as anyone. He is an A-team player.’” Prior to joining Sidley, Barry was a senior official in the SEC’s Enforcement Division where, among other positions, he served as Co-Head of Enforcement and Associate Regional Director for the SEC’s Northeast Regional Office and was the recipient of the SEC’s Stanley Sporkin Award for outstanding contributions to the agency’s enforcement program. Barry received his J.D. from Cornell Law School and his A.B. from Columbia University.


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.


Elcin Yildirim, Assistant Director, heads the Quantitative Analytics Unit (QAU) at the U.S. Securities and Exchange Commission. Based out of New York, he was a Quantitative Research Analyst/Financial Engineer in the same Unit prior to his leadership role. The QAU focuses on examination support as well as research and development of tools for data analytics. His industry experience is mainly in quantitative and algorithmic trading of equities and futures. Previous to joining the SEC in 2013, Elcin Yildirim held positions of Quantitative Portfolio Manager at SAC Capital Advisors; Director at the Global Strategic Risk Group (GSRG) in Merrill Lynch and Vice President in Process Driven Trading (PDT) at Morgan Stanley. He started his career by consulting on Financial Risk with Oliver Wyman. He has a PhD in Physics with a focus on Probability and Applied Mathematics from Princeton University.


Katherine C. Milgram is Chief of the New York Attorney General’s Investor Protection Bureau.  The Investor Protection Bureau enforces the Martin Act, New York State’s securities law.  Ms. Milgram oversees the Bureau that has long been a driving force behind critical financial industry reforms on behalf of investors.  As Chief of the Investor Protection Bureau, Ms. Milgram leads securities fraud investigations and litigations against individuals and institutions, including financial firms and publicly-traded companies.  Ms. Milgram is also actively involved in the North American Securities Administrators Association.  Prior to joining the Office of the Attorney General, Ms. Milgram was an attorney in private practice at Morgan, Lewis & Bockius LLP and Bracewell LLP, where she represented clients in criminal and regulatory investigations, securities litigation, and other commercial disputes.  She also served as a law clerk to the Honorable Robert B. Kugler in the United States District Court for the District of New Jersey.  Ms. Milgram is a graduate of the University of Pennsylvania Law School and Middlebury College.


LARA THYAGARAJAN is the Regional Chief Counsel for the New York Region in the Department of Enforcement at the Financial Industry Regulatory Authority. Ms. Thyagarajan joined FINRA's predecessor, NASD, in 2006. In her current role, Ms. Thyagarajan leads a team of lawyers and investigators responsible for investigating potential violations of FINRA rules and federal securities laws by New York based brokerage firms and their associated persons. Ms. Thyagarajan oversees the initiation disciplinary actions arising from misconduct identified in Enforcement investigations and through examinations conducted by FINRA's Department of Member Regulation in New York. Prior to joining FINRA, Ms. Thyagarajan was a partner in the securities enforcement defense practice of a Boston law firm where she focused on the defense of investment advisors and broker-dealers primarily in SEC investigations and hearings. Ms. Thyagarajan graduated from Boston College Law School and is a member of the bar in New York and Massachusetts. She received her B.A. from Boston University.


Ms. Jane E. Jarcho has been Co-National Associate Director of The Investment Adviser/Investment Company Examination Program at U.S. Securities and Exchange Commission since August 20, 2013 and as its Deputy Director of Agencys Office of Compliance Inspections & Examinations since February 3, 2016. Ms. Jarcho began her SEC career in the Division of Enforcement and held several positions including Branch Chief, Senior Trial Counsel and Assistant Regional Director before ... joining OCIE in 2008. She has a B.A. from Middlebury College and a law degree from the University of Wisconsin Law School.


Perry Vais is a Partner, Head of Quantitative Strategy, and Head of Systematic Investing at BlueMountain Capital Management. His responsibilities include overseeing quantitative research, systematic trading strategies, data science, and technology at the firm. Mr. Vais also serves on the Management Committee, the Security Committee, and Chairs the Systematic Investing Model Committee. Mr. Vais was formerly the Co-Head of Risk Management at BlueMountain and served on the Valuation Committee. Prior to joining BlueMountain in 2006, Mr. Vais worked at DKR Oasis Capital Management developing quantitative models and trading analytics. Mr. Vais earned his B.S. in Computer Science from Binghamton University.


Robin Roger is General Counsel at Engineers Gate, a quantitative trading firm. She joined the company upon its commencement of operations in January 2014. Previously, she served as General Counsel and Co-Chief Operating Officer of Harbinger Capital Partners. Prior to joining Harbinger Capital in 2009, Ms. Roger was General Counsel at Investment Risk Management Holdings (formerly known as Duff Capital Advisors), a multi-strategy investment advisor. She previously served as General Counsel to Jane Street Capital, a proprietary, quantitative trading firm, and Moore Capital Management, a multi-strategy hedge fund.

Ms. Roger worked at Morgan Stanley from 1989 to 2006. While there, she headed the equity sales and trading legal practice group and the derivatives legal practice group.  She then served as General Counsel of the firm’s investment bank, the Institutional Securities Division, and performed other roles at the corporate level, including acting as Chief Administrative Officer of the parent company.  Before joining Morgan Stanley, she was in private litigation practice at Sidley Austin and Bryan Cave (formerly known as Robinson, Silverman, Pearce, Aronsohn & Berman).  Previously, she clerked for the Hon. John F. Keenan, U.S. District Judge, Southern District of New York.  She received a B.A. from Yale College and a J.D. from Harvard Law School.  She was born in Cleveland, OH.


Simon Raykher is the General Counsel and Chief Compliance Officer of Kepos Capital, a systematic macro investment management firm. Prior to joining Kepos in 2013, Simon served as General Counsel and Chief Compliance Officer of Lombard Odier Asset Management (USA) Corp, the US asset management subsidiary of one of the oldest and largest private banks in Switzerland. For the previous seven years, he was General Counsel, Chief Compliance Officer and Principal of Satellite Asset Management, L.P., a multi-strategy investment manager, based in New York and London. Prior to Satellite, Simon was an attorney with the law firm of Schulte Roth & Zabel LLP. Earlier in his career, he was a prosecutor with the Investigation Division of the New York County District Attorney’s office, where he conducted tax fraud and money laundering investigations. Simon started his career as an auditor with Coopers & Lybrand. Simon is a former Adjunct Professor at Fordham University School of Law.  Simon earned a B.B.A. and an M.B.A. in Accounting from Pace University in 1990 and a J.D. from Fordham University School of Law in 1995.


Telemachus Kasulis is the Co-Chief of the Securities and Commodities Fraud Task Force at the United States Attorney’s Office for the Southern District of New York. Prior to joining the Office, Mr. Kasulis worked at a law firm in New York City and clerked for the Honorable Joseph M. McLaughlin on the United States Court of Appeals for the Second Circuit. He is a graduate of Yale University and Cornell Law School.