Skip to main content

Hedge Fund and Private Equity Enforcement & Regulatory Developments 2020


Speaker(s): Adam S. Aderton, Andre E. Owens, Andrea M. Griswold, Andrew B. David, Andrew Dean, Andrew Weilbacher, Barry R. Goldsmith, Barry W. Rashkover, Colleen K. Lynch, Deborah R. Meshulam, J. Gray Sasser, Joan E. McKown, John D. Castiglione, Ken C. Joseph, Kenneth J. Burke, Linda Chatman Thomsen, Marc E. Elovitz, Mark K. Schonfeld, Mary Kay Dunning, Michael J. Osnato, Jr., Owen Schmidt, Robert A. Cohen, Stephen J. Crimmins, Stephen L. Cohen, Susan E. Brune, Vivek Pingili
Recorded on: Sep. 29, 2020
PLI Program #: 279167

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.

Education

JD, Harvard Law School, 1988

BS, summa cum laude, Providence College, 1985


Andrea M. Griswold is currently the Co-Chief of the Securities and Commodities Task Force at the United States Attorney’s Office for the Southern District of New York.  Previously, as a prosecutor in the unit she now supervises, Ms. Griswold investigated, prosecuted and tried to verdict a wide variety of significant securities fraud cases, including those involving allegations of accounting fraud, valuation fraud, insider trading and market manipulation.  Most recently, Ms. Griswold led the criminal investigation that resulted in the indictment and arrest of Arif Naqvi and other senior executives at the Abraaj Group, the largest failed private equity firm, on charges that the defendants serially inflated the valuation of private equity investments and misappropriated hundreds of millions of dollars, all while promoting the firm as a pioneer of so-called 
“impact investing” that could “do good” without “compromising returns.”  Ms. Griswold has also served as an Acting Deputy Chief of the Narcotics Unit and as a member of the public corruption unit where she was part of the team that investigated and prosecuted attorney Michael Cohen for campaign finance violations and criminal tax evasion.     
Ms. Griswold graduated cum laude from Georgetown University and earned her law degree from New York University in 2007. Prior to becoming a prosecutor, Ms. Griswold began her legal career at Simpson Thacher & Bartlett LLP, where she worked from 2007 to 2013, primarily on matters in the firm’s White Collar and Government Investigations group. 


Andrew Dean is an Assistant Regional Direction in 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. Dean is based in the New York Regional Office and oversees a staff of attorneys and industry experts. Prior to becoming an Assistant Director, Mr. Dean served as counsel to the New York Regional Director and worked on numerous complex investigations, including an industry-wide fraud investigation leading to settlements with fifteen financial institutions.  Before joining the SEC in 2012, Mr. Dean practiced law at Wiggin and Dana LLP from 2007-2012 and at Davis Polk & Wardwell LLP from 2002 to 2007.  Mr. Dean also served as a law clerk to Judge Leonard B. Sand in the U.S. District Court for the Southern District of New York.  He received his J.D. from Columbia Law School and B.A. from Fordham University.


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. 


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.


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.


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.

 


Linda Chatman Thomsen, who was the first woman to serve as the Director of the Division of Enforcement at the Securities and Exchange Commission, is senior counsel in Davis Polk’s Litigation Department and practices in the Washington DC office. Her practice concentrates in matters related to the enforcement of the federal securities laws. She has represented clients in SEC enforcement investigations and inquiries, in enforcement matters before other agencies, including the Department of Justice (various U.S. Attorneys Offices) and the Commodities Futures Trading Commission, in investigations and inquiries from self-regulatory agencies, including FINRA, and in internal investigations. These matters, which are typically non-public, have covered a broad range of securities related subject matters, including insider trading, foreign corrupt practices, financial reporting, manipulation and regulatory compliance. Her clients have included major financial institutions, regulated entities, public companies and senior executives.

Ms. Thomsen returned to Davis Polk in 2009 after 14 years of public service at the SEC. While there she held a variety of positions and ultimately served as the Director of Enforcement from 2005 through February 2009. During her tenure as the Director of Enforcement, she led the Enron investigation, the auction rate securities settlements, the stock options back dating cases and the expansion of the enforcement of the Foreign Corrupt Practice Act.

She is a graduate of Smith College (A.B. ’76, Government (High Honors)) and Harvard Law School (J.D. ’79).


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. 


Mary Kay Dunning is Senior Enforcement Counsel in the New York Attorney General’s Investor Protection Bureau, where she litigates and investigates potential securities fraud.  She is also a member of the Investor Protection Bureau’s Legal Standards and Practices Committee. Prior to joining the New York Attorney General’s Office in 2018, Ms. Dunning was Of Counsel in the New York office of Gibson Dunn & Crutcher LLP, where her practice included securities and complex commercial litigation, white collar defense and investigations, and global anti-corruption matters. In 2015, she was one of only four attorneys named a “Rising Star” in the White Collar category by Law360

Ms. Dunning received her Juris Doctor from Georgetown University Law Center in 2004 and her Bachelor of Arts degree, summa cum laude, from Princeton University in 1999. Following law school, Ms. Dunning served as a law clerk to The Honorable Deborah T. Poritz, Chief Justice of the New Jersey Supreme Court. 

Ms. Dunning is an officer and director of the Fiver Children’s Foundation, a comprehensive youth development organization whose ten-year commitment to children from underserved communities includes mentoring and counseling programs, a character-building residential summer program, and partnerships with schools and community-based organizations.


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.


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.


Vivek Pingili is a Director and senior member of the private markets practice group within the compliance consulting division at ACA Compliance Group (ACA).  As a private markets specialist, Vivek helps a broad range of domestic and international illiquid asset managers (including venture capital, private equity, private real estate, private credit, and private equity and venture capital fund-of-funds managers) successfully implement and maintain comprehensive regulatory and operational compliance programs (including joint FCA and SEC compliance programs).  Vivek also helps clients prepare for SEC audits.

Before joining ACA, Vivek was a senior counsel in the Private Investment Funds practice group at Proskauer Rose LLP.  While at Proskauer, Vivek represented a broad range of illiquid asset managers, including managers of buy-out funds, secondary funds, venture capital funds, private real estate funds and fund-of-funds, in regulatory compliance matters as well as in connection with the structuring, formation, offering and ongoing operations of such funds. Prior to Proskauer, Vivek was head of legal and compliance for the alternative investments business at Russell Investments, a large global asset manager, where he managed the compliance program for the firm’s global alternative investment business unit (specializing in private real estate, venture capital and private equity strategies) and represented the foregoing business unit in a broad range of legal matters.  Prior to joining Russell Investments, Vivek was a senior attorney in the Private investment Funds practice group at Ropes & Gray LLP. While at Ropes, Vivek represented a broad range of illiquid private investment fund managers in regulatory compliance matters as well as in connection with the structuring, formation, offering and ongoing operations of such funds. 

Vivek received a J.D. from Northeastern University School of Law in 2002 and a B.A., magna cum laude, from Brandeis University in 1999.


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.

Education

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


Stephen L. Cohen advises clients on a comprehensive range of government and internal investigations, enforcement-related litigation, whistleblower complaints, cyber breaches and regulatory and compliance issues, including clients seeking to strengthen corporate governance and compliance programs. Stephen joined Sidley in 2017 after twelve years at the Securities and Exchange Commission, most recently serving as Associate Director in the Enforcement Division where he earned the Distinguished Service Award, the agency’s highest honor. He oversaw hundreds of investigations involving broker-dealers, investment advisers, exchanges, securities offerings, insider trading and a range of public company and accounting issues. The Society of Corporate Compliance and Ethics presented Stephen with its 2017 International Compliance & Ethics award, recognizing him for his significant contributions to the compliance and ethics profession. Stephen is a Chambers-ranked member of Sidley’s global Securities Enforcement and Regulatory practice, which received the 2019 Chambers USA Award for Financial Services Regulation and was named the “Law Firm of the Year” for Securities Regulation in 2020 and 2017 by U.S. News – Best Lawyers.

Since joining Sidley in 2017, Stephen has represented several public companies and their Audit Committees or Special Committees as well as SEC registrants in internal investigations and matters involving the SEC, Department of Justice, FINRA, PCAOB, state attorneys general and securities regulators. Stephen is ranked in Chambers for Securities Enforcement, which noted his “wide-reaching capabilities in regulatory enforcement. He is highly effective in representing asset managers and public companies before the SEC in disclosure and reporting matters, as well as in FCPA issues.”

Prior to his appointment as associate director, Stephen was a senior adviser to former SEC Chairman Mary Schapiro. He was instrumental in advising on legal, policy and administrative matters with a focus on enforcement and compliance, legislative matters and congressional hearings. Stephen led the SEC’s work in relation to the whistleblower provisions in Dodd-Frank and subsequent rulemaking, oversaw the rulemaking establishing a Consolidated Audit Trail, and he directed the creation of the agency’s Tips, Complaints and Referrals system.

Stephen won the SEC’s Distinguished Service Award in 2016, the agency’s highest honor, for his skill in managing one of the division’s most productive groups, bringing many of the commission’s most significant actions, significantly expanding the SEC’s ability to protect investors and driving initiatives that improved the division’s performance. In 2013, he received the Chairman’s Award for Excellence in recognition of his work on the Consolidated Audit Trail rulemaking. Stephen also received the agency’s Law and Policy award in 2011 for his involvement in the implementation of the Dodd-Frank Act, including the Whistleblower Program.

Before joining the SEC, Stephen handled litigation matters and government investigations at a national law firm. Prior to that, he worked at the Department of Justice as a trial lawyer through the Attorney General’s Honors Program after clerking for a federal district judge.

Education

  • University of Miami School of Law, J.D., 1997 (magna cum laudeUniversity of Miami Law Review)
  • Boston University, B.A., 1993 (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.