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Hedge and Private Fund Enforcement & Regulatory Developments 2018


Speaker(s): Andre E. Owens, Andrew B. David, Barry R. Goldsmith, Barry W. Rashkover, Christopher Kelly, Colleen K. Lynch, Cynthia A. Hanawalt, Jason Cowley, Jay M. Lippman, Jeffrey C. Morton, Joan E. McKown, John H. Walsh, Julie M. Riewe, Kevin Tagami, Lacey R. Keller, Lara Shalov Mehraban, Laurence Herman, Manal Sultan, Marc E. Elovitz, Marc P. Berger, Mark K. Schonfeld, Matthew Senatore, Maurya C. Keating, Michael J. Osnato, Jr., Stephen J. Crimmins, Susan E. Brune, Thomas C. Newkirk
Recorded on: Oct. 9, 2018
PLI Program #: 219768

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


Barry Goldsmith is a partner in the New York and Washington, D.C. offices of Gibson, Dunn & Crutcher and co-head of the firm’s Securities Enforcement Practice Group and a member of the firm's Securities Litigation 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 employees 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 in Band 1 by Chambers USA America's Leading Business Lawyers as one of the top Securities Regulation attorneys nationwide and was named Best Lawyers’ 2016 and 2018 Securities Regulation “Lawyer of the Year” for New York City.

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.


Christopher Kelly serves as the Senior Vice President of Sales Practice Enforcement within FINRA’s Enforcement Department.  As Senior Vice President, Mr. Kelly oversees the work of the Enforcement Staff in 14 FINRA District Offices throughout the country.  He joined FINRA in 2014 and served as Chief Counsel in FINRA’s North Region until early 2018.

Prior to joining FINRA, Mr. Kelly served as Deputy Chief of the Criminal Division at the U.S. Attorney’s Office for the District of New Jersey.  In that role, Mr. Kelly supervised more than 35 Assistant U.S. Attorneys in the Office’s white-collar units, including Economic Crimes, National Security, and Cybercrime. 

Prior to his promotion to the position of Deputy Chief, Mr. Kelly served as the Chief of the Economic Crimes Unit at the U.S. Attorney’s Office, where he oversaw the Office’s prosecution of complex economic crimes, including crimes involving insider trading, securities fraud, tax evasion, corporate fraud and embezzlement.  Mr. Kelly also served as the lead prosecutor on numerous criminal prosecutions.

Mr. Kelly graduated from Duke University and Harvard Law School.  Prior to joining the U.S. Attorney’s Office, he was an associate at the law firm Dechert LLP.  Mr. Kelly also clerked for the Honorable Joseph E. Irenas, U.S. District Court Judge for the District of New Jersey.


Cynthia Hanawalt is the Chief of the Investor Protection Bureau in the Office of the New York Attorney General.  She joined the Office of the Attorney General in 2017.  She has led the Investor Protection Bureau to significant enforcement resolutions in electronic trading and mutual fund matters, and to the recovery of hundreds of millions in housing relief for New Yorkers, as well as the development of active inquiries into cryptocurrency platforms, including a recent report detailing vulnerabilities to abusive trading and conflicts of interest.

Previously, Ms. Hanawalt was a Partner at the boutique securities firm Bleichmar Fonti & Auld LLP.  She started her legal career as an associate at McKee Nelson LLP.  She is a graduate of Columbia Law School, where she was a Harlan Fiske Stone Scholar, and Duke University, where she received the Griffith University Service Award.

The Investor Protection Bureau is responsible for enforcing New York State’s securities law, the Martin Act.  The Martin Act gives the Attorney General broad law enforcement powers to conduct investigations of suspected fraud in the offer, sale, or purchase of securities.


Jeffrey C. Morton is a partner and co-founder of ACA.  Mr. Morton is co-head of ACA’s sales and marketing team and also works with many of the firm’s larger diversified financial, hedge fund and private equity clients.  Prior to forming ACA, Mr. Morton worked in the SEC’s Office of Compliance Inspections and Examinations in Washington, D.C.

Mr. Morton speaks at numerous industry-sponsored conferences on a variety of topics, including:  the automation of compliance, peer benchmarking and developing best-in-class compliance programs.  Mr. Morton is also the co-founder of the New York City Chief Compliance Officer’s Roundtable, which meets semi-annually to discuss hot SEC and other regulatory compliance issues.

Mr. Morton graduated from the University of Scranton and is a member of National Society of Compliance Professionals, Advisory Board of the Private Equity CFO Association (NY Chapter), the Managed Funds Association, and the Alternative Investment Management Association (AIMA).  Mr. Morton is also Vice President of the Saint Patrick Athletic Association in Chatham, NJ.


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.


Lacey Keller is a Managing Director with Gryphon Strategies with almost a decade of research and analytics experience. In her present position, Lacey advises financial and law firms on how best to use traditional and alternative data for investments and investigations. Previously, Lacey was the founder and director of the Research and Analytics Department for the New York State Office of the Attorney General. During her tenure, Lacey developed a formidable team, including the first data scientist hired by a state attorney general’s office, that leveraged cutting-edge technologies and analytical techniques to support investigations. Her team was instrumental in many of the most notable cases brought by the Office of the Attorney General, including the case brought against Spectrum (Time Warner Cable) for allegedly defrauding customers over internet speeds and performance as well as successful litigation brought against the landlord Steven Croman for harassing tenants. That team also helped author reports on Airbnb, gun trafficking, and ticket pricing that national media outlets widely covered. Previously, Lacey worked in the Research Department of the Service Employees International Union (SEIU 32BJ), the largest property services union in the country. Lacey holds a Master of Economics from the New School and a Bachelor of Business Administration from Washburn University.


Lara Shalov Mehraban is an Associate Director for Enforcement in the New York Office of the U.S. Securities and Exchange Commission, which means that she supervises a staff of approximately 150 attorneys, investigators, accountants and paralegals in the New York Office’s enforcement program.  She joined the SEC in 2007 and has served as an Assistant Regional Director, a member of the SEC’s Asset Management Unit, and a senior counsel.  Before joining the SEC, she was a litigation associate at for seven years, first at Paul, Weiss, Rifkind, Wharton & Garrison LLP and then at Stillman, Friedman & Shechtman, P.C.  Prior to her law firm practice, she served as a law clerk to the Honorable Michael Daly Hawkins on the United States Court of Appeals for the Ninth Circuit.  She received her J.D. from the University of Michigan Law School and her B.A. from Duke University.


Laurence Herman serves as General Counsel and Managing Director at GLG (Gerson Lehrman Group) the world’s largest primary research platform. He oversees legal and compliance globally, and works closely with communications and business development. Earlier in his career, Laurence practiced law at Cahill Gordon & Reindel and was Senior Vice President, Operations, for Capital IQ, Inc. He worked in strategic development for Delphi Capital, working with the firm’s affiliated fund of funds and hedge funds, insurance companies and other investment projects. He currently serves on the board of the Investorside Research Association.


Manal Sultan is currently the Deputy Director for the Division of Enforcement and is in charge of the Division’s New York office. Ms. Sultan represented the Division in many enforcement actions, including virtual currency matters, which are filed in the United States District Court and focus on allegations of manipulation, fraud, and trade practice misconduct. She has also successfully negotiated and settled many actions including benchmark cases and spoofing cases. Prior to being appointed Deputy Director, she has served as a chief trial attorney with the Division of Enforcement at the CFTC in New York. She also served as the Squad Leader of the Manipulation and Disruptive Trading squad of the Division. Ms. Sultan is a graduate of Fordham Law School. In addition, she holds an MBA in finance and information technology.

 


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.


Marc P. Berger was named Director of the New York Regional Office in December 2017.  The New York office has responsibility for the largest concentration of SEC-registered financial institutions, including more than 4,000 investment banks, investment advisers, broker-dealers, mutual funds, and hedge funds.

Before serving at the Commission, Mr. Berger was global co-head of Ropes & Gray LLP’s Securities and Futures Enforcement Practice.  His practice focused on white-collar criminal defense, regulatory enforcement, and internal investigations. 

From 2002 to 2014, Mr. Berger served as an Assistant U.S. Attorney in the Southern District of New York, including serving as Chief of that office’s Securities and Commodities Fraud Task Force.  In that role, he supervised the investigation and prosecution of some of the nation’s highest profile financial and investment fraud cases, including the largest crackdown on hedge fund insider trading in U.S. history.  As a prosecutor, Mr. Berger also personally investigated and tried a wide variety of cases involving securities and commodities fraud, as well as other crimes.

Mr. Berger earned his bachelor’s degree with distinction from Cornell University in 1996 and his law degree from the University of Virginia School of Law in 1999.  Before joining the U.S. Attorney’s Office in Manhattan, he served as a law clerk for the Honorable Richard M. Berman of the U.S. District Court for the Southern District of 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. 


Matthew Senatore is the Chief Operating Officer and General Counsel of The Earnest Research Company, where he oversees the Legal, Finance & Accounting and People functions. Prior to joining Earnest in October 2013, Mr. Senatore was an Associate at Boies, Schiller & Flexner LLP. He holds a B.S. in Commerce from the University of Virginia and a J.D. from Harvard Law School.


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.


Michael J. Osnato, Jr., former Chief of the Complex Financial Instruments Unit of the Securities and Exchange Commission’s Enforcement Division, is a Litigation Partner and member of the Firm’s Government and Internal Investigations Practice. He focuses on high-stakes regulatory and criminal matters, government investigations, sensitive whistleblower complaints and SEC examination and compliance counseling.

During his tenure at the SEC, Mike led a specialized, nationwide unit of 45 attorneys and former Wall Street professionals in the SEC’s investigations related to complex financial products and practices involving sophisticated market participants. Under Mike’s leadership, the CFI Unit was charged with developing innovative and streamlined methods for monitoring and investigating products and risks that posed a large-scale risk to the securities markets. He supervised investigations and litigations involving the structuring, sale, trading and valuation of derivatives, asset-backed securities and other complex securities by banks, asset managers and public companies, including:         

  • Global financial institution in violations of SEC Customer Protection Rule culminating in historic $415 million penalty
  • Fraud and internal controls cases against traders and global financial institution arising from six billion dollar derivatives trading loss
  • SEC’s first fraud cases against bank issuers of complex derivative products
  • First SEC fraud charges against major credit rating agency
  • Disclosure and controls violations by financial institutions arising from multibillion-dollar regulatory capital overstatements
  • Fraud case against senior-most investment bankers charged for financial crisis-related conduct

At the SEC, Mike was a member of various national leadership Committees, including the Enforcement Division’s Cooperation Committee, which oversees the SEC’s Cooperation Program for entities and individuals subject to SEC investigation. During his tenure on the Cooperation Committee, Mike played a leadership role in developing innovative uses of the Enforcement Division’s Cooperation Program and formulating national policy relevant to the resolution of high-stakes matters. Mike has extensive experience in evaluating the strength of corporate compliance and controls programs, the adequacy and value of corporate and individual cooperation in SEC matters, and has played a lead role in several of the SEC's most prominent settlements involving admissions of wrongdoing.

Throughout his tenure at the SEC, Mike worked in close partnership with multiple domestic and international law enforcement agencies, including the Department of Justice, FBI, CFTC, Federal Reserve, the Manhattan District Attorney's Office, the New York Attorney General's Office, the Office of the Comptroller of the Currency and the U.K. Financial Conduct Authority.

Mike first joined the SEC’s Enforcement Division in September of 2008 as a staff attorney. Prior to his promotion to Chief of the CFI Unit, he served as Assistant Regional Director in the SEC’s New York Regional Office from 2010 through January 2014, where he supervised a number of prominent financial crisis, accounting fraud and investment adviser investigations. 

Mike frequently speaks at conferences on subjects relating to securities enforcement, regulatory developments and private fund enforcement. He also serves as Visiting Lecturer at a prominent European university on the SEC's regulatory and enforcement processes.

Prior to his tenure at the SEC, Mike was an attorney at two prominent international law firms. He received his J.D. with Honors in 1997 from Fordham Law School, where he was a member of the Law Review, and his B.A. with Honors from Williams College in 1994, where he was a Distinguished Scholar.


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.


Thomas C. Newkirk is Co-Chair of the Securities Litigation and Enforcement Practice. Drawing on his 19 years as a senior official with the Securities and Exchange Commission, he represents companies and their leaders in confidential investigations related to such issues as accounting, disclosure, insider trading, and the Foreign Corrupt Practices Act. He also counsels corporate boards and board committees with respect to corporate governance and compliance and defends private class and derivative securities actions.

Since 2010, Chambers USA has consistently recognized Mr. Newkirk as one of the country’s leading lawyers in Securities/Regulation/Enforcement Law, and he has been named one of the top securities lawyers in Washington by Washington DC Super Lawyers and Washingtonian magazine every year since 2009. He is AV Peer Review Rated, Martindale-Hubbell’s highest peer recognition for ethical standards and legal ability. Mr. Newkirk is a member of the firm’s Securities Practice and Japan Practice.

Since joining the firm in 2004, Mr. Newkirk has represented major public companies, hedge funds, investment advisers, their senior executives, boards and board members in a wide range of Securities and Exchange investigations and related civil litigation.

Before joining the firm, Mr. Newkirk spent 19 years with the U.S. Securities and Exchange Commission, first as Chief Litigation Counsel and then as an Associate Director of the Division of Enforcement where he led the investigations of some of SEC’s most significant cases. During his government service, Mr. Newkirk received numerous accolades, including two Presidential Meritorious Executive Awards, the SEC Chairman’s Award for Excellence, the SEC’s Law and Policy Award, and the SEC’s Distinguished Service Award, among others. He currently serves on the Executive Council of the Federal Bar Association’s Securities Law Committee. Mr. Newkirk writes and lectures frequently on SEC enforcement matters.

Education

  • Cornell University Law School, L.L.B., 1966; With Distinction; Order of the Coif; Board Member, Phi Kappa Phi; Editor, Cornell Law Review
  • Cornell University, B.A., 1964; College of Arts and Sciences, Phi Eta Sigma


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


Jay is a Managing Director for Exiger based in the firm’s New York Office. He works for Exiger’s Advisory Practice and focuses on providing services to financial institutions with a focus on Financial Crime Compliance and Fraud.  Jay previously worked twice for the Global Financial Crimes Compliance Department at J.P. Morgan Chase. He was on the advisory team covering the Corporate & Investment Bank and had been the designated Anti-Money-Laundering (“AML”) Officer for J.P. Morgan Securities LLC and J.P. Morgan Clearing Corp. Jay also served as a vice-president with Goldman Sachs & Co. serving within the Compliance Surveillance Strategy Group as the AML Representative for the US Securities Division. (Nov. 2013 - April 2015). He was the AML Officer for Bear Stearns Securities Corp. (May 2007-March 2008). Prior to joining Bear Stearns, Jay served as a director and regulatory counsel in the compliance department of Nomura Securities International, Inc. where he was the AML Officer for the firm. (June 2005 - March 2007).  At Bear Stearns, JP Morgan, and Goldman Sachs he provided Financial Crime Compliance advisory services to Prime Brokerage Units. He also worked for NASD’s Department of Enforcement for over eight (8) years before joining Nomura, served as an Assistant District Attorney in the New York County District Attorney’s Office for over four (4) years and as a Principal Court Attorney for a New York County Acting Supreme Court Justice for over four (4) years. Jay holds a BA from Columbia University and a JD from SUNY Buffalo School of Law.


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.


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.


Colleen K. Lynch is the General Counsel and Chief Compliance Officer at Coatue Management.  Colleen joined Coatue Management in 2013.  Prior to Coatue, from 2003 to 2013, she held a number of positions in the U.S. Securities and Exchange Commission’s Division of Enforcement, ultimately serving as an Assistant Director in the Market Abuse Unit.  Prior to joining the SEC, Colleen was a litigation associate at Reed Smith LLP and Wolf Block LLP.  Colleen received a B.A. in Diplomatic History from the University of Pennsylvania and a J.D. from University of Pittsburgh School of Law.


Jason Cowley has been with the United States Attorney’s Office for the Southern District of New York since 2011 and has served as Co-Chief of the Office’s Securities and Commodities Fraud Task Force since January 2017.  Prior to assuming that position, he served as Chief of the Office’s Money Laundering and Asset Forfeiture Unit.  Mr. Cowley has prosecuted a number of individuals and entities for a wide array of white-collar offenses including securities fraud, money laundering, violations of the Foreign Corrupt Practice Act (“FCPA”), tax evasion and related violations of the Bank Secrecy Act.  As a prosecutor, Mr. Cowley has tried over a dozen federal criminal jury trials.


Kevin Tagami is a lawyer and Managing Director of Meritage Group LP.  Previously, Mr. Tagami served as Vice President and Assistant General Counsel at Atticus Capital LP.  Previously Mr. Tagami was also an M&A and Investment Funds counsel at Akin Gump Strauss Hauer & Feld LLP and a corporate associate at Gibson, Dunn & Crutcher LLP.  Mr. Tagami received a B.A. in Political Science from the University of British Columbia and a J.D. from Columbia University School of Law, where he was named a Harlan Fiske Stone Scholar.