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Securities Investigations: Internal, Civil and Criminal (Second Edition)

Author(s): Mayer Brown LLP, Lee H. Rubin, Steven Wolowitz, Richard M. Rosenfeld
Practice Area: Enforcement (Securities and other financial products), Litigation, Regulation and compliance (Securities and other financial products), Securities and other financial products, Securities litigation
Published: Aug 2010
Supplement Date: Sep 2021 i Other versions can be found in the Related Items tab.
ISBN: 9781402414459
PLI Item #: 29910

Securities Investigations provides the legal knowledge and practical strategies necessary to deal effectively with government investigations and internal investigations. The treatise guides attorneys in: conducting internal investigations; cooperating with the SEC and DOJ during investigations in ways that protect clients’ interests; implementing effective compliance measures; designing compliance programs that avoid common compliance deficiencies and help stave off lengthy SEC examinations; supporting clients during their investigation testimony; and handling a grand jury investigation.

Securities Investigations provides actionable coverage, beginning with an overview of enforcement efforts and response strategies, followed by discussions of:

  • Relevant substantive legal provisions, including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Sarbanes-Oxley Act of 2002
  • An examination of internal investigations, including SEC, DOJ, and FINRA Guidance, and issues under the attorney-client privilege and the work-product doctrine
  • A detailed review of the types of securities investigations, including SEC and FINRA investigations, and issues under cross-border regulation and the Foreign Corrupt Practices Act
  • An in-depth examination of the various issues applicable to all types of securities investigations, including whistleblower protection under the Dodd-Frank Act and privacy considerations
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Steven Wolowitz is a partner at Mayer Brown LLP. An accomplished litigator whose practice focuses on financial services litigation, antitrust matters and complex commercial cases, Steve represents investment banks, broker-dealers, and issuers in securities litigations, including class actions and FINRA arbitrations. In derivatives and futures litigation, he represents FCMs, broker-dealers, banks, and institutional users of the markets in complex cases involving derivatives, futures, foreign exchange, securitizations, hedge funds, insurance, mutual funds, asset management, and fixed income instruments.

U.S. and foreign banks rely on Steve in connection with disputes involving lender liability, equitable subordination, letters of credit, operational matters such as wire transfers, and securitization transactions of various kinds. In the area of enforcement and compliance, Steve represents bank, securities and issuer clients in SEC, DOJ, FINRA, and state securities bureau investigations and proceedings. He also conducts internal investigations and reports to Boards of Directors and Audit Committees for public companies in the financial, healthcare and retail sectors.

Richard M. Rosenfeld is co-lead of Mayer Brown's US Securities Litigation & Enforcement practice. Richard regularly counsels and represents financial services firms, corporations, funds, directors and their committees, officers and employees in securities related business, regulatory and compliance issues.

Richard uses his more than two decades of experience in the securities field, including more than a decade in increasingly senior government regulatory and enforcement positions, to defend SEC, CFTC, FINRA, DOJ, CME and other securities-related investigations. He leads internal investigations, often advising clients on preventive compliance and remedial measures before and after securities-related issues arise. Richard’s capabilities and experiences were referenced in 2016 by Global Investigations Review’s “Just Anti-Corruption” publication, which listed Mayer Brown as a “Highly Recommended” firm for FCPA compliance and investigations counseling.

Richard has acted as lead attorney in several high profile SEC investigations. His clients include many of the well known US and internationally based financial services firms. Typically, Richard’s greatest successes for his clients never become public, as he has succeeded on many occasions in resolving matters before charges are filed or there is any public disclosure of the government’s interest. When necessary, Richard calls upon his securities litigation experience in the federal courts in matters involving allegations of fraud, whether it be financial reporting violations, insider trading, market manipulation or other regulatory or compliance issues, to advise on transactions, regulatory compliance, corporate governance, policies and procedures and other SEC-related concerns.

Prior to joining Mayer Brown, Richard was asked to return to government service from private practice in the midst of the financial crisis to serve as Chief Investigative Counsel over the “TARP” bailout of the US financial system. In this role, Richard helped build and lead a team of top white collar, securities and bank fraud specialists tasked with conducting criminal and civil investigations into some of the largest and most complex securities, bank and mortgage frauds in US history. He managed nearly 90 lawyers, federal agents, accountants and analysts pursuing more than 150 investigations.

Earlier in his career, he served in the Division of Enforcement at the SEC. During his time with the Commission, he handled highly complex securities frauds and was detailed as a special prosecutor to multiple US Attorney’s offices across the country to assist in matters involving cross border financial fraud and disclosure, asset management issues, derivatives and insider trading, along with money laundering and bank, mail and wire fraud. He ended his career with the Commission as the only internationally based SEC representative in London where he organized, managed and directed one of the largest multinational financial fraud litigations in SEC history and worked with the highest ranking regulators of several countries to address cooperation in international securities matters.

Richard served as partner for another law firm in London and Washington, DC prior to his return to the government to assist with the bailout.

Lee H. Rubin is a litigation partner in the Palo Alto, California, office of Mayer Brown LLP. He has represented companies and board committees in conducting internal investigations of alleged improper accounting and financial reporting practices. Lee has represented a number of clients in securities-related litigation and an array of federal criminal investigations and prosecutions. Before joining Mayer Brown, he was a Department of Justice prosecutor and an Assistant U.S. Attorney for the District of Columbia.