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Broker/Dealer Regulation and Enforcement 2018


Speaker(s): A. Valerie Mirko, Andre E. Owens, Andrew L. Weinberg, Andrew Stemmer, Carmen J. Lawrence, Christopher W. Gerold, Colleen P. Mahoney, Daniel E. Kosowsky, David M. Levine, Diana C. Miller, Ghillaine A. Reid, Henry Klehm III, Ilene B. Marquardt, Jacquelyn Kasulis, Joaquin M. Sena, Lara Shalov Mehraban, Manal Sultan, Marc P. Berger, Nader Hossain Salehi, Russel D. Francisco, Stephanie M. Dumont, Stephen Luparello, Susan F. Axelrod , Susan Schroeder, Wayne M. Carlin, William R. Baker III
Recorded on: Oct. 16, 2018
PLI Program #: 221537

A. Valerie Mirko recently joined Baker McKenzie’s North America Litigation and Government practice as a Partner in the Financial Regulation and Enforcement Group.  Ms. Mirko has substantial experience in advising clients on federal and state securities laws and regulations impacting the financial services industry, with a focus on the investment adviser and brokerage industries.  Ms. Mirko’s practice includes a wide range of regulatory, compliance, examinations and enforcement matters.  Ms. Mirko is a leading practitioner in SEC Regulation BI and related rulemaking as well as standards of care regulations at the state level and can assist both broker-dealer and investment adviser clients with regard to regulatory risk, compliance programs, and implementation.

Prior to joining the firm, Ms. Mirko was General Counsel of the North American Securities Administrators Association (NASAA), the association of state securities regulators. Ms. Mirko advised NASAA’s Board of Directors on developments in the federal securities laws and their impact on state securities regulations, including Regulation Best Interest, fiduciary duty/standards of care, preemption, and retail enforcement issues.  Ms. Mirko also focused on investment adviser regulation and oversight, supervised all securities-related legal work at NASAA and was a resource on multistate enforcement investigations and settlements.  She also provided governance support on several key Regtech initiatives at NASAA and several regulatory coordination initiatives between state regulators and their federal counterparts.

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


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


Andrew L. Weinberg is a Managing Director at Bank of America (BofA). Mr. Weinberg manages the Office of the Chief Compliance Officer for the Global Banking and Markets (GBAM) business; oversees the Regulatory Change, Policies and Training, Regulatory Strategy and Reporting, and Issues Management teams for GBAM; and oversees Volcker Compliance and Swap Dealer Compliance across all of BofA’s businesses.

Prior to joining BofA in August 2015, Mr. Weinberg was the Deputy Head of Compliance for North America at Deutsche Bank. At Deutsche Bank, Mr. Weinberg managed Compliance’s role in global regulatory programs such as Volcker and Swap Dealer and oversaw all aspects of the Compliance Program for the Americas, including regulatory change and strategy, policies, risk assessments, and testing. Before assuming his position in Compliance, Mr. Weinberg served as a member of Deutsche Bank's Litigation and Regulatory Group.

Mr. Weinberg graduated, summa cum laude, from Columbia College in 1991 and was elected to Phi Beta Kappa at the end of his junior year. He graduated, cum laude, from Harvard Law School in 1994.


Carmen Lawrence is a partner in King & Spalding’s Special Matters and Government Investigations practice group.

Ms. Lawrence's practice focuses on representing parties in investigations and litigations conducted primarily by the US Securities and Exchange Commission, US Commodity Futures Trading Commission, US Department of Justice, self-regulatory organizations and state securities regulators, conducting internal investigations, providing crisis management advice to public and private companies and counseling public companies and regulated entities (broker-dealers and investment advisers) on their obligations under the federal securities laws.

From 1996 until June 2000, Ms. Lawrence was the Regional Director for the SEC's Northeast Regional Office (covering 14 states and the District of Columbia), where she oversaw all enforcement and regulatory operations in the SEC's largest region.  Some of the SEC's most significant cases were brought by the Northeast Regional Office under Ms. Lawrence's leadership.

Before her appointment as regional director, from 1990 through 1995, Ms. Lawrence served as Senior Associate Regional Director, heading up the Northeast Regional Office's Enforcement Division.  From 1981 to 1989, she served in various staff and senior positions in the Enforcement Division.

Ms. Lawrence received numerous awards during her tenure at the SEC, including the Equal Employment Opportunity Award in 1998; the Presidential Distinguished Executive Award in 1995; the Stanley Sporkin Award in 1993; and the Irving M. Pollack Award, presented to an enforcement lawyer exhibiting leadership, integrity and intellect, in 1990. 

Ms. Lawrence is consistently recognized by Chambers USA: America's Leading Lawyers for Business as a leading individual for Securities Regulation and for Litigation: White-Collar Crime & Government Investigations.  She is consistently recognized by Legal 500 in Litigation: White-Collar Criminal Defense, and is additionally recognized in Financial Services: Litigation.  She is also consistently recognized by Benchmark: Litigation as a New York Litigation Star. She was named to Securities Docket’s inaugural “Enforcement 40” list of top SEC enforcement lawyers in 2013.

Ms. Lawrence has spoken extensively and participates in numerous continuing legal education programs for federal securities law matters.


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

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

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

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

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


Daniel Kosowsky is the Chief Compliance Officer for Institutional Securities—Americas. Dan oversees the Compliance Department covering matters related to Sales and Trading, Investment Banking, Capital Markets, Research and the affiliated Operational support areas across the United States, South America and Canada. Previously, he was the Chief Compliance Officer for Morgan Stanley Wealth Management, and has also held a number of senior positions in the Morgan Stanley Legal Department. 

Before joining Morgan Stanley in October 2004, Mr. Kosowsky practiced corporate law at Cravath, Swaine & Moore LLP, specializing in securities and M&A transactions. He graduated magna cum laude from both Harvard College and Harvard Law School. 

 


David Levine is Chief Legal Officer for Oz Management, a global alternative asset management firm. He is also an Executive Managing Director and a member of the Firm’s Partner Management Committee.  Prior to joining Oz Management in January 2017, Mr. Levine spent 15 years at Deutsche Bank AG, where he most recently served as Global Head of Litigation and Regulatory Enforcement.  From 1993 through 2001, Mr. Levine worked at the U.S. Securities and Exchange Commission in both New York and Washington, DC.  During this time, he served in a variety of roles including as the agency’s Chief of Staff, as well as Senior Adviser to the Director of Enforcement.

Mr. Levine was a member of SIFMA’s Compliance and Legal Society Executive Committee and Legal Subcommittee from 2011-2017.  Previously, he served on FINRA’s Membership Committee (2003-2005), including as Chair in 2005.  In 2006, Mr. Levine was appointed by FINRA's Board of Governors to the National Adjudicatory Council (the appellate court for FINRA enforcement actions) and served as Vice Chairman (2008) and Chairman (2009).  Mr. Levine also served on FINRA’s Statutory Disqualification Subcommittee from 2010 to 2016.

Mr. Levine is the author of:  Research Analyst Conflict Disclosures—Less Would Be More, BNA’s Securities Regulation & Law Report (Vol. 41, No. 6) at 217 (Feb. 9, 2009); and co-author of:  “You’ve Got Jail:” Current Trends in Civil and Criminal Enforcement of Internet Securities Fraud, 38 Georgetown American Crim. L. Rev. 405 (2001); Insider Trading Redux, Nat’l L.J. at B6 (Oct. 18, 1999); The Securities Litigation Uniform Standards Act of 1998:  The Sun Sets on California’s Blue Sky Laws, 54 Bus. Law. 1 (1998); The New Securities Class Action:  Federal Obstacles, State Detours, 39 Ariz. L. Rev. 641 (1997); The Limits of Central Bank’s Textualist Approach:  Attempts to Overdraw the Bank Prove Unsuccessful, 26 Hofstra L. Rev. (1997).

Mr. Levine holds a J.D. Degree from Hofstra University School of Law where he was valedictorian and an editor of the law review.


Diana Miller is a Senior Vice President and Assistant General Counsel at Citigroup Inc.  Ms. Miller is responsible for a broad range of regulatory and internal investigations, sweeps, enforcement proceedings, and other related inquiries conducted by federal and state regulatory authorities, criminal law enforcement authorities, global regulatory authorities, and self-regulatory agencies.  Ms. Miller’s work focuses on matters for businesses in Citi’s Institutional Clients Group, including corporate and investment banking, sales and trading, capital markets origination, securities services, trade and treasury services, and private banking.  Before joining Citi in 2014, Ms. Miller was an associate at Cleary Gottlieb Steen & Hamilton LLP where she represented financial institutions and multinational corporations in complex civil litigation and enforcement matters.  Ms. Miller received a J.D. from the University of Michigan Law School in 2007 and a B.A. from the University of Pennsylvania in 2005.


Ghillaine Reid is a Partner in the firm’s Government Investigations, Compliance, and Enforcement practice. She focuses her practice on government and securities regulatory investigations, financial services litigation, commercial litigation and corporate compliance. Drawing on her experience in government service and private practice, Ghillaine regularly represents corporations and individuals in investigations conducted by the Securities & Exchange Commission, the Department of Justice, the Financial Industry Regulatory Authority and other government and regulatory agencies. Ghillaine has successfully defended several high profile SEC investigations and enforcement proceedings involving a wide range of significant issues, including insider trading, accounting fraud, market manipulation and broker-dealer sales practice violations. Prior to entering private practice, Ghillaine was a Branch Chief and Staff Attorney in the New York Regional Office of the Securities & Exchange Commission's Division of Enforcement, where she investigated and litigated a wide range of securities enforcement matters.

Ghillaine also represents clients in complex financial services and commercial litigations matters, in both federal and state courts. She has achieved favorable outcomes in cases involving fraud, breach of contract, breach of fiduciary duty, misrepresentation and tortious interference. She has also successfully defended clients in large scale arbitration proceedings, both through the Financial Industry Regulatory Authority and the American Arbitration Association.


Henry Klehm, co-head of the Firm’s Securities Litigation & SEC Enforcement Practice, brings almost 30 years of experience at the U.S. Securities and Exchange Commission as a senior enforcement officer, a senior in-house lawyer at two global financial institutions, and a public company director. In the last ten years, Henry has acted as counsel in major corporate investigations and civil and criminal enforcement actions throughout the world. He counsels boards, corporations, and financial institutions on cross-border internal investigations, crisis management, corporate governance, and effective compliance and ethics programs, as well as legal matters related to internal control, auditing, litigation loss contingencies (ASC 450), and whistleblowers.

Recent representations include public companies, audit and special committees, financial institutions, and senior corporate officers in investigations and litigation involving disclosure, complex financial products, financial reporting, the Foreign Corrupt Practices Act, money laundering, and economic sanctions.

Prior to joining Jones Day, Henry was Deutsche Bank’s global head of compliance and Prudential Financial’s deputy general counsel for regulatory matters. He was with the SEC for ten years, serving as head of enforcement for the northeastern United States for five years, where he investigated, litigated, and supervised more than 500 enforcement actions including insider trading, financial frauds, Ponzi schemes, rogue traders, market manipulations, and investment company and advisor matters.

Since 2006, Henry has served as an independent director of RenaissanceRe Holdings, an NYSE-listed catastrophe reinsurance firm. He is currently chair of the Compensation and Governance Committee and previously chaired the audit committee.

Henry frequently lectures on cross border investigations, financial services, and corporate governance matters.


Ilene Marquardt is lead counsel for Wells Fargo Advisors’ retail brokerage operations.  In this role, Ilene heads a team of thirty professionals who provide legal advice and counseling for all products, services and operations within the Wells Fargo Advisors Line of Business, including First Clearing and FInNet.  Ilene is a member of the WFA Operating Committee and serves on multiple other WFA business, legal, compliance and risk working groups and committees that support the WFA channel.

Before joining Wells Fargo in February 2019, Ilene spent more than 24 years at UBS (originally PaineWebber) where she held multiple roles including Head of Litigation and Regulatory for Wealth Management US, Interim General Counsel for Wealth Management US and Head of Regulatory for Region Americas.  Ilene is also an appointed member of the FINRA National Adjudicatory Council, and serves on SIFMA’s Compliance and Legal Executive Committee.  Before joining PaineWebber in 1994, Ilene was a litigation associate in NY at Morgan Lewis and Bockius.

Ilene has a B.A. from Northwestern University, and a J.D. from New York University School of Law.  She is a member of the New York and New Jersey bars.


Jacquelyn Kasulis joined the United States Attorney’s Office in the Eastern District of New York in January 2008, and was appointed Acting Chief of the Criminal Division in March 2019, and Chief of the Criminal Division in June 2019.  After holding various supervisory positions, she was appointed Chief of the Business and Securities Fraud Section in April 2017.  She has investigated and prosecuted a wide variety of criminal matters, including market manipulation, fraud involving publicly-traded companies, investment adviser fraud, tax crimes, money laundering and violations of the Foreign Corrupt Practices Act and the Bank Secrecy Act.

During her time in the Office, Jacquelyn has worked on significant white collar cases.  For example, Jacquelyn was the lead prosecutor in United States v. Martin Shkreli, in which Martin Shkreli was convicted in August 2017 of multiple counts of securities fraud relating to two separate hedge funds that he managed, and securities fraud conspiracy in relation to his attempt to control the price and trading volume of the shares of a publicly-traded company.  Jacquelyn also led the Office’s investigation and prosecution in United States v. Low Taek Jho, et al. and United States v. Leissner, in which two former bankers and a wealthy Malaysian financier were charged for their participation in a multi-billion dollar money laundering and bribery conspiracy related to 1Malaysia Development Berhad (1MDB), Malaysia’s investment development fund.  Jacquelyn also led the investigation and prosecution in United States v. Bandfield, et al., in which nine defendants and six Belize-based corporations, including three brokerage firms, were charged for their involvement in an elaborate offshore securities fraud, money laundering and tax evasion scheme.  As part of that scheme, the defendants laundered approximately $250 million for their corrupt clients, who included more than 100 U.S. citizens and residents.  Additionally, Jacquelyn participated in the investigation and prosecution of nine corrupt brokers and promoters who were involved in a $131 million stock manipulation scheme related to ForceField Energy Inc., a publicly-traded company whose common stock was listed on the NASDAQ. 

Jacquelyn is also currently supervising Eastern District of New York prosecutors in United States v. Odebrecht and United States v. Braskem, collectively one of the largest foreign bribery cases in history, and United States v. Société Générale, an $860 million resolution of bribery and LIBOR manipulation charges. Prior to joining the United States Attorney’s Office, Jacquelyn was an associate in the Litigation Department of Kirkland & Ellis LLP in New York.  She graduated with honors from Columbia Law School in 2003.


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.


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 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.


Nader Salehi is co-head of Sidley’s global Securities and Derivatives Enforcement and Regulatory practice, which received the Chambers USA “Firm of the Year” award in 2019 and 2016 for Financial Services and Securities Regulation. Nader represents investment banks, investment advisers, public companies and senior corporate officers in high-profile and complex matters of enterprise wide significance. This includes internal investigations as well as investigations by the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the New York State Attorney General (NYAG) and other Self Regulatory Organizations (SROs) and federal and state regulators.

Nader works with virtually every major bank on Wall Street and he has had a role in almost every major Wall Street sweep over the past several years. His enforcement practice regularly involves the defense of complex product and trading issues, particularly those involving allegations of insider trading. Nader is a frequent speaker at major industry events, including the SIFMA C&L Annual Conference and PLI’s Broker Dealer Regulation and Enforcement Conference.

Nader has been recognized as a leading lawyer in the area of securities regulation and enforcement by Chambers USA, where he is described by his clients as “very knowledgeable,” and a “very practical and an insightful counsel in difficult situations.” He has been recognized by the Best Lawyers in America as a leading lawyer for Securities and Capital Markets matters and in Euromoney LMG as a Rising Star. Nader began his career in the SEC’s Division of Enforcement in Washington, D.C. 


Russel D. Francisco joined Bank of America’s Legal Department in June 2010.  Russ is part of the Regulatory Inquiries Group’s (“RIG”).

Russ manages a national portfolio of over 240 RIG matters across Bank of America’s wealth management businesses, which include Merrill Lynch and Merrill Edge.  RIG’s wealth management team covers over 27,982 registered representatives (exclusive of registered supervisory principals) and conducts significant regulatory internal investigations, including investigations for matters involving the SEC, FINRA, OCC, DOJ, DOL, IRS, and state securities regulators; federal and state law enforcement agencies; and grand jury and criminal trial matters.  Russ provides legal counseling to senior business leaders concerning these RIG matters, as well as operational, compliance, employment, regulatory, and other related legal issues. Russ oversees, manages, and coordinates a roster of national law firms and other professional vendors, and manages budgets for same.

Russ obtained his J.D., with honors, from St. John’s University School of Law in 2001 and his B.A., with honors, from New York University in 1998.  While at St. John’s Law School, Russ was the Associate Managing Editor of the Law Review.  Russ was previously a litigation associate at Cahill Gordon & Reindel LLP and Wolff & Samson PC.


Stephanie Dumont is Senior Vice President and Director of Capital Markets Policy for FINRA’s Office of General Counsel, where she manages the policy and rulemaking legal team in areas related to equity, options and fixed income market structure, trading and customer order handling practices, market transparency and order audit trails.  In this role, she supports policy, rulemaking and regulatory reporting (e.g., Regulation SCI compliance) functions of FINRA’s market transparency facilities including the ADF, TRFs, OTCBB, ORF and TRACE.  She also provides legal counsel for FINRA’s participation in various NMS Plans, including UTP/CTA/CQ, Consolidated Audit Trail (CAT), Limit Up/Limit Down and Tick-Size Plans.

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


Stephen Luparello joined Citadel in 2017, where he serves as Managing Director and General Counsel for Citadel Securities based in New York City.

Prior to joining Citadel, Luparello was the Director of the SEC’s Division of Trading & Markets. Before returning to the SEC, he was a partner at WilmerHale, specializing in broker-dealer compliance and regulation, securities litigation, and enforcement. Luparello joined WilmerHale after 16 years at the Financial Industry Regulatory Authority (FINRA) and its predecessor, the National Association of Securities Dealers (NASD) where he most recently served as Vice Chairman of FINRA. As FINRA's Vice Chairman, he was responsible for its examination, enforcement, market regulation, international, and disclosure programs. From 1994 to 1996, Luparello served as Chief of Staff to then-CFTC Chairman Mary Schapiro. Prior to that, he worked at the SEC, in the Division of Market Regulation, now the Division of Trading and Markets.

Luparello received his law degree from Washington & Lee University. He received his B.A. from LeMoyne College.


Susan F. Axelrod is Chief Supervisory Officer for Merrill Lynch Wealth Management. In this capacity, she oversees supervisory risk culture, driving shared accountability for end-to-end supervision at all levels of leadership. She also is a key leader in activities that focus on regulatory, financial and reputational risk.

Before joining Merrill Lynch, Susan was Executive Vice President of Regulatory Operations at FINRA. In that capacity, she oversaw the Office of Fraud Detection and Market Intelligence and Member Regulation.

Previously, Susan was the FINRA Executive Vice President and head of Member Regulation—Sales Practice, with responsibility for ongoing surveillance and examinations, both routine and investigative, of FINRA-regulated securities firms. She moved into that role from Senior Vice President and Deputy of Regulatory Operations, where her responsibilities included assisting in the oversight of the Market Regulation, Enforcement and Member Regulation functions at FINRA. She also played a key role in the integration of NASD and NYSE Member Regulation.

Prior to joining FINRA in 2007, Susan was Chief of Staff to the CEO of NYSE Regulation for three years. In this position, her responsibilities included overseeing operations on a day-to-day basis and acting as a liaison with various business areas including finance, human resources, government relations and communications.

Susan joined the NYSE in 1989 as a Staff Attorney in the division of enforcement and became an Enforcement Director in 1997. Among the cases she handled were those involving specialist and floor broker misconduct, insider trading, upstairs trading, sales practice violations, and financial and operational compliance issues. She received her J.D. from the Hofstra University School of Law in 1989 and her B.A. from Emory University in 1986.

Susan is also a member of the board for Volunteers of America for the Greater New York Area, and her expertise is frequently featured in both television and print. She is married with two children and resides in New York City.


Susan Schroeder is the Executive Vice President and Head of FINRA Enforcement, responsible for FINRA’s disciplinary actions across the country.  After a recent combination resulting from FINRA360, the organization’s ongoing comprehensive self-evaluation and improvement initiative, FINRA Enforcement is a unified group that handles disciplinary actions related to trading-based matters found through Market Surveillance’s surveillance and examination programs, as well as and other cases referred from other regulatory oversight divisions including Member Regulation, Corporate Financing, the Office of Fraud Detection and Market Intelligence, and Advertising Regulation. 

Prior to becoming the Head of Enforcement in 2017, Susan was Senior Vice President and Deputy Chief of Enforcement at FINRA for six years.  Before joining FINRA, she was a partner in WilmerHale’s Securities Litigation and Enforcement practice, where she specialized in SEC, FINRA, and state investigations and enforcement actions involving all aspects of securities law.  She began her legal career as a litigation associate at Kirkland & Ellis, specializing in securities litigation.  She received her J.D. from NYU School of Law, her M.A. from the University of California at Davis, and her B.A. from Georgetown University.  She is a member of the New York bar.


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.


William R. Baker, III is a partner in the Washington office of Latham & Watkins.  For almost three decades, first as a senior officer at the SEC, and then at Latham, Mr. Baker has worked on some of the most significant securities regulatory and corporate governance matters. Today, he represents financial institutions, corporations, auditing and other professional firms in SEC and other regulatory enforcement proceedings.  In addition, Mr. Baker conducts internal investigations on behalf of management and boards of directors. He regularly counsels clients on SEC reporting, disclosure, compliance and corporate governance requirements.

Prior to joining Latham, he served as Associate Director of the SEC’s Division of Enforcement where he was responsible for supervising all types of SEC enforcement activities, including investigations involving issuer accounting fraud and other disclosure violations, insider trading, market manipulation and broker-dealer and investment adviser misconduct. Mr. Baker led numerous high-profile investigations that resulted in several landmark enforcement actions, including the SEC's action against WorldCom Inc., involving one of the largest financial frauds in history. While at the Commission, he was a recipient of the SEC's Stanley Sporkin Award, awarded by the Chairman of the SEC in recognition of outstanding contributions to the Enforcement program, and of the Commission's Law and Policy Award.

Mr. Baker is consistently recognized as a leading securities lawyer by Chambers USA and The Legal 500 US and is listed as one of the Best Lawyers in Washington by Washingtonian magazine. In 2017, he was named to BTI Consulting Group’s “Client Service All-Star List,” which recognizes national leaders in superior client service identified directly by corporate counsel and executives. He is the co-author of "Corporate Internal Investigations after Sarbanes-Oxley" published in Volume II of The Practitioner's Guide to the Sarbanes-Oxley Act (American Bar Association 2005) and is a contributor to Securities Law Techniques (Matthew Bender). He was named to the Securities Docket 2017 "Enforcement 40" list, which lists the forty leading securities enforcement defense attorneys.

Mr. Baker is a Trustee of the SEC Historical Society.  Previously, he was an adjunct professor at George Washington University Law School, where he taught Securities Regulation. He is a frequent author, speaker and panelist on securities law issues at programs organized by a wide variety of groups, including the American Bar Association, the District of Columbia Bar Association, the Association of the Bar of the City of New York, SIFMA, the Justice Department's National Advocacy Center, the Practicing Law Institute, Georgetown University Law Center and Stanford Law School. 


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.


Jack leads Bank of America's Regulatory Inquiries Group, which responds to regulatory inquiries that potentially present significant reputational, financial or legal risk to Bank of America Corporation and its subsidiaries, including Merrill Lynch.  He is a member of the Legal Department’s Diversity and Inclusion Business Council and serves on the board of the Adams Street Foundation, which supports the Urban Assembly School for Law and Justice in Brooklyn, New York.

Jack received a Bachelor of Science degree in Economics and in Psychology from Brown University in 1982, and a Juris Doctor degree from the University of Pennsylvania in 1985.

Prior to joining Bank of America in 2005, he served in the Securities and Exchange Commission's Division of Enforcement for twelve years, including three years as a trial lawyer and nine years as an investigative attorney.  While employed by the SEC, he also served as a Special Assistant United States Attorney in the Eastern District of Virginia, where he handled various criminal matters.

Prior to joining the SEC, Jack spent four years at a law firm practicing antitrust law, which was preceded by three years at the Federal Trade Commission's Bureau of Competition.

 


Andrew Stemmer is Deutsche Bank’s Head of Litigation & Regulatory Enforcement for the Americas, and a Managing Director and Associate General Counsel. Andrew has been at Deutsche Bank since 2019, prior to which he was associated with the law firm Cadwalader Wickersham & Taft LLP, where he focused on securities, complex commercial dispute and bankruptcy.