Skip to main content

Broker/Dealer Regulation and Enforcement 2013


Speaker(s): Alan M. Cohen, Carmen J. Lawrence, Charles V. Senatore, Christopher J. Mahon, Colleen P. Mahoney, David M. Levine, Eric Gallinek, Gerard S. Citera, Ghillaine A. Reid, Gregory Johnson, Henry Klehm III, Ilene B. Marquardt, James A. Brigagliano, Joaquin M. Sena, Kay L. Lackey, Manal Sultan, Marc P. Berger, Michael J. Osnato, Jr., Neal E. Sullivan, Ronak V. Patel, S. Anthony Taggart, Susan L. Merrill, Susan Schroeder, Tanya Solov, William R. Baker III
Recorded on: Oct. 23, 2013
PLI Program #: 42348

Alan is head of Global Compliance. He serves as a member of the Management Committee, the Firmwide Client and Business Standards Committee, the Firmwide Investment Policy Committee and the Firmwide Reputational Risk Committee. Alan joined Goldman Sachs as a partner in 2004.

Prior to joining the firm, Alan was a partner at O’Melveny & Myers, where he co-headed the White Collar and Regulatory Defense Practice and the New York Litigation Group since 1991. Prior to this, he was an assistant US attorney for nine years for the Southern District of New York, where his last assignment was as the chief of the Securities and Commodities Fraud Task Force.

Alan serves on the Board of Directors of the New York Stem Cell Foundation and the Board of Trustees of Temple University. He is also a member of the Lawyers Committee of the Innocence Project.

Alan earned a BA in 1972 from Temple University, as well as a PhD and a JD, with highest honors, from Rutgers University in 1976 and 1979, respectively.


Eric Gallinek is a Managing Director and Head of Compliance for Deutsche Bank AG Americas. He is responsible for the Bank's compliance activities in the United States, Latin America and Canada. He is also the Global Compliance Business Partner for the Corporate Banking and Securities.

Mr. Gallinek serves on various committees for the Bank such as the Americas Regional Executive Committee, the Americas Regional Governance Board and the Global Compliance Executive Committee.
 
Prior to becoming the Americas Head of Compliance in July 2003, Mr. Gallinek had been the London based Head of Global Markets Legal and Compliance. Before joining Deutsche Bank in 1997, he held the post of Deputy Chief Enforcement Counsel at the UK Investment Management Regulatory Organization between 1994 and 1997. From 1988 until 1994, Mr. Gallinek was with the United States Securities and Exchange Commission's Division of Enforcement in various capacities. From 1993 until he left the SEC, he was a Branch Chief in charge of overseeing a team of attorneys responsible for investigating and prosecuting violations of the US federal securities laws. 

 Mr. Gallinek holds a Juris Doctor from Syracuse University College of Law, and a Bachelor of Arts in Economics and a minor in Foreign Affairs from the University of Virginia. 


Carmen Lawrence is a partner in King & Spalding’s Special Matters and Government Investigations practice group.

Ms. Lawrence's practice focuses on representing parties in investigations and litigations conducted primarily by the US Securities and Exchange Commission, US Commodity Futures Trading Commission, US Department of Justice, self-regulatory organizations and state securities regulators, conducting internal investigations, providing crisis management advice to public and private companies and counseling public companies and regulated entities (broker-dealers and investment advisers) on their obligations under the federal securities laws.

From 1996 until June 2000, Ms. Lawrence was the Regional Director for the SEC's Northeast Regional Office (covering 14 states and the District of Columbia), where she oversaw all enforcement and regulatory operations in the SEC's largest region.  Some of the SEC's most significant cases were brought by the Northeast Regional Office under Ms. Lawrence's leadership.

Before her appointment as regional director, from 1990 through 1995, Ms. Lawrence served as Senior Associate Regional Director, heading up the Northeast Regional Office's Enforcement Division.  From 1981 to 1989, she served in various staff and senior positions in the Enforcement Division.

Ms. Lawrence received numerous awards during her tenure at the SEC, including the Equal Employment Opportunity Award in 1998; the Presidential Distinguished Executive Award in 1995; the Stanley Sporkin Award in 1993; and the Irving M. Pollack Award, presented to an enforcement lawyer exhibiting leadership, integrity and intellect, in 1990. 

Ms. Lawrence is consistently recognized by Chambers USA: America's Leading Lawyers for Business as a leading individual for Securities Regulation and for Litigation: White-Collar Crime & Government Investigations.  She is consistently recognized by Legal 500 in Litigation: White-Collar Criminal Defense, and is additionally recognized in Financial Services: Litigation.  She is also consistently recognized by Benchmark: Litigation as a New York Litigation Star. She was named to Securities Docket’s inaugural “Enforcement 40” list of top SEC enforcement lawyers in 2013.

Ms. Lawrence has spoken extensively and participates in numerous continuing legal education programs for federal securities law matters.


Chuck Senatore is an executive vice president and head of risk oversight for Devonshire Investors, a unit within FMR LLC, the parent company of Fidelity Investments.  Devonshire Investors focuses on long-term investments in operating companies and real estate, as well as the management of private venture funds.   In his role, Mr. Senatore is accountable for oversight and strategic direction pertaining to the compliance, legal, regulatory and risk related functions for Devonshire’s constituent businesses.  He also serves as Chief Compliance Officer for Impresa Management LLC., a registered investment adviser within the Devonshire unit.

In earlier roles at Fidelity, he led the firm’s global compliance and ethics function for over eleven years, and served as the firm’s head of regulatory coordination and strategy.

Prior to joining Fidelity in May 2003, Mr. Senatore served as Co-Head of Global Compliance at Merrill Lynch, and Head of the firm’s Regulatory Affairs Group. From 1994 to 1997, Mr. Senatore served as Director of the Securities and Exchange Commission’s Southeast Region.

Prior to his service at the Commission, Mr. Senatore practiced law in South Florida, and served as an Assistant U.S. Attorney in the Southern District of Florida, including service as Chief of that office’s Public Corruption Section.

Mr. Senatore is a member of the Standing Advisory Group to the Public Company Accounting Oversight Board.  He is also a member of the American Law Institute, advising on its project on the Principles of the Law, Compliance, Enforcement, and Risk Management for Corporations, Nonprofits, and Other Organizations.  He served previously as Chair of FINRA’s National Adjudicatory Council and Chair of the Board of Directors of the National Society of Compliance Professionals.

Mr. Senatore is also a lecturer in law at the University of Chicago Law School, teaching Compliance and Regulatory Strategy.  Earlier, he was an Adjunct Professor of Securities Regulation at the University of Miami Law School.

Mr. Senatore received a Bachelor of Arts in Economics from Williams College and earned a J.D. from the University of Chicago Law School.


Colleen P. Mahoney, a partner in Skadden's Washington, D.C. office, heads the firm's Securities Enforcement and Compliance practice, and regularly represents financial services firms, corporations, their boards, board committees, officers, directors and employees in Securities and Exchange Commission (SEC) and other law enforcement investigations.

Ms. Mahoney assists management and boards of directors performing internal inves­tigations, often advising clients on preventive and remedial measures before and after securities-related issues arise.

Ms. Mahoney has been the lead attorney representing many of the company boards and individuals embroiled in signature SEC investigations. Her clients have included many well-known U.S. and foreign companies. As is frequently the case with SEC enforcement matters, the biggest victories are the ones that never become public – the government investigations and inquiries that are put to rest before charges are filed or an indictment is issued, or even before a public disclosure of the government interest. Ms. Mahoney has succeeded in bringing a number of matters to a close in those circumstances.

Prior to joining Skadden, Ms. Mahoney spent 15 years in increasingly senior positions with the SEC, serving as acting general counsel of the agency and as deputy director of the division of enforcement. During her tenure at the SEC, Ms. Mahoney helped manage a civil law enforcement program that addressed a wide range of issues, including financial fraud and disclosure, asset management issues, derivatives and insider trading.

Ms. Mahoney frequently lectures on securities regulatory and enforcement issues at seminars and conferences in the United States and abroad.

Ms. Mahoney has been selected for inclusion in Chambers USA: America's Leading Lawyers for Business, The International Who's Who of Corporate Governance Lawyers, Lawdragon 500 Leading Lawyers in America and The Best Lawyers in America. Since 2012, she has been recognized as one of Benchmark Litigation's "Top 250 Women in Litigation" and she also was named to the shortlist of the nation's top women regula­tory lawyers by Chambers USA (2012). Additionally, Ms. Mahoney was included in Washingtonian Magazine's 2013 "Best Lawyers" list.

 


David Levine is Chief Legal Officer for Oz Management, a global alternative asset management firm. He is also an Executive Managing Director and a member of the Firm’s Partner Management Committee.  Prior to joining Oz Management in January 2017, Mr. Levine spent 15 years at Deutsche Bank AG, where he most recently served as Global Head of Litigation and Regulatory Enforcement.  From 1993 through 2001, Mr. Levine worked at the U.S. Securities and Exchange Commission in both New York and Washington, DC.  During this time, he served in a variety of roles including as the agency’s Chief of Staff, as well as Senior Adviser to the Director of Enforcement.

Mr. Levine was a member of SIFMA’s Compliance and Legal Society Executive Committee and Legal Subcommittee from 2011-2017.  Previously, he served on FINRA’s Membership Committee (2003-2005), including as Chair in 2005.  In 2006, Mr. Levine was appointed by FINRA's Board of Governors to the National Adjudicatory Council (the appellate court for FINRA enforcement actions) and served as Vice Chairman (2008) and Chairman (2009).  Mr. Levine also served on FINRA’s Statutory Disqualification Subcommittee from 2010 to 2016.

Mr. Levine is the author of:  Research Analyst Conflict Disclosures—Less Would Be More, BNA’s Securities Regulation & Law Report (Vol. 41, No. 6) at 217 (Feb. 9, 2009); and co-author of:  “You’ve Got Jail:” Current Trends in Civil and Criminal Enforcement of Internet Securities Fraud, 38 Georgetown American Crim. L. Rev. 405 (2001); Insider Trading Redux, Nat’l L.J. at B6 (Oct. 18, 1999); The Securities Litigation Uniform Standards Act of 1998:  The Sun Sets on California’s Blue Sky Laws, 54 Bus. Law. 1 (1998); The New Securities Class Action:  Federal Obstacles, State Detours, 39 Ariz. L. Rev. 641 (1997); The Limits of Central Bank’s Textualist Approach:  Attempts to Overdraw the Bank Prove Unsuccessful, 26 Hofstra L. Rev. (1997).

Mr. Levine holds a J.D. Degree from Hofstra University School of Law where he was valedictorian and an editor of the law review.


Gregory Johnson is a Managing Director and Associate General Counsel with JPMorgan Chase & Co. Inc. and Head of Compliance for its Global Corporate & Investment Bank.  Prior to joining J.P. Morgan in 1997, he was with CS First Boston focusing on fixed income compliance.  From 1990 to 1994, Mr. Johnson was an enforcement attorney and then branch chief with the U.S. Securities & Exchange Commission’s Northeast Regional Office.  Mr. Johnson holds a B.S. in Economics and Finance from St. John’s University School of Business and a J.D. from St. John’s University School of Law.


Henry Klehm, co-head of the Firm’s Securities Litigation & SEC Enforcement Practice, brings almost 30 years of experience at the U.S. Securities and Exchange Commission as a senior enforcement officer, a senior in-house lawyer at two global financial institutions, and a public company director. In the last ten years, Henry has acted as counsel in major corporate investigations and civil and criminal enforcement actions throughout the world. He counsels boards, corporations, and financial institutions on cross-border internal investigations, crisis management, corporate governance, and effective compliance and ethics programs, as well as legal matters related to internal control, auditing, litigation loss contingencies (ASC 450), and whistleblowers.

Recent representations include public companies, audit and special committees, financial institutions, and senior corporate officers in investigations and litigation involving disclosure, complex financial products, financial reporting, the Foreign Corrupt Practices Act, money laundering, and economic sanctions.

Prior to joining Jones Day, Henry was Deutsche Bank’s global head of compliance and Prudential Financial’s deputy general counsel for regulatory matters. He was with the SEC for ten years, serving as head of enforcement for the northeastern United States for five years, where he investigated, litigated, and supervised more than 500 enforcement actions including insider trading, financial frauds, Ponzi schemes, rogue traders, market manipulations, and investment company and advisor matters.

Since 2006, Henry has served as an independent director of RenaissanceRe Holdings, an NYSE-listed catastrophe reinsurance firm. He is currently chair of the Compensation and Governance Committee and previously chaired the audit committee.

Henry frequently lectures on cross border investigations, financial services, and corporate governance matters.


Ilene Marquardt is Head of Regulatory and Other Investigations for UBS Wealth Management US.  In this role, Ilene supervises the attorneys and other professionals who handle significant Regulatory and Internal Investigations, Early Dispute Resolution and Subpoenas, Levies and Garnishments, and coordinates with the Litigation function for UBS Region Americas. In January 2018, Ilene was appointed to the FINRA National Adjudicatory Council (NAC) for a four-year term, and she is also a member of the Securities Industry & Financial Markets Association (SIFMA) Executive Committee for the Compliance and Legal Division.

Prior to joining the Firm (then PaineWebber) in July 1994, Ilene was a Litigation Associate at Morgan, Lewis & Bockius in New York, where she specialized in securities enforcement litigation.  She graduated from NYU School of Law in 1988 and Northwestern University in 1985. 

Ilene is a frequent speaker on industry panels on such topics as regulatory and internal investigations, securities enforcement matters, e-discovery and in-house legal representation.

 


Kay Lackey is a Managing Director/Senior Counsel at Royal Bank of Scotland (Americas).  Kay is the Head of Litigation and Regulatory Investigations for Corporate and Institutional Banking.

Prior to joining RBS, Kay worked at the Securities and Exchange Commission for 14 years.  Kay joined the Commission in 1995 as a staff attorney in the Division of Enforcement in New York and was subsequently promoted.  When she left the Commission, Kay was an Associate Regional Director and Co-Head of Enforcement in the New York Regional Office.  While at the SEC, Kay worked on and supervised numerous enforcement actions involving a variety of areas, including financial fraud, stock options backdating, insider trading, market timing and late trading, ponzi schemes, and market manipulation.

Prior to working at the SEC, Kay was a litigation associate at Mayer Brown.  Kay also clerked for the Honorable Nathaniel M. Gorton of the United States District Court for the District of Massachusetts and the Honorable Juan R. Torruella, of the United States Court of Appeals for the First Circuit.  Kay received her J.D. from Boston University Law School and her B.A. from Williams College.


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 and 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. Ms. Sultan is a graduate of Fordham Law School. In addition, she holds an MBA in finance and information technology.

 


Marc P. Berger was named Director of the New York Regional Office in December 2017.  The New York office has responsibility for the largest concentration of SEC-registered financial institutions, including more than 4,000 investment banks, investment advisers, broker-dealers, mutual funds, and hedge funds.

Before serving at the Commission, Mr. Berger was global co-head of Ropes & Gray LLP’s Securities and Futures Enforcement Practice.  His practice focused on white-collar criminal defense, regulatory enforcement, and internal investigations. 

From 2002 to 2014, Mr. Berger served as an Assistant U.S. Attorney in the Southern District of New York, including serving as Chief of that office’s Securities and Commodities Fraud Task Force.  In that role, he supervised the investigation and prosecution of some of the nation’s highest profile financial and investment fraud cases, including the largest crackdown on hedge fund insider trading in U.S. history.  As a prosecutor, Mr. Berger also personally investigated and tried a wide variety of cases involving securities and commodities fraud, as well as other crimes.

Mr. Berger earned his bachelor’s degree with distinction from Cornell University in 1996 and his law degree from the University of Virginia School of Law in 1999.  Before joining the U.S. Attorney’s Office in Manhattan, he served as a law clerk for the Honorable Richard M. Berman of the U.S. District Court for the Southern District of New York.


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.


NEAL SULLIVAN, a member of the Firm’s Executive Committee, is co-leader of Sidley’s Securities & Derivatives Enforcement and Regulatory practice, which received the 2016 Chambers USA Award for “Financial Services and Securities Regulation.” Neal conducts a comprehensive securities regulatory and enforcement practice in which he represents broker-dealers, investment banks, investment advisers, accounting firms, public companies, and senior corporate officers before the SEC, DOJ, DOT/FinCEN, PCAOB, FINRA, state attorneys general and securities regulators in private and public investigations and enforcement proceedings and in connection with international securities regulatory matters. He has been recognized in the areas of Securities Regulation and Enforcement since 2008 in Chambers USA: America’s Leading Lawyers for Business, where he has been described as “the epitome of a ‘wise counselor,’” with “significant credibility with the regulators and a keen sense of what all parties need to accomplish to reach resolution.”

A dynamic and effective enforcement counsel, Neal has represented financial services clients in many of the SEC’s major Wall Street investigations in the past 15 years, including anti-money laundering, insider trading, the sale of auction-rate securities, other structured products and various subprime mortgage-related matters; mutual fund market timing. He has represented public companies and accounting firms in connection with SEC investigations and proceedings related to audit work papers, accounting treatment of assets and valuations, compliance with Regulation FD and accounting treatment in connection with M&A.

Neal is also one of the leading advisers to the securities industry on major compliance and regulatory matters. He has played a central role in many significant matters over the past 20 years, such as representing Freddie Mac in a multi-year investigation by the SEC and the DOJ regarding sub-prime mortgages, representing Morgan Stanley in obtaining regulatory approvals for the 2009 launch of Morgan Stanley Smith Barney, the country’s largest retail broker-dealer and in its subsequent move to self-clearing and the Boston Options Exchange’s 2012 filing with the SEC to become a national self-regulatory organization. He represented the settling banks in negotiating the NASAA model settlement that become the basis for the Global Settlement Relating to Firm Research and Investment Banking Conflicts of Interest announced by the SEC, NASD, NASAA, NYSE and the N.Y. Attorney General’s office in April 2003.

During his tenure as the executive director of the North American Securities Administrators Association, he represented the 53 states and territories in negotiations concerning The National Securities Markets Improvement Act of 1996 and was one of the principal drafters of NSMIA. He also served as chief of the Massachusetts Securities Division and was vice president of regulation at the Boston Stock Exchange.

Neal appears regularly on industry and legal panels that address issues of concern to the securities industry, including the SIFMA C&L annual meeting and certain SIFMA regional meetings. He has co-chaired the Fall PLI course on broker-dealer regulation annually since 2007. He also speaks at FINRA’s fall and spring annual conferences.  He has appeared before the U.S. Congress to provide testimony on various SEC proposals and proposed federal oversight of the U.S. capital markets. He has authored several published articles on regulation of broker-dealers.


S. Anthony Taggart is an Executive Director & Counsel in the Litigation Department at Morgan Stanley in New York, where he is responsible for regulatory and civil litigation matters.  Prior to joining Morgan Stanley in 2004, Mr. Taggart was the Director of the Utah Division of Securities for six years.  Mr. Taggart originally joined the Division in 1993, and in addition to Director, he worked as a staff attorney, securities examiner, and the Director of Corporate Finance.

Mr. Taggart currently serves on the State Regulation and Legislation Committee for the Securities Industry and Financial Markets Association (SIFMA), a committee he previously chaired.  He also previously served on the boards of directors of the North American Securities Administrators Association, the Utah Council on Economic Education and the Wayne Brown Institute.  He taught and lectured on securities law at the University of Utah School of Law, Weber State University, LDS Business College and Salt Lake Community College.

Mr. Taggart holds a Juris Doctorate from the University of San Diego (’93), and a Bachelors of Science in Economics and a Bachelors of Arts in Political Science, both from the University of Utah (’90).  Mr. Taggart is admitted to practice law in New York and Utah.


SUSAN MERRILL assists broker-dealers, investment advisers, financial institutions, exchanges and Fortune 500 companies across the U.S. in investigations before the SEC, CFTC, FINRA and state securities regulators. Susan also conducts internal investigations and advises clients on regulatory compliance matters.

Susan is the former head of enforcement at FINRA, where she oversaw the establishment and development of its enforcement program. She joined FINRA from her position as enforcement chief at New York Stock Exchange Regulation when it merged with the NASD in 2007. Before she became a regulator, Susan was in private practice for 17 years and represented clients in some of the highest-profile matters on Wall Street.

Strong leadership on behalf of her clients has earned Susan many accolades from leading publications. Chambers USA noted “The ‘very knowledgeable’ Susan Merrill is praised for the ‘good practical and strategic advice’ which she is able to offer to broker-dealer clients.” Other major awards include: 

Law360’s 25 Most Influential Women in Securities Law: The profile showcases many of the highlights of her career, including having served as the Financial Industry Regulatory Authority’s first head of enforcement and establishing the Credit for Cooperation policy at the New York Stock Exchange.

The Best Lawyers in America – Securities Regulation (2013–2017)

The Legal 500 US - Financial services: litigation (2013–2017)

Chambers USA: America’s Leading Lawyers for Business — Financial Services Regulation: Broker-Dealer (Enforcement) (2013–2017)

Chambers USA: America’s Leading Lawyers for Business — Financial Services Regulation: Broker-Dealer (Compliance) (2012) 


Susan Schroeder is the Executive Vice President and Head of FINRA Enforcement, responsible for FINRA’s disciplinary actions across the country.  After a recent combination resulting from FINRA360, the organization’s ongoing comprehensive self-evaluation and improvement initiative, FINRA Enforcement is a unified group that handles disciplinary actions related to trading-based matters found through Market Surveillance’s surveillance and examination programs, as well as and other cases referred from other regulatory oversight divisions including Member Regulation, Corporate Financing, the Office of Fraud Detection and Market Intelligence, and Advertising Regulation. 

Prior to becoming the Head of Enforcement in 2017, Susan was Senior Vice President and Deputy Chief of Enforcement at FINRA for six years.  Before joining FINRA, she was a partner in WilmerHale’s Securities Litigation and Enforcement practice, where she specialized in SEC, FINRA, and state investigations and enforcement actions involving all aspects of securities law.  She began her legal career as a litigation associate at Kirkland & Ellis, specializing in securities litigation.  She received her J.D. from NYU School of Law, her M.A. from the University of California at Davis, and her B.A. from Georgetown University.  She is a member of the New York bar.


William R. Baker, III is a partner in the Washington office of Latham & Watkins.  For almost three decades, first as a senior officer at the SEC, and then at Latham, Mr. Baker has worked on some of the most significant securities regulatory and corporate governance matters. Today, he represents financial institutions, corporations, auditing and other professional firms in SEC and other regulatory enforcement proceedings.  In addition, Mr. Baker conducts internal investigations on behalf of management and boards of directors. He regularly counsels clients on SEC reporting, disclosure, compliance and corporate governance requirements.

Prior to joining Latham, he served as Associate Director of the SEC’s Division of Enforcement where he was responsible for supervising all types of SEC enforcement activities, including investigations involving issuer accounting fraud and other disclosure violations, insider trading, market manipulation and broker-dealer and investment adviser misconduct. Mr. Baker led numerous high-profile investigations that resulted in several landmark enforcement actions, including the SEC's action against WorldCom Inc., involving one of the largest financial frauds in history. While at the Commission, he was a recipient of the SEC's Stanley Sporkin Award, awarded by the Chairman of the SEC in recognition of outstanding contributions to the Enforcement program, and of the Commission's Law and Policy Award.

Mr. Baker is consistently recognized as a leading securities lawyer by Chambers USA and The Legal 500 US and is listed as one of the Best Lawyers in Washington by Washingtonian magazine. In 2017, he was named to BTI Consulting Group’s “Client Service All-Star List,” which recognizes national leaders in superior client service identified directly by corporate counsel and executives. He is the co-author of "Corporate Internal Investigations after Sarbanes-Oxley" published in Volume II of The Practitioner's Guide to the Sarbanes-Oxley Act (American Bar Association 2005) and is a contributor to Securities Law Techniques (Matthew Bender). He was named to the Securities Docket 2017 "Enforcement 40" list, which lists the forty leading securities enforcement defense attorneys.

Mr. Baker is a Trustee of the SEC Historical Society.  Previously, he was an adjunct professor at George Washington University Law School, where he taught Securities Regulation. He is a frequent author, speaker and panelist on securities law issues at programs organized by a wide variety of groups, including the American Bar Association, the District of Columbia Bar Association, the Association of the Bar of the City of New York, SIFMA, the Justice Department's National Advocacy Center, the Practicing Law Institute, Georgetown University Law Center and Stanford Law School. 


Ghillaine is a member of the firm's Government Investigations and White Collar Litigation practice group, and Co-Head of the Broker-Dealer practice for the Financial Institutions Industry Team. She focuses her practice on government and securities regulatory investigations, financial services litigation, commercial litigation and corporate compliance. Drawing on her experience in government service and private practice, Ghillaine regularly represents corporations and individuals in investigations conducted by the Securities & Exchange Commission, the Department of Justice, the Financial Industry Regulatory Authority and other government and regulatory agencies. Ghillaine has successfully defended several high profile SEC investigations and enforcement proceedings involving a wide range of significant issues, including insider trading, accounting fraud, market manipulation and broker-dealer sales practice violations. Prior to entering private practice, Ghillaine was a Branch Chief and Staff Attorney in the New York Regional Office of the Securities & Exchange Commission's Division of Enforcement, where she investigated and litigated a wide range of securities enforcement matters. 

Ghillaine also represents clients in complex financial services and commercial litigations matters, in both federal and state courts. She has achieved favorable outcomes in cases involving fraud, breach of contract, breach of fiduciary duty, misrepresentation and tortious interference. She has also successfully defended clients in large scale arbitration proceedings, both through the Financial Industry Regulatory Authority and the American Arbitration Association. 

Ghillaine is a frequent speaker on issues concerning securities law, government investigations and corporate compliance.

 


Jack leads Bank of America's Regulatory Inquiries Group, which responds to regulatory inquiries that potentially present significant reputational, financial or legal risk to Bank of America Corporation and its subsidiaries, including Merrill Lynch.  He is a member of the Legal Department’s Diversity and Inclusion Business Council and serves on the board of the Adams Street Foundation, which supports the Urban Assembly School for Law and Justice in Brooklyn, New York.

Jack received a Bachelor of Science degree in Economics and in Psychology from Brown University in 1982, and a Juris Doctor degree from the University of Pennsylvania in 1985.

Prior to joining Bank of America in 2005, he served in the Securities and Exchange Commission's Division of Enforcement for twelve years, including three years as a trial lawyer and nine years as an investigative attorney.  While employed by the SEC, he also served as a Special Assistant United States Attorney in the Eastern District of Virginia, where he handled various criminal matters.

Prior to joining the SEC, Jack spent four years at a law firm practicing antitrust law, which was preceded by three years at the Federal Trade Commission's Bureau of Competition.

 


Christopher J. Mahon is a senior vice president and head of broker-dealer legal and regulatory at AllianceBernstein, where he manages the legal and compliance functions globally for its institutional broker, Bernstein.  He serves on AB’s enterprise-wide ethics, conflicts, and internal control committees as well as other of its risk, governance and policy committees.

Chris is a member of the Compliance Advisory Committee of the U.S. Financial Industry Regulatory Authority, FINRA.  He is a former member of FINRA’s National Adjudicatory Council, serving as its Vice Chair in 2015, and of FINRA’s International Advisory Working Group.  Chris is a current member and former co-chair of the Securities Industry and Financial Markets Association’s Compliance and Regulatory Policy Committee.  He is an executive officer of SIFMA’s Compliance and Legal Society, contributing to the group’s various policy, advocacy and educational efforts.  He chaired C&L’s annual conference in 2016.

Chris is an adjunct faculty member at Fordham University’s Gabelli School of Business, where he teaches a course on financial regulation, compliance, and risk management.

Previously, Chris was a managing director at Deutsche Bank, where he held senior global and regional roles in equities and investment banking compliance.  He also was the director of compliance and counsel at D.E. Shaw & Co.  Chris served as a senior counsel in the U.S. Securities and Exchange Commission’s Division of Enforcement and was an associate in litigation and antitrust at Cadwalader.  Chris is a graduate of New York University School of Law, where he was an editor-in-chief of the Annual Survey of American Law.  He is a summa cum laude graduate of Rutgers College.


JAMIE BRIGAGLIANO is a partner in the Securities & Derivatives Enforcement and Regulatory group. He advises broker-dealers and hedge funds on a broad variety of regulatory, enforcement, compliance, and transactional matters. Jamie focuses his practice in particular on SEC and Finra rules governing trading by broker-dealers and hedge funds, and broker-dealer registration and conduct rules. Among those areas in particular are rules governing: Short Sales (Regulation SHO and Rule 105), Research, Regulations M, NMS, and ATS, Order Handling, and Best Execution. Jamie’s practice is recognized by Chambers USA (Band 2) and The Best Lawyers in America (Securities Regulation). In the 2016 edition of Chambers USA,  Jamie “ is described as ‘extremely knowledgeable and helpful" and "a very smart trading lawyer’ by interviewees, who point to his impressive regulatory compliance work with broker-dealers, hedge funds and other financial institutions as evidence of his growing prominence within the industry.”


Ronak V. Patel is a partner in the litigation section and handles a variety of civil litigation matters for businesses and individuals. He is an experienced litigation attorney who possesses extensive regulatory experience with securities regulatory agencies across the U.S.  Mr. Patel has served as lead counsel in a number of high profile investigations including Ponzi fraud schemes, broker misconduct, and complex investment products. Mr. Patel is skilled in directing investigations, litigating matters involving investment advisers and breach of fiduciary duty allegations, and has extensive experience with broker-dealer and investment adviser compliance matters.

Before joining Kelly Hart & Hallman, Mr. Patel served as Deputy Securities Commissioner of Texas and worked with the Securities Commissioner to manage the Texas State Securities Board. Prior to assuming the role of Deputy Securities Commissioner, Mr. Patel served as both attorney, since 2003, and Director of Inspections & Compliance, since 2011, of the Texas State Securities Board.  Mr. Patel held numerous leadership positions with the North American Securities Administrators Association (NASAA), which has led to strong relationships with numerous state and federal securities regulators.

Mr. Patel practice focuses on government investigations and white-collar defense.  He practices before the Texas State Securities Board, and other state securities regulators, SEC, FINRA, DOJ, CFPB, CFTC, FDIC, FTC, PCAOB and other regulatory and law-enforcement agencies.  Mr. Patel represents broker-dealers, investment advisers, hedge funds and other private funds, public companies, audit committees and special committees, asset managers, accountants and lawyers, and other institutions in government investigations, securities law enforcement matters and related litigation.


Tanya Solov has served as Director of the Illinois Securities Department since her appointment in 1999 by Secretary of State Jesse White.  She began working for the Securities Department in 1994 as the Senior Attorney and then as the Assistant Director for Enforcement.  Prior to this, she served as an Illinois Assistant Attorney General handling trial and appellate work, and worked in the private sector as a management consultant at Arthur Anderson.  She serves on various NASAA project groups involving broker dealers, arbitration, and legal issues and is an active member of the Illinois State Bar Association’s Business and Securities Committee.


Mr. Citera is Managing Director and Associate General Counsel at J.P. Morgan Chase & Co.  He manages the cash equities legal team providing legal, regulatory and compliance advice to the Equities Sales and Trading Desks in the Corporate and Investment Bank.  Previously, he was Counsel in the Financial Institutions Group at Davis Polk & Wardwell and one of the senior lawyers in that firm’s Trading and Markets Practice.  Before joining Davis Polk, Mr. Citera served as Deputy General Counsel at PaineWebber Securities and Regulatory Risk Manager for the U.S. Equities Division of UBS Investment Bank.  Earlier in his career, he was an attorney in the SEC’s Division of Market Regulation and Office of General Counsel and Special Counsel at the law firm Wilmer, Cutler & Pickering.   Mr. Citera has been a guest lecturer at the Rockefeller College of Public Administration at SUNY Albany, the University at Buffalo Law School, Albany Law School and Cordoza Law School.  He serves on the Dean’s Advisory Board to Rockefeller College and on the Advisory Council for the Institute of Financial Market Regulation at SUNY Albany.  Mr. Citera obtained his J.D. degree from the University at Buffalo Law School and his B.A. from the State University of New York at Albany.