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Hedge Fund and Private Equity Enforcement & Regulatory Developments 2019

Speaker(s): Adam S. Aderton, Andre E. Owens, Andrew B. David, Andrew Weilbacher, Barry W. Rashkover, Colleen K. Lynch, Damian Williams, Deborah R. Meshulam, Gina Petrocelli, Greg Mekanik, J. Gray Sasser, Joan E. McKown, John D. Castiglione, Ken C. Joseph, Kenneth J. Burke, Kristofer K. Swanson, Marc E. Elovitz, Mark K. Schonfeld, Michael J. Osnato, Jr., Neel Chopra, Owen Schmidt, Robert A. Cohen, Stephen J. Crimmins, Susan E. Brune, Thomas C. Newkirk
Recorded on: Oct. 1, 2019
PLI Program #: 252919

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

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

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

Honors & Awards

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

Professional Activities

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


JD, Harvard Law School, 1988

BS, summa cum laude, Providence College, 1985

Andrew Weilbacher co-leads Promontory’s private fund practice. Andrew combines his regulatory experience with his understating of investment adviser operations to provide clients with practical solutions to complex regulatory challenges.  He focuses his practice on Investment Advisers Act and Investment Company Act compliance matters.  Andrew joined Promontory from the Securities and Exchange Commission where he spent seven years. He was most recently a Senior Specialized Examiner in the Office of Compliance Inspections and Examination where he led regulatory examinations of registered investment advisers throughout the U.S. to ensure compliance with federal securities laws and regulations. He was a founding member of the Private Fund Unit, the SEC’s first national specialized examination unit dedicated to building expertise in and conducting examinations of advisers to hedge funds, private equity funds, and other types of private funds. Prior to this role, he was a securities compliance examiner with OCIE. 

Andrew was previously vice president of structured products, fund of funds finance, and operations at an investment adviser where he managed operations for collateralized fund obligations and fund of funds financing. He also worked on compliance matters to ensure compliance with SEC and CFTC regulatory obligations. Before that, Andrew worked at another investment adviser where he was an analyst and execution trader. 

Damian Williams is the 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 assuming that position, Mr. Williams investigated and prosecuted a wide array of significant securities fraud and public corruption offenses and tried over a dozen cases to verdict. 

Mr. Williams holds degrees from Harvard University, Cambridge University, and Yale Law School.  He served as a law clerk to Justice John Paul Stevens at the United States Supreme Court and Judge Merrick B. Garland at the United States Court of Appeals for the D.C. Circuit.

Deborah Meshulam is one of the leaders of DLA Piper’s Securities Enforcement practice.

She has more than two decades of experience defending and trying the full range of cases arising from allegations of securities law violations, including FCPA and accounting fraud claims, compliance failures and related breaches of fiduciary duties.  She conducts domestic and cross-border internal and independent investigations for multinational corporations, financial services companies and private equity funds, and advises on compliance matters and litigation avoidance.

Deborah also counsels clients on a wide variety of corporate governance and regulatory matters.  She has authored articles regarding securities law and compliance issues and is a frequent speaker on these topics.

Deborah has been repeatedly recognized in legal industry publications, including most recently by The Legal 500 for her Securities Litigation-Defense work and Who’s Who Legal Investigations: 2020 as a Global Leader in investigations.  She is a past recipient of the Burton Award for Legal Achievement, held in association with the Library of Congress.  She is a 2020 Washington DC Super Lawyer, a recognition she has consistently received.

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

Gina Petrocelli is a Chief Counsel in FINRA’s Department of Enforcement. She oversees a team of attorneys handling actions relating to sales practice, anti-money laundering and other investor protection and regulatory issues. 

Ms. Petrocelli joined FINRA in 2010.  She previously served as a Deputy Regional Chief Counsel for FINRA’s New York Region, and as an Enforcement Director and Senior Counsel. 

Prior to joining FINRA, Ms. Petrocelli was an associate at Latham & Watkins LLP and at Cravath, Swaine & Moore LLP. 

Ms. Petrocelli graduated from Harvard College and Harvard Law School and is a member of the bar in New York. 

Greg Mekanik joined ACA in June 2007. He currently serves as a Managing Director and co-leader of ACA’s Hedge Fund Practice. As a practice leader, Greg coordinates and participates on many complex hedge-fund-related engagements, including forensic testing projects, compliance program reviews, mock SEC inspections, focused reviews, and gap analyses. He also develops customized policies and procedures for and manages and maintains relationships with ACA’s investment adviser and private fund manager clients. Since joining the firm, he has led or participated in over 200 projects, including mock SEC examinations, compliance program reviews, gap analyses, SEC inspection responses, and policy-and-procedure development and review efforts. In addition, Greg manages a significant portion of ACA’s business development efforts related to the Hedge Fund Practice.

Greg earned his Bachelor of Science degree in Finance with a concentration in Investment Management from Virginia Polytechnic Institute and State University (Virginia Tech).

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

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

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

John D. Castiglione is Senior Enforcement Counsel in the New York Attorney General’s Investor Protection Bureau. His matters have focused on, among other things, fintech, electronic equities market structure, virtual assets, and other sectors.  He also chairs the Investor Protection Bureau’s Legal Standards and Practices Committee.  Prior to joining the Office of the Attorney General, he practiced for seven years at Latham & Watkins LLP in New York, in its Securities Litigation and Professional Liability group. 

Ken C. Joseph, Esq. is a managing director and Global Leader in Duff & Phelps' Disputes Consulting practice. Ken focuses on serving clients who need informed and proven strategies to successfully navigate a broad spectrum of threats arising from investigations, compliance examinations, litigation, and crisis scenarios. Ken has a unique combination of front-line experience and expertise in U.S. securities law, regulatory compliance, and corporate governance. He served with distinction for a total of over 21 years at the U.S. Securities and Exchange Commission, including service as one of the inaugural supervisors in the Division of Enforcement's specialized Asset Management Unit, and most recently as Head of the Investment Management Examination Program in NY and NJ. He has investigated, supervised, and resolved numerous complex and high-profile cases involving a wide variety of alleged misconduct by market professionals, individuals, and by public and private entities.  Prior to joining the SEC, Ken worked in the financial services industry, as well as in academia.  He is a former Associate Dean of the largest undergraduate college within a major New York-area university.  He currently serves on the Board of Directors of the Harvard Kennedy School New York Alumni Network and the University of North Carolina School of Law Alumni Association.

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

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


Kristofer K. Swanson serves as Practice Leader for CRA’s Forensic Services Practice, helping companies and their counsel reaffirm their commitment to integrity by seeking truth when responding to allegations of fraud, abuse, misconduct, and non-compliance — often in moments of crisis.  These allegations span a broad range of matters, such as accounting irregularities, model errors, money laundering, cybercrime, False Claims Act violations, ABAC/FCPA, health care fraud and abuse, Ponzi schemes, and trade secret thefts.

Assisted by curated teams with deep technical and industry skills, Kris has also served as a regulator-approved monitor under the terms of various settlement and deferred prosecution agreements.

Operating from offices in 9 countries around the world, CRA’s clients include 89% of the Fortune 100 and 99% of the Am Law 100.  Our Forensic Services Practice has been recognized by Global Investigations Review as one of the top 100 investigations practices from around the world, best able to handle sophisticated cross-border government-driven and internal investigations. 

Kris is regularly called upon to present his findings to boards, courts, executive management teams, and government regulators such as the SEC, FDIC, Federal Reserve, and US Department of Health & Human Services. He has testified numerous times on both liability and economic damages.

Kris has also been retained to conduct anti-money laundering “look-back” reviews for financial services institutions; to serve as a court-appointed neutral in theft of trade secret matters; to provide forensic assistance to court-appointed receivers for failed financial institutions; and in the health services space, to lead numerous voluntary self-disclosure engagements.

Kris is a member of various professional associations, including the AICPA, the Illinois CPA Society, and the National Association of Federal Equity Receivers. He is a frequent speaker and author on forensic matters, and he has guest lectured at The University of Chicago Booth School of Business and at various Chicago law schools. He is a CPA (licensed in Illinois), a Certified Fraud Examiner, a Certified Anti-Money Laundering Specialist, and he is certified in Financial Forensics. He previously was a partner and the Midwest market leader for PwC's Forensic Services practice, where he led forensic engagements and also conducted “shadow investigations” at PwC audit clients.

CRA’s Forensic Services Practice – including our state-of-the art digital forensics, eDiscovery and cyber incident response lab – has been certified under International Organization for Standardization (ISO) 27001:2013 requirements as part of our industry-leading commitment to our clients and their information security.


  • MBA, Dean’s Honors, University of Chicago Booth School of Business
  • MS, with Distinction, Accountancy, DePaul University
  • BA, Government, Lawrence University

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

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. 

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.

Neel Chopra is Special Counsel to the Director of Enforcement.   In that role, he advises the Director on a wide range of legal and policy matters.  Prior to being appointed Special Counsel, Mr. Chopra led the Division of Enforcement’s Spoofing Task Force.  Earlier in his career, Mr. Chopra worked at the law firm of Lankler Siffert &Wohl LLP, and he served as a law clerk to the Honorable John M. Walker, Jr., on the United States Court of Appeals for the Second Circuit, and, before that, as a law clerk to the Honorable Leonard B. Sand, on the United States District Court for the Southern District of New York.  Mr. Chopra is a graduate of the University of Wisconsin and New York University School of Law. 

Owen Schmidt focuses his practice on private fund formation and compliance as well as growth equity and venture capital investment transactions. He advises on the formation and operation of credit, hedge and private equity funds and co-investment vehicles, among many other types of investment management matters. Owen also has experience advising on legal negotiations for venture, early stage and late stage growth equity investment transactions (both control and non-control) in private companies around the world.

Owen spent almost seven years as a partner, general counsel and chief compliance officer at two large investment fund managers, where he was responsible for all legal matters as well as the firms’ compliance programs. In addition to legal and compliance matters, he advised on all aspects of the firms’ operations and served on numerous firm committees, including valuation, conflicts, risk and cybersecurity. Owen holds a J.D. from Fordham University School of Law and a B.S. from University of Arizona.

Prior Experience

  • Valinor Management LP
  • Falcon Edge Capital LP
  • Schulte Roth & Zabel

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

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

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

Susan E. Brune has been consistently recognized for excellence in the practice of law. Chambers USA has identified Susan Brune as a “Star Individual,” an elite ranking above “Band 1.” Singling her out as “incredibly adept at seeing the big picture and understanding the detail” and as a “very tenacious advocate for her clients,” Chambers states that she “excels in the representation of high-profile individuals” and is known as “an incredibly gifted trial attorney.” According to Chambers, she commands respect for her outstanding credentials, with sources reporting: “She is one of the stars of her generation, hands-down one of the best in the city. She has the ability to take a case through trial, which gives her tremendous leverage and credibility in the pretrial phase.”

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

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

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.


  • 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

As co-chair of Frost Brown Todd’s Blockchain and Digital Currency team, J. Gray Sasser regularly assists clients navigating the emerging regulatory framework governing the application of U.S. securities laws to digital assets and cryptographic tokens.  He counsels investment advisers focused on tokenized assets with respect to fund establishment and compliance.  Besides helping blockchain companies capitalize their business models, including by conducting compliant token offerings, Gray has advised multiple token issuers facing SEC investigations.

In addition to his work for U.S. and international companies developing distributed ledger solutions, Gray regularly advises businesses across a broad range of industries with respect to early stage capital formation concentrating on private securities offerings. Recently, he has taken a lead role in drafting offering documents for regional qualified opportunity zone funds, including those contemplating security token offerings (STOs).

A regular commentator and frequent speaker on regulatory developments affecting the offer and sale of tokenized assets, Gray received his J.D. from Vanderbilt University Law School after receiving a M.Sc. in Economic History from the London School of Economics and graduating from Princeton University.  Prior to joining Frost Brown Todd, where he practices in the firm’s Nashville office, Gray served as Senior Vice President for Congressional Affairs of the Export-Import Bank of the United States during the Obama administration.

Barry Rashkover is one of two leaders of Sidley’s global Securities Enforcement and Regulatory practice, which received the Chambers USA “Firm of the Year” awards in 2019 and 2016 for Financial Services and Securities Regulation, and which was named the “Law Firm of the Year” for Securities Regulation in 2020 and 2017 by U.S. News – Best Lawyers. He also co-heads the Firm’s New York Regulatory and Enforcement Group. A former SEC senior official and veteran regulatory defense lawyer, he represents companies and individuals in enforcement matters brought by the Securities and Exchange Commission, Department of Justice, FINRA, Commodity Futures Trading Commission, and state attorneys general, among others. Described as an “A-team player” in Chambers USA, Barry counsels investment banks and other broker-dealers, investment advisers, public companies, accounting firms and senior officials.

Before joining Sidley, Barry served as co-head of Enforcement and Associate Regional Director for the SEC’s Northeast Regional Office, among other positions. Barry has worked on some of the most significant SEC enforcement matters of the last two decades, including representation of clients in matters involving LIBOR, RMBS, high frequency trading, alleged insider trading and related matters. He regularly advises investment advisers in connection with compliance and conflicts, among other topics. Also a former SEC Senior Trial Counsel, Barry creates novel and effective strategies to coordinate the defense of regulatory investigations with parallel civil litigation and criminal cases. Barry received his J.D. from Cornell Law School and his A.B. from Columbia University.

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

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

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

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.

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

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


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

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