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Enforcement 2021: Perspectives from Government Agencies

Speaker(s): A. Kristina Littman, Alessio D. Evangelista, Anne M. Termine, Cathlin Tully, Christopher J. Kelly, Clark Russell, Danae Serrano, Daniel Michael, Dixie L. Johnson, Gurbir S. Grewal, Jacquelyn Kasulis, James G. Sheehan, Jeffrey P. Ehrlich, Joan E. McKown, Justin Herring, Kenneth Lench, Lisa Miller, Manal Sultan, Mark D. Cahn, Mark W. Rasmussen, Melissa R. Hodgman, Michael A. Conley, Michael D. Granston, Michele R. Korver, Nicholas L. McQuaid, Richard D. Owens, Richard T. Jacobs, Robert A. Cohen, Serrin Turner, Timothy T. Howard, Vincent A. McGonagle
Recorded on: May. 7, 2021
PLI Program #: 306539

Alessio Evangelista is the Associate Director for Enforcement at the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). The Enforcement Division’s primary mission is to ensure that covered financial institutions are complying with the Bank Secrecy Act (BSA) and its implementing regulations. The Enforcement Division’s enforcement and compliance officers also conduct and review compliance examinations by functional regulators, provide input and comments regarding proposed regulations, conduct investigations of more serious violations, and bring civil enforcement actions when appropriate. Mr. Evangelista also serves as FinCEN’s primary liaison with other regulatory and law enforcement agencies on BSA enforcement matters impacting depository institutions, money services businesses and virtual currency firms, casinos, and other non-bank financial institutions.

Prior to joining FinCEN in December 2020, Mr. Evangelista served for nearly 17 years as a prosecutor, supervisor, and senior official at the U.S. Department of Justice and U.S. Attorney’s Office for the District of Columbia, including more than two years as the Principal Assistant U.S. Attorney for the District of Columbia. Mr. Evangelista also served as Deputy Chief of the Bank Integrity Unit of the Money Laundering and Asset Recovery Section at Main Justice. Prior to joining the Department of Justice in 2004, Mr. Evangelista practiced white collar criminal law and complex commercial litigation at two private law firms in Washington, D.C. He also served as a Vice President at Fastcase, Inc., a legal research software company based in Washington, D.C., during the start-up phase of the company. After graduating from law school, Mr. Evangelista clerked for the Honorable Frederick J. Scullin Jr., U.S. District Judge for the Northern District of New York.

Mr. Evangelista earned his law degree, summa cum laude, from Syracuse University College of Law, and his Bachelor of Arts degree in economics from the State University of New York at Geneseo.

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.

Christopher Kelly serves as Deputy Head of Enforcement and Senior Vice President, Main Enforcement and Sales Practice Enforcement. In that role, he oversees the work of the Main Enforcement staff who work from FINRA’s headquarters in Maryland and New York, as well as the Sales Practice Enforcement staff in FINRA’s 14 District Offices throughout the country.

He joined FINRA in 2014 and served as Chief Counsel in FINRA’s North Region until early 2018. Prior to joining FINRA, Mr. Kelly served as Deputy Chief of the Criminal Division at the U.S. Attorney’s Office for the District of New Jersey. In that role, Mr. Kelly supervised more than 35 Assistant U.S. Attorneys in the Office’s white collar units: Economic Crimes, National Security, Healthcare and Government Fraud, and Cybercrime. Prior to his promotion to the position of Deputy Chief, Mr. Kelly served as the Chief of the Economic Crimes Unit at the U.S. Attorney’s Office, where he oversaw the Office’s prosecution of complex economic crimes, including crimes involving insider trading, securities fraud, tax evasion, bank fraud, corporate fraud and embezzlement. Mr. Kelly also served as the lead prosecutor on numerous criminal prosecutions. Prior to joining the U.S. Attorney’s Office, he was an associate at the law firm Dechert LLP. Mr. Kelly also clerked for the Honorable Joseph E. Irenas, U.S. District Court Judge for the District of New Jersey.

Mr. Kelly graduated from Duke University and Harvard Law School.

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 and families from new and developing online threats. As a pioneer in this field, the office has brought cutting edge cases and entered important settlements related to a wide range of online issues, including child safety, privacy, deceptive or illegal trade practices, consumer fraud, spyware, spam, discrimination, and free speech. 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; and 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. Clark oversees the office’s data breach notification program and secured numerous record-setting settlements in data breach cases. He is also the principal draftsperson of the Stop Hacks and Improve Electronic Data Security Act, the office’s 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 Johnson represents businesses and individuals in securities enforcement investigations and conducts internal investigations for corporate board committees and companies. As a partner on our Securities Enforcement and Regulation team and our Special Matters and Government Investigations team, Dixie serves as Deputy Practice Group Leader for Government Matters, a collection of ten government-facing practices within our 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 regularly interacts with lead directors, presiding directors, and non-executive board chairs from many of the largest companies in the world. She is a Fellow of the American College of Governance Counsel and served for five years 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.

Chambers USA, Legal 500, Benchmark, Who’s Who, Best Lawyers and others all consistently rank Dixie as a leading lawyer, and Chambers included our practice on the 2017 short list of firms for Securities and Financial Services Regulation. In 2017, Chambers wrote that Dixie “wins praise across the board for her ‘terrific relationship with the SEC’” and noted her “expert, broad-based enforcement practice.” Dixie also has served in multiple leadership roles within the American Bar Association, including as co-Chair of the Fellows Committee, Business Law Section Chair and as Chair of the Federal Regulation of Securities 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.

Gurbir S. Grewal was named to serve as New Jersey’s 61st Attorney General by Governor Philip D. Murphy on December 12, 2017. He was confirmed by the New Jersey Senate and assumed the office on January 16, 2018.

Since assuming office, Attorney General Grewal has focused his attention on protecting the interests of New Jersey residents by expanding affirmative litigation, strengthening police-community relations, reducing violent crime and fighting the opioid epidemic.

Before becoming New Jersey Attorney General, Grewal served as Bergen County Prosecutor, the chief law enforcement officer of the most populous county in New Jersey and home to nearly 1 million residents living in 70 municipalities. From 2010 to 2016, Grewal worked as an Assistant United States Attorney (“AUSA”) in the Criminal Division of the United States Attorney’s Office for the District of New Jersey, where he served as Chief of the Economic Crimes Unit from 2014 to 2016 and oversaw the investigation and prosecution of all major white collar and cybercrimes in the District of New Jersey. Before becoming a federal prosecutor in New Jersey, Grewal also served as an AUSA in the Criminal Division of the United States Attorney’s Office for the Eastern District of New York from 2004 to 2007, where he was ultimately assigned to the Business and Securities Fraud Unit.

In addition to his work as a federal prosecutor, Grewal has also worked in private practice, including at Howrey LLP, in Washington, D.C. and in New York. While at Howrey LLP, he counseled clients on a range of matters including securities, trademark, antitrust and Foreign Corrupt Practices Act issues; represented individuals and companies in government investigations and criminal proceedings; conducted internal investigations for public corporations; and conducted civil trials.

Attorney General Grewal graduated cum laude with a Bachelor of Science in Foreign Service from the Georgetown University School of Foreign Service in 1995. He obtained his law degree from the College of William & Mary, Marshall-Wythe School of Law in 1999.

Jacquelyn M. Kasulis joined the United States Attorney’s Office for the Eastern District of New York in January 2008, and was appointed Acting U.S. Attorney in June 2021.  During her tenure in the Office, Jacquelyn has served as both the Chief of the Criminal Division and the Chief of the Business & Securities Fraud Section.  She has investigated and prosecuted a wide variety of criminal matters, including market manipulation, fraud involving publicly traded companies, investment adviser fraud, money laundering and violations of the Foreign Corrupt Practices Act and the Bank Secrecy Act. During her time in the Office, Jacquelyn has worked on significant white collar cases.  For example, Jacquelyn was the lead prosecutor in U.S. v. Martin Shkreli, in which Martin Shkreli was convicted in August 2017 of multiple counts of securities fraud.  Jacquelyn also led the Office’s prosecution in U.S. v. Low Taek Jho, et al. and U.S. v. Leissner, in which two former bankers and a wealthy Malaysian financier were charged for their participation in a multi-billion dollar money laundering and bribery conspiracy related to 1MDB, Malaysia’s investment development fund.  In October 2020, Goldman Sachs agreed to pay $2.9 billion in penalties as part of a global resolution with eight different foreign and domestic authorities for its role in the scheme.  Jacquelyn was also the lead prosecutor in United States v. Bandfield, et al., in which nine defendants and six corporations, including three brokerage firms, were charged for their involvement in an elaborate $250 million offshore securities fraud, money laundering and tax evasion scheme.  Prior to joining the Office, Jacquelyn was a litigation associate at Kirkland & Ellis LLP in New York.  She graduated with honors from Columbia Law School in 2003.

James Sheehan is the Chief of the New York Attorney General's Charities Bureau, which oversees compliance and regulation of the nation's largest Charities sector.

Prior to this role, he was the New York City Human Resources Administration's first Chief Integrity Officer. From 2007 to 2011, he was New York's first Medicaid Inspector General, overseeing the country's first mandatory compliance program, and New York's' leading role in health care data analytics.

Prior to his New York public service roles, Mr. Sheehan was an Assistant and Associate US Attorney in the Eastern District of Pennsylvania, where he developed a nationally recognized program working with whistleblowers under the False Claims Act.

He is a graduate of Swarthmore College and Harvard Law School.

Jeff Ehrlich joined the Consumer Financial Protection Bureau in July 2011 and manages investigations and litigation in the Bureau’s four regional offices. Jeff also serves as an adjunct professor at the law schools of St. Thomas University and Florida International University.

Before joining the Bureau, Jeff served as a trial attorney at the United States Department of Justice; an assistant county attorney for Miami-Dade County; and an associate at Sidley & Austin in Washington, D.C. Jeff began his career as a judicial law clerk to the Honorable James Lawrence King, United States District Court for the Southern District of Florida.

Jeff received his undergraduate and law degrees from the University of Michigan.

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.

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 all aspects of DFS’s cybersecurity regulation, including enforcement, examinations, and guidance. 

Prior to joining DFS in 2019, Mr. Herring served for nine years as Assistant United States Attorney in the Districts of New Jersey and Maryland.  Most recently, he served as the Chief of the New Jersey office’s first Cybercrime Unit.  He led the prosecution of sophisticated cybercrimes targeting corporations, financial institutions, accounting firms and government agencies.  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 with Honors 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.

Kenneth Lench is the general counsel of the PCAOB. In this role, he provides legal advice and counsel about all PCAOB operations and manages the Office of the General Counsel to execute the organization's statutory mandate.

Prior to joining the PCAOB, Mr. Lench was a partner in Kirkland & Ellis LLP's Government, Regulatory, and Internal Investigations Practice Group where he focused on securities law. Before joining Kirkland in 2013, Mr. Lench served for more than 23 years in several positions at the U.S. Securities and Exchange Commission (SEC). In his last role at the SEC, Mr. Lench served as Chief of the Structured and New Products Unit of the Division of Enforcement. He previously held various senior positions at the SEC's Enforcement Division including assistant director, assistant chief counsel, branch chief, and senior counsel. Mr. Lench also served in the SEC's Division of Corporation Finance. Before joining the SEC, he was in private practice.

Mr. Lench earned his B.A., cum laude, from Brandeis University and his J.D from the Boston University School of Law.

Lisa Miller is the Chief of the Market Integrity & Major Frauds Unit within the Fraud Section of DOJ’s Criminal Division.  In this position, Lisa supervises more than 40 federal prosecutors who specialize in the investigation and prosecution of complex financial fraud matters, including, among others, securities, commodities, investment, consumer, government procurement, and bank fraud cases.

Lisa has been with DOJ since 2014.  Prior to her current role, she served as the Principal Assistant Chief of the Fraud Section’s Health Care Fraud Unit, where she assisted in supervising more than 70 attorneys based in Washington, D.C., and in 15 Strike Force locations across 24 federal districts.  In this role, in addition to overseeing investigations and trials, Lisa worked closely with federal agencies and U.S. Attorneys’ Offices in developing and implementing national health care fraud enforcement priorities.  Lisa previously served as a Trial Attorney in the Fraud Section and as an Assistant United States Attorney for the Southern District of Florida, during which time she investigated and prosecuted a wide range of cases, including those involving wire, mail, and bank fraud, money laundering, tax offenses, federal program bribery, health care fraud, and securities and investment fraud schemes.  Her experience includes leading or co-chairing more than 14 federal jury trials and briefing and arguing appeals before the U.S. Court of Appeals for the 11th Circuit.

Lisa is a graduate of the University of Virginia School of Law and Cornell University. Before becoming a federal prosecutor, Lisa clerked for the Honorable Edgardo Ramos, U.S. District Judge for the Southern District of New York; worked as a litigation associate at a law firm in New York; and served as a Special Assistant Attorney General at the D.C. Office of the Attorney General.  

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 Cahn’s practice focuses on government and internal investigations, enforcement proceedings and litigation involving financial institutions, individuals and public companies.  Mr. Cahn served as General Counsel of the Securities and Exchange Commission from 2011–2013.  Mr. Cahn originally joined WilmerHale in 1988, and rejoined the firm after his service at the Commission.

Throughout his legal career, Mr. Cahn has represented public companies, financial institutions, individuals and corporations in internal corporate investigations, enforcement proceedings involving the SEC, FINRA and other regulatory bodies, and in federal and state court litigation. These matters have involved a broad range of issues, including financial reporting, regulatory compliance, accounting and disclosure inquiries, securities and other financial fraud, and insider trading.

In his position as General Counsel to SEC, Mr. Cahn provided legal advice to the Commission and its Divisions on all enforcement, litigation and regulatory matters. He provided legal and policy advice on administrative and operational issues, advised the Commission on the implementation of all rulemakings, and played a key role in the development of the SEC’s Whistleblower program. Mr. Cahn also served as Deputy General Counsel for Litigation and Adjudication at the SEC from 2009 to 2011, during which time he advised the Commission on enforcement recommendations and oversaw the litigation, appellate and adjudication functions of the General Counsel’s Office.

Mr. Cahn graduated from Yale Law School with a JD in 1986 and earned is BA from Tufts University in 1983.

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.

Melissa R. Hodgman is the Acting Director of the Division of Enforcement at the U.S. Securities and Exchange Commission.  She joined the Commission in 2008, became Senior Counsel in 2009, joined the newly formed Market Abuse Unit in 2010, and was promoted to Assistant Director in 2012 and to Associate Director in 2016.  Prior to joining the Commission, she was an Associate at Milbank, Tweed, Hadley & McCloy.  She obtained a BSFS in 1990, a JD Magna cum Laude in 1994, and an LLM in Securities with Distinction in 2007 from Georgetown University.

Michael A. Conley is the Solicitor at the Securities and Exchange Commission, a position that he has held since October 2015.  In that position, Mr. Conley oversees the agency’s appellate litigation and bankruptcy group.  Between September 2011 and October 2015, he was a Deputy General Counsel and from October 2000 to September 2011, he was a member of the Appellate Group within the Commission’s Office of the General Counsel.  Mr. Conley joined the Commission’s staff from Pillsbury Madison & Sutro LLP, where he had been a partner in the firm’s Washington, DC office. 

Mr. Conley graduated in 1989 from Boston University School of Law, where he was editor-in-chief of the law review.  He clerked for Judge Abner J. Mikva of the United States Court of Appeals for the District of Columbia Circuit and for Associate Justice Harry A. Blackmun of the Supreme Court of the United States.

Michele Korver is the Digital Currency Counsel in the Department of Justice’s Money Laundering and Asset Recovery Section.  In this role, she is a subject matter expert on prosecutions and forfeitures involving cryptocurrency, advising federal prosecutors and agencies nationwide on complex legal issues in criminal and civil cases and working on strategic policy and guidance matters affecting DOJ interests in this space.

With more than twenty years of law enforcement and federal trial experience, Michele previously served as an Assistant United States Attorney in Miami, Florida and Denver, Colorado.  Michele started her career as a Special Agent with the United States Secret Service.

Michele graduated magna cum laude from the University of Miami School of Law in 2001.  After graduation she served as a law clerk to United States District Judge William P. Dimitrouleas in the Southern District of Florida.

Michele is a frequent speaker on the illicit use of cryptocurrency and participates as a member of the Treasury-led U.S. delegation to the Financial Action Task Force, consulting on standards and regulations involving virtual asset activities and service providers.  In 2019, she co-authored the article “Attribution in Cryptocurrency Cases” published in the DOJ Journal of Federal Law and Practice. 

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.

Assistant Special Agent in-Charge (ASAC) Richard T. Jacobs leads 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 multiagency 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 convictions 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 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 Master’s Degree in information technology from Carnegie Mellon University, where he graduated with highest distinction, and an MBA with a concentration in finance. He is also a Certified Information Systems Security Professional.

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.

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.

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.

Michael Granston is a Deputy Assistant Attorney General in the Civil Division of the U.S. Department of Justice.  He is also serves as the Civil Division’s Deputy Designated Agency Ethics Official. 

Michael graduated from Yale Law School. After graduation he served as a law clerk to the Honorable David Ebel of the Tenth Circuit Court of Appeals and the Honorable Jan Dubois of the Eastern District of Pennsylvania, and worked at the law firm of Covington and Burling.

Michael joined the Department in 1997, and during his 24 years with the Department, has lectured extensively about the Department’s affirmative enforcement activities and responsibilities. 


Serrin Turner is a partner at Latham & Watkins LLP, where he is a member of the firm’s Data Security & Privacy Practice, Complex Commercial Litigation Practice, and White Collar Defense & Government Investigations Practice.  A former federal prosecutor, Mr. Turner is an experienced trial and appellate lawyer who represents and advises clients on a wide range of cybersecurity and privacy-related matters, including class-action litigation, regulatory investigations, commercial disputes, and incident response.  Mr. Turner joined Latham following six years as an Assistant US Attorney for the Southern District of New York, where he served as the Office’s lead cybercrime prosecutor. In that role, Mr. Turner handled a wide range of cybercrime investigations and prosecutions, including matters involving computer hacking, data breaches, trade-secret theft, black-market websites, trafficking in stolen payment card and personal identity information, and money laundering through digital currencies.

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.

Vincent McGonagle is the Principal Deputy Director of the Division of Enforcement where he has also served as Acting Director since October 2020. In his current role as Acting Director, Mr. McGonagle is responsible for leading a team of attorneys, investigators, economists, surveillance analysts, and other professional staff who investigate and prosecute alleged violations of the Commodity Exchange Act and CFTC regulations. 

A career civil servant and government executive, Mr. McGonagle has spent the last 23 years with the CFTC, including in a number of senior roles. He has led the Division of Enforcement on an acting basis on two other occasions—from October to December 2010 and February to April 2017—and has also led the Division of Market Oversight on two occasions—from October 2013 to January 2017 and on an acting basis from August to September 2019.

While serving as Acting Director of the Division of Market Oversight in 2019, Mr. McGonagle oversaw a number of key rulemakings, and provided guidance and direction to the division’s branches in the handling of time sensitive and complex market issues. While leading the division from 2013 to 2017, Mr. McGonagle oversaw market surveillance, compliance examination, registration and rule review, and the contract market product review programs over trading facilities and swap data repositories.  He also oversaw several rulemakings, testified twice before Senate panels, and led the transition of swaps trading to a regulated market, including the first ever permanent registration of SEFs.

From 2002 to 2013, he served as the Senior Deputy Director of the Division of Enforcement where he opened the first regulatory investigation into LIBOR and other global benchmark interest rates and thereafter supervised the CFTC’s landmark enforcement cases for manipulative conduct and false reporting concerning those benchmarks.

Mr. McGonagle joined the agency as a staff attorney in 1997 after working 11years in private practice.


BA, Economics, LaSalle University (1985)

JD, Pepperdine University School of Law (1988)