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Enforcement 2020: Perspectives from Government Agencies


Speaker(s): Adam B. Schwartz, Amelia Medina, Anne M. Termine, Brian Kidd, Brian Rabbitt, Cathlin Tully, Clark Russell, Danae Serrano, Daniel Michael, Dixie L. Johnson, James M. McDonald, Joan E. McKown, John O. Enright, Justin Herring, K. Brent Tomer, Kristina Littman, Linda Chatman Thomsen, Manal Sultan, Mark W. Rasmussen, Richard D. Owens, Richard T. Jacobs, Robert A. Cohen, Stephanie Avakian, Timothy T. Howard
Recorded on: May. 29, 2020
PLI Program #: 300129

Adam B. Schwartz is a litigation partner in the Washington, DC office of Shearman & Sterling.  His practice focuses on the representation of multinational corporations, global financial institutions, and individuals in criminal and civil regulatory matters, internal investigations, and in litigation in state and federal courts.  Adam has represented companies and individuals in investigations led by the Department of Justice, U.S. Attorney’s Offices, the SEC, the CFTC, FINRA, state regulators, and Congress, and involving potential violations of the securities and antitrust laws, the FCPA, and the False Claims Act.

Prior to entering private practice, Adam served as an Assistant U.S. Attorney in the U.S. Attorney’s Office for the Eastern District of Virginia and the U.S. Attorney’s Office for the District of Columbia, where he tried more than 40 cases to verdict and argued numerous evidentiary motions and appeals.  While with the Department of Justice, he was awarded the Director’s Award and three special achievement awards.  Adam previously was a law clerk to the Honorable Henry E. Hudson, U.S. District Court for the Eastern District of Virginia.

Adam graduated magna cum laude from Cornell University and the University of Virginia School of Law, where he was an editor of the Virginia Law Review.  Prior to law school, from 2000 to 2004, he served as an officer in the U.S. Navy.


Amelia Medina is a Special Assistant U.S. Attorney for the Eastern District of Virginia, where she prosecutes fraud, public corruption, and a variety of other federal crimes.  From July 2018 to January 2020, Amelia served at the Federal Bureau of Investigation as Deputy Chief of Staff & Senior Advisor to FBI Director Chris Wray. 

Prior to joining the FBI, Amelia worked in the Justice Department as Senior Counsel to Deputy Attorney General Rod Rosenstein, where she was responsible for coordinating Department-wide enforcement and policy efforts to combat corporate fraud and white collar crime.  She was appointed by DAG Rosenstein to serve as the Department’s first Chair of the Working Group on Corporate Enforcement and Accountability, where she led the initiative to review the individual accountability policy.  From 2012-2017, Amelia practiced law at King & Spalding LLP as a member of the Special Matters & Government Investigations group.      

Amelia obtained her law degree from Yale Law School, where she was an Articles Editor for The Yale Law Journal. After graduation she served as a law clerk to the Hon. José A. Cabranes of the Court of Appeals for the Second Circuit, and to the Hon. Michael M. Baylson of the District Court for the Eastern District of Pennsylvania.  Amelia earned her bachelor’s degree with honors from Princeton University.

Amelia has served as a board director of multiple nonprofit organizations, including most recently the Latin American Association and the Atlanta Volunteer Lawyer’s Foundation. 


Anne Termine leads Covington’s Futures and Derivatives Practice Group and is also a member of the white collar defense and investigations practice. Ms. Termine handles internal investigations, regulatory enforcement inquiries, and related litigations, and assists clients in regulatory advocacy and compliance policies related to the derivatives, commodities, and cryptocurrency markets.

Prior to joining Covington, Ms. Termine was a Chief Trial Attorney in the U.S. Commodity Futures Trading Commission's (CFTC) Division of Enforcement, where she was responsible for investigating and prosecuting alleged violations of federal laws dealing with commodities, futures, options, swaps, and other derivatives. While in this role, Ms. Termine designed and led the CFTC’s landmark enforcement program involving the manipulation and false reporting of LIBOR, Euribor and TIBOR - critical, international benchmark interest rates. She spearheaded negotiations that resulted in settlements with nine international financial institutions, imposing CFTC penalties totaling over $2.8 billion. In managing this massive, global investigation, Ms. Termine was instrumental in developing relationships and coordinating with diverse foreign regulatory and law enforcement agencies throughout Europe and Asia, as well as with divisions of the United States Department of Justice and a coalition of over 40 State Attorneys General. She received the Chairman’s Award for Excellence, the CFTC’s highest award, for her work on and leadership in handling the LIBOR investigations.

Prior to joining the CFTC, Ms. Termine was a Senior Assistant District Attorney in the Orleans Parish District Attorney’s Office where she tried more than 140 jury and non-jury trials, including several first and second degree murder cases.

Ms. Termine graduate magna cum laude and received the Order of the Coif from the Tulane University Law School. She is a frequent speaker and publisher of articles on the compliance and enforcement issues surrounding derivatives, commodities, and cryptocurrencies.


Brent is currently a Chief Trial Attorney with the Division of Enforcement at the Commodity Futures Trading Commission in the New York office. Brent supervises a team of trial attorneys and investigators and represents the Division in enforcement actions that are filed in the United States District Court. He has successfully prosecuted and negotiated settlements relating to a wide variety of actions, including matters sounding in manipulation, fraud, and trade practices. Brent regularly represents the Commission in actions and investigations related to digital assets and is the advisor of the Division of Enforcement’s Digital Assets Task Force. Brent is a graduate of Washington & Lee University School of Law.


Brian Kidd is the Chief of the Market Integrity & Major Frauds Unit, in the Fraud Section of DOJ’s Criminal Division. In this position, Brian supervises roughly 40 attorneys in investigating and prosecuting securities, commodities, government procurement, financial institution, and consumer and regulatory fraud cases.

Brian has twice received the Assistant Attorney General’s Exceptional Service Award. Brian received his B.A. in Political Science from the University of California at Santa Cruz, and his J.D. from Benjamin N. Cardozo School of Law, magna cum laude. After working in private practice, Brian clerked for the Hon. Aida M. Delgado-Colon, United States District Court Judge for the District of Puerto Rico and, in 2009, became a criminal Assistant United States Attorney in the same district. As an AUSA in Puerto Rico, Brian primarily prosecuted violent crimes, international drug trafficking crimes, and organized crime and RICO offenses. Brian joined the Criminal Division in 2012, serving for three years as a Trial Attorney in the Public Integrity Section in Washington, D.C., where he successfully prosecuted numerous government officials, including sixteen police officers for various crimes, including RICO, robbery, and extortion. In 2015, Brian joined the Fraud Section as a member of the Market Integrity and Major Frauds Unit, then known as the Securities and Financial Fraud Unit.


Brian Rabbitt is the Principal Deputy Assistant Attorney General for the U.S. Department of Justice’s Criminal Division.  In that role, Brian supervises more than 600 prosecutors who investigate and prosecute crimes involving securities fraud, money laundering, Bank Secrecy Act violations, Foreign Corrupt Practices Act violations, health care fraud, public corruption, cybercrime, intellectual property theft, organized and transnational crime, gang violence, child exploitation, international narcotics trafficking, human rights violations, and other crimes.

Brian joined the Criminal Division in 2020 after serving as Chief of Staff and Senior Counselor to Attorney General William P. Barr. Before the Department of Justice, Brian served as Senior Policy Advisor to Chairman Jay Clayton at the U.S. Securities and Exchange Commission. From 2017 to 2018, he was Senior Counsel to the SEC’s Co-Directors of Enforcement.  Prior to the SEC, Brian served as Associate Counsel and Special Assistant to the President in the Office of the White House Counsel.  Before entering public service, Brian was a litigator at Williams & Connolly LLP in Washington, D.C., where his practice focused on government investigations, white collar defense, regulatory enforcement matters, false claims act defense, and complex civil litigation. 

Brian graduated magna cum laude from Vanderbilt University and received his J.D. from the University of Virginia School of Law, where he was Articles Editor of the Virginia Journal of International Law and a member of the William Minor Lile Moot Court Board. After law school, Brian served as a law clerk to Judge Henry E. Hudson of the U.S. District Court for the Eastern District of Virginia and Judge Thomas M. Hardiman of the U.S. Court of Appeals for the Third Circuit.


Clark Russell is the Deputy Bureau Chief of the Bureau of Internet and Technology at the New York State Attorney General’s Office.  The Bureau is committed to protecting consumers from online threats and has brought a number of ground-breaking cases involving internet and technology issues, including privacy, online fraud and data security.  Clark’s investigations included Secure Our Smartphones, where the office convinced smartphone manufacturers to install a “kill switch” in their smartphones; Operation Clean Turf, the largest investigation into companies flooding the Internet with fake positive reviews; Operation Child Tracker, the largest state AG investigation of violations of the Children’s Online Privacy Protection Act (“COPPA”) by major child brand websites, and a well-known ad network; a $170 million settlement with Google/YouTube alleging COPPA violations with the FTC; and a $600 million multistate settlement with Equifax regarding a massive data breach.  Clark oversees the office’s data breach notification program, and secured numerous record-setting results in data breach cases.  He is also the principal draftsperson of the “Stop Hacks and Improve Electronic Data Security Act” (“SHIELD Act”), the office’s proposed overhaul of New York State’s data security law to require new and unprecedented safeguards of personal data.


Danae Serrano was named the U.S. Securities and Exchange Commission’s Ethics Counsel in March 2019. She previously served as Acting Ethics Counsel since December 2018.

Ms. Serrano joined the SEC in 2010 as an Assistant Ethics Counsel, and has served as the Deputy Ethics Counsel and Alternate Designated Agency Ethics Official since 2013. Ms. Serrano also served as the Agency’s Acting Chief Compliance Officer until August 2018.

Before joining the SEC, Ms. Serrano served as an attorney in the General Counsel’s Office of the Pension Benefit Guaranty Corporation (PBGC), where she advised on government ethics and administrative law matters. Prior to PBGC, Ms. Serrano served as an attorney and ethics official in the United States Air Force, Office of the General Counsel.

Ms. Serrano received her law degree from the University of Connecticut School of Law, where she was an Executive Editor of the Connecticut Insurance Law Journal. She received her B.A. in History from Yale University.


Dixie L. Johnson is a partner at King & Spalding LLP in Washington, DC. She represents businesses and individuals in securities enforcement investigations and conducts internal investigations for corporate board committees and companies. A partner on the Securities Enforcement and Regulation team and the Special Matters and Investigations team, Dixie also serves as Deputy Practice Group Leader for Government Matters, a collection of ten government-facing practices within the firm. She appears regularly before the SEC, DOJ, FINRA, PCAOB and other federal and state authorities. Since she joined King & Spalding in early 2014, the government has closed almost thirty investigations without charging Dixie's clients.

Dixie brings to her clients solid judgment and strategic insight from over 30 years of experience in representing public companies, financial institutions, investment managers, broker-dealers, public accounting firms, boards of directors and boards of trustees, law firms, corporate officers and others. She is widely recognized as a legal industry leader in securities enforcement, regulatory compliance, corporate governance and crisis management.

Board committees call on Dixie to investigate accounting and disclosure-related whistle-blower allegations and look to her for guidance in times of crisis. She is a Fellow of the American College of Governance Counsel and served from 2014-2018 as a member of the Lead Director Network, regularly interacting with lead directors, presiding directors, and non-executive board chairs from many of the largest companies in the world.

Public companies and regulated entities seek Dixie's representation in complex securities-related government investigations. C-Suite officers and other professionals look to Dixie for representation in internal and SEC or other investigations when their careers are on the line. She is a lawyer's lawyer, representing law firms and lawyers under scrutiny. She analyzes lessons learned and especially enjoys counseling clients on how to avoid problems in the future.

Dixie has served in multiple leadership roles within the American Bar Association, including as Business Law Section Chair, Chair of the Federal Regulation of Securities Committee, and co-Chair of the Fellows Committee. She is a member of the Board of Trustees for the Legal Aid Society of Washington, D.C. and of the Board of Advisors for the SEC Historical Society. Before becoming a lawyer, Dixie served for six years as a public school teacher in Albuquerque, New Mexico.

Ms. Johnson earned her B.S. from Oklahoma Baptist University, magna cum laude, her M.B.A. from New Mexico Highlands University, summa cum laude and her J.S. from the University of New Mexico School of Law, Order of the Coif.


John O. Enright is an Assistant Director for the Division of Enforcement’s Cyber Unit in the U.S. Securities and Exchange Commission’s New York Regional Office. 

Prior to becoming an Assistant Director in 2018, Mr. Enright was a Senior Counsel in the Enforcement Division, during which time he also served as a Special Assistant United States Attorney in the United States Attorney’s Office for the Eastern District of New York.  Before joining the SEC in 2013, he practiced law at Cahill Gordon & Reindel LLP.  

Mr. Enright began his career as a law clerk for the Honorable Peter K. Leisure on the United States District Court for the Southern District of New York from 2005 to 2006 and for the Honorable Maryanne Trump Barry on the United States Court of Appeals for the Third Circuit from 2007 to 2008.  

Mr. Enright received his JD from Fordham Law School in 2005, where he was the Managing Editor of the Fordham Law Review, and a Bachelor of Arts in Psychology from Columbia University in 1997. 


Justin Shibayama Herring is an Executive Deputy Superintendent at the New York Department of Financial Services (DFS), where he leads the newly created Cybersecurity Division.  The Cybersecurity Division focuses on protecting consumers and industry from cyber threats, and is the first of its kind to be established at a banking or insurance regulator.  The Division oversees DFS’s cybersecurity examinations, issues guidance on DFS’s cybersecurity regulations, and conducts cyber-related investigations with the Consumer Protection and Financial Enforcement Division.  The Division also helps the industry protect itself by disseminating trends and threat information about cyber-attacks.

Mr. Herring joined DFS from the U.S. Attorney’s Office of New Jersey, where he was Chief of the office’s first Cyber Crimes Unit, supervising the prosecution of crimes such as national security threats, ransomware, hacks targeting corporations, financial institutions, accounting firms and government networks, and cyber-enabled frauds such as business email compromises and account takeovers.  He also prosecuted and supervised white-collar cases involving investment fraud, stock manipulation, money laundering, insider trading, and corporate embezzlement.

Mr. Herring graduated from the University of Chicago Law School, and received a B.A. from Swarthmore College.  After law school, he clerked for Chief Judge Danny J. Boggs on the U.S. Court of Appeals for the Sixth Circuit.


Kristina Littman is the Chief of the Division of Enforcement’s Cyber Unit, a national, specialized unit that focuses on protecting investors and markets from cyber-related misconduct.

Ms. Littman joined the SEC’s Division of Enforcement in 2010 in the Philadelphia office.  She has held senior attorney positions in SEC Chairman Jay Clayton’s office, the Trial Unit, and the Market Abuse Unit. Prior to joining the SEC, Ms. Littman practiced law at Drinker Biddle & Reath LLP, specializing in white collar and securities litigation.

Ms. Littman earned her J.D. and M.B.A. from Rutgers University School of Law – Camden and an undergraduate degree from Florida State 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.  Many of these matters 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. 


Mark Rasmussen is a seasoned litigator and investigator with experience representing clients in complex commercial litigation, securities litigation, regulatory and internal investigations, and bankruptcy litigation.  He also advises clients on regulatory compliance related to cryptocurrencies, initial coin offerings (ICOs), and blockchain technology and was recently appointed by Chief Judge Barbara Lynn, of the Northern District of Texas, to be the first ever receiver in an SEC enforcement action involving an ICO promoter.  In addition, Mark is co-editor of the book Blockchain for Business Lawyers and is a frequent speaker on legal issues related to blockchain technology.


Ms. Thomsen, who was the first woman to serve as the Director of the Division of Enforcement at the Securities and Exchange Commission, is a litigator practicing in Davis Polk’s 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).


Richard D. Owens is the Chairman of the Litigation Department in the New York office of Latham & Watkins. His practice focuses primarily on representing corporations and individuals in a wide variety of criminal and regulatory investigations and proceedings, as well as conducting internal investigations and advising on compliance matters. Prior to joining the firm, Mr. Owens served for more than twelve years as an Assistant United States Attorney in the United States Attorney’s Office for the Southern District of New York.

From 2002 through 2006, Mr. Owens served as the Chief of the Securities and Commodities Fraud Task Force. During his tenure as Chief, Mr. Owens supervised a team of approximately twenty prosecutors devoted to investigating and prosecuting securities fraud, commodities fraud, money laundering and obstruction of justice. Mr. Owens was responsible for coordinating the Office’s criminal prosecutions with parallel civil matters brought by the Securities & Exchange Commission

(SEC), the Commodity Futures Trading Commission, the Federal Reserve Banks, the New York Stock Exchange, the NASD, and state regulators. Mr. Owens directly supervised some of the nation's highest profile prosecutions of corporate fraud and insider trading, including those related to WorldCom, Adelphia Communications, American BankNote, ImClone Systems, Impath, Inc., and Royal Ahold, N.V. Mr. Owens received the Attorney General’s annual Distinguished Service Award in 1996 for the successful prosecution of the Daiwa Bank and again in 2000 for the successful prosecution of Patrick R. Bennett in connection with the then-largest financial fraud in U.S. history. Mr. Owens has tried twelve felony cases, including two of the three largest criminal accounting fraud cases ever prosecuted in the Southern District of New York.


Richard T. Jacobs is the assistant special agent in-charge of the Cyber Branch in the FBI’s New York office.  The branch investigates national security and criminal cyber matters and responds to cyber incidents in the New York metropolitan area.  In 2014, Mr. Jacobs helped establish the Financial Cyber Crimes Task Force, a multi-agency initiative targeting cyber crime and technology-based fraud schemes.

Following graduation from the FBI Academy in 1999, Mr. Jacobs was assigned to New York where he investigated a variety of securities fraud matters.  From 2002 to 2005 he played the role of a corrupt stock broker in a market manipulation undercover operation which resulted in the conviction of 49 individuals.  In June 2010, he was selected to lead a Manhattan-based securities fraud unit which handled the Bernard L. Madoff and the Galleon Group insider trading investigations.  He transitioned from financial crimes to cyber investigations in June 2013 as the acting assistant special agent in-charge of the Cyber Branch, and was named assistant special agent in-charge in October 2014. 

Prior to joining the FBI, Mr. Jacobs was a risk manager on Wall Street.  He holds a CISSP certification, a Master of Business Administration degree with a concentration in finance, and he is currently pursuing a master’s degree in information technology at Carnegie Mellon University.


Robert A. Cohen brings 15 years of experience in the Securities and Exchange Commission’s Division of Enforcement to his work as a partner in Davis Polk’s Litigation Department in Washington DC. As a member of the firm’s White Collar Criminal Defense and Government Investigations Group, he focuses on representing companies, boards and individuals in regulatory matters and internal investigations.

During his tenure at the agency, Mr. Cohen was involved in significant enforcement actions across a wide range of areas, including securities fraud, insider trading, market manipulation and abuse, financial fraud, cybersecurity and cryptocurrency.

As the first-ever Chief of the Cyber Unit, he supervised investigations concerning cybersecurity events, controls and disclosures at broker-dealers, investment advisers, stock exchanges and public companies, initial coin offerings and other conduct involving digital assets, and cyber-related market manipulations.

Mr. Cohen previously was Co-Chief of the Market Abuse Unit, supervising market structure and trading investigations, including violations by national securities exchanges, dark pools and large brokerdealers, complex insider trading, and large-scale manipulation.

Mr. Cohen is admitted to practice in New York and Maryland, and is practicing in DC under the supervision of partners of the firm.

Education

  • B.S., Policy Analysis, Cornell University, 1994
  • J.D., New York University School of Law, 1997


Stephanie Avakian was named Co-Director of the U.S. Securities and Exchange Commission’s Division of Enforcement in June 2017, after serving as Acting Director since December 2016. She was previously the Division of Enforcement’s Deputy Director, serving from June 2014 to December 2016.

Before being named Deputy Director, Ms. Avakian was a partner at Wilmer Cutler Pickering Hale and Dorr LLP, where she served as a vice chair of the firm’s securities practice and focused on representing financial institutions, public companies, boards, and individuals in a broad range of investigations and other matters before the SEC and other agencies.

Ms. Avakian previously worked in the Division of Enforcement as a branch chief in the SEC’s New York Regional Office, and later served as counsel to former SEC Commissioner Paul Carey.

Ms. Avakian received her bachelor’s degree from the College of New Jersey and a law degree from Temple University’s School of Law, both with high honors.


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

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

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


Cathlin Tully is an attorney in the Division of Privacy and Identity Protection in the Bureau of Consumer Protection at the Federal Trade Commission in Washington, DC.  Ms. Tully investigates and prosecutes violations of U.S. federal laws governing the privacy and security of consumer information.  She recently litigated the FTC enforcement action against D-Link Systems, Inc., and was involved in the FTC’s settlement with Equifax, Inc.


James McDonald joined the CFTC from the U.S. Attorney's Office for the Southern District of New York.  Earlier in his career, Mr. McDonald served as a law clerk to the Honorable John G. Roberts, Jr., Chief Justice of the United States, and, before that, as a law clerk to the Honorable Jeffrey S. Sutton, Jr., on the United States Court of Appeals for the Sixth Circuit.  A graduate of Harvard College and University of Virginia School of Law, Mr. McDonald previously served in the Office of White House Counsel under President George W. Bush, and he worked at the law firm of Williams & Connolly LLP.  Originally from Tulsa, Oklahoma, Mr. McDonald has also served as a visiting professor at the University of Tulsa College of Law, where he taught Constitutional Law, Federal Courts, Foreign Relations Law, and Supreme Court Decision-making.   


Tim Howard is the Co-Chief of the Complex Frauds and Cybercrime Unit at the U.S. Attorney’s Office for the Southern District of New York, where he oversees 19 federal prosecutors conducting white collar fraud and cybercrime investigations. 

Tim graduated magna cum lauder from Georgetown University in 2000 with a BS in Computer Science, and cum laude from Harvard Law School in 2004.  Tim served as a law clerk for the Honorable Joseph F. Bianco, United States District Judge for the Eastern District of New York, and the Honorable Jerry E. Smith, United States Circuit Judge for the U.S. Fifth Circuit Court of Appeals.

Tim’s notable prosecutions include Ross Ulbricht for his operation of the Silk Road website, ITSEC Team and Mersad for conducting Iran-sponsored cyber attacks against the Financial Sector, the Mabna Institute for conducting Iran-sponsored cyber hacking campaigns against universities around the world, and Behzad Mesri, for hacking into HBO’s computer networks. 


Daniel Michael is the Chief of the Complex Financial Instruments Unit of the SEC’s Enforcement Division. At the SEC, Dan supervises Unit members nationwide who investigate violations involving complex financial products, including matters relating to their structuring, sale, trading, and valuation. Dan, who is based in the New York Regional Office, joined the SEC in 2010 and was a staff attorney from 2010 to 2014 and an assistant director from 2014 to 2017.

Prior to joining the SEC, Dan was a law clerk to the Honorable Richard M. Berman in the United States District Court for the Southern District of New York and before that an associate at Cravath, Swaine & Moore LLP. He is a graduate of New York University and Harvard Law School.