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Disgorgement and Equitable Remedies at the SEC and FTC: Early 2021 Update

Speaker(s): Daniel R. Walfish, Rachel Penski Fissell
Recorded on: Mar. 3, 2021
PLI Program #: 320186

Dan represents companies and individuals in litigation matters as well as investigations involving the Securities and Exchange Commission and other financial regulators. He also counsels clients on compliance with the securities laws.

Dan has a deep understanding of the federal securities laws along with the SEC’s process for enforcing them, and regularly writes on securities law and related issues. Dan’s experience inside and outside of government includes SEC and Commodity Futures Trading Commission proceedings involving a wide range of issues, including allegations of regulatory violations by registered investment advisers, “spoofing” and other forms of unlawful trading, violations of disclosure requirements under the 1933 Act, violations of the reporting and recordkeeping requirements under the 1934 Act, market manipulation, and insider trading.

Dan also has broad-based experience with complex business litigation, having handled a wide range of cases for clients appearing as plaintiffs and defendants in federal and state courts at the trial and appellate level in a variety of industries, including insurance, finance, transportation, hospitality, and entertainment. Dan’s experience includes counseling companies and individuals on employment matters.

From January 2010 to December 2014, Dan was with the Securities and Exchange Commission’s Enforcement Division in New York, where, as Senior Counsel, he litigated and investigated a number of notable cases, including the SEC’s first enforcement action against a “dark pool” alternative trading system (ATS) and a series of cases arising from the packaging and sale of collateralized debt obligations (CDOs) in the run-up to the financial crisis of 2008. Dan was a recipient of the agency’s Ferdinand Pecora Award for exceptional contributions to the Enforcement Division.

Before co-founding Walfish & Fissell, Dan practiced with the global law firm Milbank LLP. Earlier in his career he spent four years as an associate at one of Washington, D.C.’s most prominent and highly regarded boutique litigation firms.

Dan graduated from Yale Law School in 2004, where he was an editor of the Yale Law Journal, and then clerked for Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York.

Rachel is a seasoned advocate who aggressively and efficiently advances her clients’ interests. Rachel’s practice focuses on representing companies and individuals at the trial and appellate levels in a broad array of complex civil litigation in federal and state courts, with a particular focus on securities litigation and bankruptcy-related litigation.  Rachel also has represented individuals facing regulatory and criminal investigations, and has substantial experience conducting the kind of high-stakes private internal investigation frequently associated with government scrutiny. Rachel’s clients come from a range of industries, including financial services, real estate, and entertainment.

Rachel has a wealth of experience taking cases to trial and is also skilled at helping clients to resolve disputes favorably out of court through mediation or private settlement. Her substantial trial experience includes, most recently, a win on behalf of a securities firm in the U.S. Bankruptcy Court for the Southern District of New York.

Rachel is well-versed in the federal securities laws, having handled cases arising under the 1933 Act, the 1934 Act, and the Investment Company Act. Rachel has also handled derivative actions brought under state law, as well as disputes involving financial restructurings, contract law, and business torts.

Before co-founding Walfish & Fissell, Rachel practiced with the global law firm Milbank LLP. Rachel graduated Vanderbilt Law School in 2005, where she was a member of the Order of the Coif and a Senior Managing Editor of the Vanderbilt Law Review.