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Hedge Fund and Private Equity Enforcement & Regulatory Developments 2013


Speaker(s): Amanda Olear, Andre E. Owens, Andrew B. David, Avi Weitzman, Barry R. Goldsmith, Cameron Funkhouser, Chad Johnson, Colleen P. Mahoney, Dixie L. Johnson, Igor Rozenblit, James A. Brigagliano, Joan E. McKown, John H. Walsh, Lindi Beaudreault, Manal Sultan, Marcy Engel, Richard Tarlowe, Rita M. Molesworth, Robert B. Kaplan, Scott Black, Stephen J. Crimmins, Stephen L. Cohen, Stuart J. Kaswell, Susan E. Brune, Tram N. Nguyen
Recorded on: Nov. 19, 2013
PLI Program #: 42603

Mr. Johnson is Chief of the Investor Protection Bureau for the New York Attorney General.  Mr. Johnson was appointed to that position by Attorney General Eric T. Schneiderman in October of 2013.  Prior to that, Mr. Johnson had served in the Office of the Attorney General as Senior Trial Counsel and as Deputy Attorney General.  As Chief of Investor Protection for the Attorney General, Mr. Johnson oversees the bureau with primary responsibility for enforcing New York’s securities laws, in particular the Martin Act.

Mr. Johnson leads the Attorney General’s high-frequency trading initiative, which has resulted in the filing of an enforcement action against Barclays related to its dark pool, as well as a number of other investigations and industry reforms.

Mr. Johnson also advises the Attorney General on other Wall Street related matters, including major securities fraud litigations and investigations related to Residential Mortgage Backed Securities, foreign currency exchange practices, analyst surveys, credit rating practices, and other matters.

Before joining the Attorney General’s Office, Mr. Johnson was a partner with Bernstein Litowitz Berger & Grossmann LLP, where he represented institutional investors in securities fraud and corporate governance litigations.  Prior to that, Mr. Johnson was a partner with Latham & Watkins, where he represented financial institutions and corporate executives in complex litigations.

Mr. Johnson is a graduate of Harvard Law School and the University of Michigan.


Ms. Beaudreault defends hedge funds, financial institutions, public companies and individuals in complex SEC, FINRA and criminal investigations and proceedings. She has represented countless hedge fund managers, public companies and individuals in SEC, FINRA and criminal investigations and proceedings pertaining to insider trading, financial reporting, revocation of registration, mergers, offerings, ponzi schemes, Rule 105 violations and a wide variety of other market practices. Ms. Beaudreault’s advisory practice focuses on counseling hedge funds, broker-dealers, investment advisers and proprietary traders on regulatory matters, disclosures, filings, offering and marketing materials, compliance and best practices, and on the adequacy and effectiveness of their compliance procedures and programs. From 1998-2003, Ms. Beaudreault served as Senior Counsel and staff attorney in the U.S. Securities and Exchange Commission’s Division of Enforcement, where she conducted numerous securities investigations and prosecuted several high-profile cases. After her tenure at the SEC, and prior to joining Murphy & McGonigle, Ms. Beaudreault was a partner at a major law firm in Washington, D.C., counsel at Shearman & Sterling in New York and in-house counsel for regulatory matters at Bank of America and Merrill Lynch. Ms. Beaudreault is a recognized expert and frequent speaker and author on insider trading and other areas of significant risk to the hedge fund and financial services industries. She serves on the private funds committee of the National Society of Compliance Professionals. Ms. Beaudreault graduated from the Texas Tech School of Law, J.D., 1998, summa cum laude, Texas Tech Law Review, and University of Maryland, B.A., 1994, magna cum laude.


PRACTICE

Rita M. Molesworth is a partner in the Corporate & Financial Services Department and a member of the firm’s Asset Management, Regulatory and Capital Markets Practice Groups. She is Co-Chair of the firm’s Financial Institutions/Regulatory Practice Group. Ms. Molesworth is active in advising clients on the implementation of the Dodd Frank Act and has substantial experience with the Commodity Exchange Act and U.S. securities laws applicable to hedge funds.

Ms. Molesworth advises commodity pool operators, commodity trading advisors, investment advisers, hedge fund managers, futures commission merchants and other businesses on futures and other derivatives and general corporate and securities law matters.

Ms. Molesworth is active in assisting clients in U.S. and non-U.S. offerings of public and private commodity pools and hedge funds employing standalone and master-feeder structures. She also assists clients with derivatives (Commodity Exchange Act) and securities regulatory compliance. She also advises clients on CFTC and NFA requirements with respect to privacy and cybersecurity.

Chambers USA (2018) ranks Ms. Molesworth among the leading individuals practicing in the area of Investment Funds: Hedge Funds in the United States. Her deep experience has also been recognized by Expert Guides (2015) and The International Who's Who of Private Funds Lawyers, where she has been named as being among the world’s leading lawyers for private funds. Ms. Molesworth is recognized in The Best Lawyers in America for hedge funds law.

SELECTED PROFESSIONAL AND BUSINESS ACTIVITIES

Ms. Molesworth serves as Chair of the ABA's Derivatives and Futures Law Committee. She is a member of the New York City Bar's Committee on Futures and Derivatives Regulation and served as its Chair from 2003 to 2006 and its Secretary from 1997 to 2003. Ms. Molesworth is a past member of the New York City Bar’s Private Investment Funds and Energy Committees. Ms. Molesworth has served on the Executive Committee of the Law & Compliance Division of the Futures Industry Association, is a member of the Board of Editors of the Futures and Derivatives Law Report and a member of the Managed Funds Association’s CTA/CPO Forum and its Outside Counsel Forum. She publishes articles and is a regular speaker on educational panels with respect to derivatives and investment management issues. Ms. Molesworth is also a lecturer at Columbia Law School, where she teaches Derivatives Law and Regulation.

PRIOR EXPERIENCE

Ms. Molesworth has significant prior experience in the futures industry having worked at the National Futures Association as well as with energy trading companies on the trading floor of the New York Mercantile Exchange.

BAR ADMISSIONS

Ms. Molesworth is admitted to the Bar of the State of New York and was a member of the New Jersey Bar from 1995 to 2016.

EDUCATION

Ms. Molesworth received a JD from Seton Hall University in 1995, and a bachelor’s degree in accounting from the University of Massachusetts in 1984.

SELECTED SIGNIFICANT MATTERS

  • Advised a major hedge fund manager on the redomiciliation of its suite of funds from one jurisdiction to another.
  • Ongoing representation of commodity pool operator and commodity pools offered by a large financial services institution.
  • Assist numerous clients in classifying whether the instruments they trade are swaps subject to regulation by the CFTC or security-based swaps subject to regulation by the SEC.
  • Assist numerous commodity pool operators and commodity trading advisors in determining whether they will have to register with the CFTC as a result of the rescission by the CFTC of a widely used registration exemption.
  • Assist numerous hedge fund managers with registration with both the SEC and the CFTC and provide assistance with all aspects of ongoing compliance and reporting (Forms PF, CPO-PQR, etc.).


Scott Black  General Counsel & Chief Compliance Officer

Mr. Black is the General Counsel and Chief Compliance Officer at Hudson Bay. Before joining Hudson Bay in October 2010, he served as Assistant Regional Director in the Division of Enforcement of the Securities and Exchange Commission’s New York Regional Office, where he managed a group of attorneys conducting investigations into potential violations of the federal securities laws, and as a Senior Trial Counsel, where he served as first chair in numerous Commission litigations. Before joining the Commission in 2004, Mr. Black practiced at the law firms Kostelanetz & Fink from 2002 to 2004, and Wachtell, Lipton, Rosen & Katz from 1996 to 2002. From 1995 to 1996, Mr. Black served as a law clerk to the honorable Milton Pollack of the United States District Court for the Southern District of New York, focusing on securities matters. Mr. Black received a JD from the New York University School of Law where he graduated Magna Cum Laude, and a BA from Columbia College where he graduated Magna Cum Laude.


Amanda Olear is Associate Director in the Managed Funds and Financial Requirements Branch in the Division of Swap Dealer and Intermediary Oversight (DSIO) at the Commodity Futures Trading Commission (CFTC).  Ms. Olear has worked at the CFTC since 2007 and has focused on the operations of commodity pool operators and commodity trading advisors.  She has served as the Rulemaking Team Lead for the CFTC’s recent rulemakings amending CFTC regulations 4.5 and 4.13, adopting Forms CPO-PQR and CTA-PR and harmonizing compliance obligations for commodity pool operators of registered investment companies.  Ms. Olear regularly advises members of the public regarding the application of Part 4 of the CFTC’s regulations.

Ms. Olear received her J.D., with honors, from the University of Maryland School of Law in 2004, where she was inducted into the Order of the Coif.


Andre Owens' practice focuses on securities trading and markets activities. He counsels broker­ dealers, securities exchanges, investment advisers and other clients on a variety of regulatory issues under the rules of the SEC, FINRA and various securities exchanges, including Regulation NMS; Regulation ATS; short sale regulation; automated trading and risk controls and order handling matters. Mr. Owens also provides advice with respect to acquisitions of securities broker-dealers and investment advisers.

Mr. Owens served as a member of the Counseling and Regulatory Policy Group of the SEC's Office of General Counsel from 1992 to 1994, where he provided advice and recommendations on various proposals presented for Commission action, including proposed rulemaking actions, exemptive applications and enforcement matters. From 1994 to 1997, he served as Counsel to SEC Commissioner Steven M.H. Wallman and advised Commissioner Wallman on market regulation and investment adviser issues, as well as on a variety of administrative law issues.

Honors & Awards

Mr. Owens has been recognized as a leader in the financial services regulation: broker dealer field in the 2010-2019 editions of Chambers USA: America's   Leading Law yers in Business.  Mr. Owens is a member of The American Law Institute.

Professional Activities

Mr. Owens is a member of the Business Law Section of the American Bar Association, the Securities Industry Financial Markets Association's Legal and Compliance Division and the National Association of Securities Professionals. He also taught a course entitled "The Regulation of Securities Professionals and the Securities Markets" at Georgetown University Law Center.

Education

JD, Harvard Law School, 1988

BS, summa cum laude, Providence College, 1985


Barry Goldsmith is a partner in the New York and Washington, D.C. offices of Gibson, Dunn & Crutcher and co-head of the firm’s Securities Enforcement Practice Group and a member of the firm's Securities Litigation Practice and White Collar Defense Practice Groups.  Mr. Goldsmith's practice focuses on the representation of hedge and private equity funds; broker-dealers and other financial institutions; public companies and their employees in SEC, FINRA, and other regulatory matters and in internal investigations.  Mr. Goldsmith joined the firm after serving as head of Enforcement at NASD (now FINRA), the primary private-sector regulator of the country’s securities industry.  Mr. Goldsmith was NASD’s top enforcement official responsible for formulating its national enforcement policy and overseeing investigations and cases. Prior to his 10-year tenure at NASD, Mr. Goldsmith served as Chief Litigation Counsel at the Securities and Exchange Commission, where he was responsible for all enforcement litigation brought by the agency.

Mr. Goldsmith has consistently been ranked in Band 1 by Chambers USA America's Leading Business Lawyers as one of the top Securities Regulation attorneys nationwide and was named Best Lawyers’ 2016 and 2018 Securities Regulation “Lawyer of the Year” for New York City.

Mr. Goldsmith is a frequent speaker on securities enforcement and regulatory issues at industry, legal, and media sponsored conferences.  He received his law degree in 1975 from Georgetown University Law Center.  He graduated magna cum laude in economics from the University of Pennsylvania’s Wharton School in 1972.


CAMERON K. FUNKHOUSER,
Executive Vice President, Office of Fraud Detection and Market Intelligence

Cam Funkhouser is a native of the Washington, D.C. area where he graduated from Georgetown University with a Bachelor’s degree in business and George Mason University with a J.D.  Mr. Funkhouser is a member of the Virginia State Bar.  He has been employed by Financial Industry Regulatory Authority (FINRA), formerly known as NASD, since 1984, serving in various roles of increasing responsibility with a focus on the surveillance of securities traded on The Nasdaq Stock Market, New York Stock Exchange, American Stock Exchange and the over-the-counter markets.  Mr. Funkhouser has extensive experience conducting securities fraud investigations and is regularly called upon by civil and criminal law enforcement authorities to provide training, technical assistance, investigative/litigation strategy consulting and expert testimony.  Currently, he is responsible for overseeing the Office of Fraud Detection and Market Intelligence which includes the Insider Trading and Fraud Surveillance units responsible for monitoring the trading activity of over 10,000 publicly traded securities, FINRA’s Complaint Center and FINRA’s Whistleblower program. Mr. Funkhouser and his staff have been responsible for uncovering numerous cases of internet fraud, insider trading, market manipulation, Ponzi schemes and other white collar misconduct which have been successfully investigated and prosecuted by FINRA, the Securities and Exchange Commission and other law enforcement agencies across the country and internationally. The Office of Fraud Detection and Market Intelligence is staffed with more than 125 regulatory professionals.


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 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 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.


Igor Rozenblit co-leads the Private Funds Unit at the SEC's Office of Compliance Inspections and Examinations. The Private Funds Unit is dedicated to building expertise in and conducting examinations of advisers to private equity, hedge and other private funds. Previously, he was part of the Division of Enforcement’s Asset Management Unit.

Before joining the SEC, Igor managed the North American private equity funds portfolio of a large financial institution. Earlier, he was a private equity investment professional focused on investing in middle market companies.

Igor received a BS from the University of Michigan and an MBA from The University of Chicago’s Booth School of Business.


JAMIE BRIGAGLIANO is a partner of the Securities and Derivatives Enforcement and Regulatory group, which received the 2019 Chambers USA award for Financial Services Regulation Firm of the Year. Prior to joining Sidley, Jamie served as the Deputy Director of the Division of Trading and Markets at the Securities and Exchange Commission, where he held senior policymaking and management responsibilities. His practice at Sidley is composed of advising broker-dealers, hedge funds and other financial services firms on a broad variety of regulatory, enforcement, compliance and transactional matters. Jamie focuses his practice in particular on SEC and SRO rules governing trading by broker-dealers and hedge funds, and broker-dealer registration and conduct rules.

Jamie’s practice has been regularly recognized by Chambers USA and The Best Lawyers in America. In the 2015 edition of Chambers USA, Jamie was recognized as a lawyer with “a good understanding of how the SEC operates” and “strong practical skill in trading practices.” For the 2016, 2017 and 2019 rankings, The Best Lawyers in America list Jamie as a “Best Lawyer” in the Securities Regulation category.

While at the SEC, Jamie oversaw the regulation of broker-dealers, securities markets and trading practices; advised on enforcement matters and testified before Congress. Jamie was honored with numerous awards during his tenure at the SEC.  He has been a frequent speaker at seminars and conferences.

 


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.


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.

 


Marcy Engel is Chief Operating Officer and General Counsel of Eton Park Capital Management, L.P., a global alternatives investment firm.  In this role she is responsible for all of the non-investment aspects of Eton Park’s business including Investor Relations, Technology, Operations, Finance, Treasury, Risk, Legal and Compliance, and Human Resources and Facilities.  In addition, she works closely with the CEO on strategy and other firm wide matters.

Prior to joining Eton Park, Marcy worked for Citigroup and its predecessor firms, Salomon Smith Barney and Salomon Brothers, Inc., where, among other roles, she was Head of Planning and Operating Risk for its Fixed Income Division and served as General Counsel of Salomon Smith Barney and Managing Deputy General Counsel of Citigroup’s Global Corporate and Investment Bank.

Prior to joining Salomon Brothers, Marcy was an associate in the Litigation Department of Sullivan & Cromwell.

Marcy received her undergraduate degree from the University of Michigan and received a JD degree from the University of Pennsylvania Law School.

Marcy is a member of the Board of Overseers of the University of Pennsylvania Law School and a member of the Dean’s Advisory Committee of the Literature, Science and the Arts School at the University of Michigan.  She also serves as a member of the Board of Directors of the Legal Aid Society and the Board of Trustees of Westchester Reform Temple in Scarsdale, NY.


Robert Kaplan is a litigation partner based in the Washington, DC office of Debevoise & Plimpton.  He has significant experience with a broad range of securities-related enforcement and compliance issues, including those involving requirements affecting SEC-registered investment advisors affiliated with hedge funds, private equity funds, investment companies, mutual funds and separately managed accounts.

Prior to joining Debevoise in 2012, Robert was Co-Chief of the Asset Management Unit of the U.S. Securities and Exchange Commission’s Division of Enforcement. In this role, he co-led a team of 75 lawyers and industry experts focused on investigations related to potential violations of securities laws by advisers to \ private equity funds, hedge funds,  mutual funds and separately managed accounts. He partnered with senior leadership in other divisions of the SEC to establish law enforcement priorities in the asset management industry and developed cross-agency initiatives to proactively detect violations in emerging risk areas.

During his seventeen-year tenure at the SEC’s Division of Enforcement, Mr. Kaplan also served as Assistant Director from 2004 to 2010, Assistant Chief Litigation Counsel in the Division’s Trial Unit from 1998 to 2004, and Staff Attorney and Senior Counsel from 1995 to 1998.He played a leading role in SEC enforcement actions across a variety of areas, including in actions related to Investment Advisers, Financial Fraud, Auditors, the FCPA, Broker-Dealers and Insider Trading. Robert has won several prestigious awards for his service in the Division of Enforcement, including the Chairman’s Award for Excellence and the Arthur F. Mathews Award.

Robert received his J.D. from New York University in 1992, and his A.B. B from Columbia University in 1989.


Stephen J. Crimmins is a partner at Murphy & McGonigle, a 50-lawyer securities-focused boutique in New York and Washington.  He defends clients in enforcement matters involving the Securities and Exchange Commission and other financial regulators.

Before returning to private practice well over a decade ago, Steve spent 14 years trying cases at the SEC’s Enforcement Division, including 8 years leading its large Trial Unit in prosecuting securities cases in federal courts and administrative proceedings.  Steve is a Brooklyn native, earned his law degree at Columbia, and began his practice at a large New York firm.

Best Lawyers recognized Steve as the “2017 Securities Regulation Lawyer of the Year for New York City,” and Chambers USA recognized him in 2019 a “real leader of the SEC enforcement Bar” and among the top 20 enforcement lawyers nationally.  Steve has chaired the securities law sections of both the Federal Bar Association and the DC Bar.  He has testified three times before Congress on SEC issues, most recently in June 2019, and he regularly speaks on professional panels. 


Stuart J. Kaswell is MFA’s Executive Vice President & Managing Director, General Counsel. In his role as chief legal officer, Stuart represents the hedge fund industry on domestic and international legislative and regulatory policy issues. Stuart works directly with MFA’s President & CEO to oversee all legal aspects of the Association’s legislative and regulatory policy initiatives in Washington and around the world.

Prior to joining MFA, Stuart was Partner in Bryan Cave’s White Collar Defense & Investigations, Securities Litigations & Enforcement practice groups and focused on issues including financial services regulation and short sale regulation. Previously, Stuart was Partner in the financial services group at Dechert, LLP. Stuart was Senior Vice President and General Counsel, Securities Industry Association for nearly a decade (1994-2003) serving as chief legal officer and responsible for all legal and regulatory matters. Prior to that, he was Republican (Minority) Counsel, Committee on Energy and Commerce, U.S. House of Representatives. Earlier in his career, (1979-1986) he held several positions at the Securities and Exchange Commission, including as branch chief, OTC regulation, during which time he was responsible for oversight of the NASD. Stuart received his A.B. in political science from Vassar College with General and  Departmental Honors, and his J.D., from Washington College of Law, The American University. His bar admissions include Virginia, District of Columbia, Maryland, U.S. Supreme Court and various Federal Courts.


Susan E. Brune has been consistently recognized for excellence in the practice of law.  Susan focuses her practice on white collar matters, helping individuals and entities through investigations involving the U.S. Department of Justice, the SEC, FINRA and other criminal and regulatory bodies.

Susan has repeatedly warded off indictment and regulatory charges through sound strategic choices, meticulous preparation and forceful advocacy. When cases are brought, she is equally effective. A seasoned trial lawyer, she obtained the acquittal of a Bear Stearns hedge fund manager in a federal jury trial.

In 2010, the New York State Association of Criminal Defense Lawyers conferred upon her the Hon. Thurgood S. Marshall Award for Outstanding Criminal Practitioner, an award conferred annually on one practitioner in New York.

After leaving the U.S. Attorney’s Office and before founding Brune Law P.C., Susan founded and for 18 years led Brune & Richard LLP, a firm that The New York Times described as “a top-flight New York litigation boutique.”

Susan is a graduate of Harvard Law School.


Tram N. Nguyen is a partner in the Investment Management practice of Paul Hastings. Ms. Nguyen represents hedge funds, private equity funds, and other private funds on all aspects of fund formation, fund structuring and capital raising. She has experience representing asset managers in structuring hedge fund-linked notes and customized single-investor funds. Ms. Nguyen also advises financial institutions and investment advisers on U.S. regulatory requirements, including registration and reporting requirements.  Prior to joining Paul Hastings, Ms. Nguyen was a partner at a U.S. firm and was the Branch Chief of the Private  Funds Branch at the SEC Division of Investment Management in Washington, D.C. At the SEC, she worked on developing and implementing rules for hedge fund and private equity fund advisers under the Dodd-Frank Act and the JOBS Act.


A 23-year veteran of the Securities and Exchange Commission (SEC), John Walsh joined Eversheds Sutherland (US) in October 2011. With his deep, insider’s experience and perspective of the SEC, John now represents broker-dealers, hedge funds, investment advisers and other securities firms in compliance and regulatory issues involving the agency. He counsels clients on the full spectrum of securities issues from development and compliance to cooperation in examinations and defense in enforcement proceedings.

At the SEC, John played a key role in creating the Office of Compliance Inspections and Examinations (OCIE), which administers examinations of U.S. registered securities entities. He designed and implemented the SEC’s securities compliance examination practices, first as a senior advisor for compliance policy and then, most recently, as associate director-chief counsel. In 2009, he served as OCIE’s acting director and led a massive retraining of examination staff on antifraud techniques.

Prior to his tenure at OCIE, John was special counsel to former SEC Chairman Arthur Levitt from 1993 to 1995. From 1990 to 1993, he worked in the SEC Division of Enforcement, serving first as senior counsel and then as chief of the branch of regional office assistance, where he regularly appeared before the Commission’s closed meetings to present and discuss regional office enforcement cases.

He also advised the commissioners and staff on securities laws and agency policy. John began his career with the SEC in 1988 as an attorney in the Office of General Counsel.

Awards

  • Recognized by The Legal 500 United States in the area of financial services: regulatory (2018)
  • Recipient, SEC Law and Policy Award (2010-2011)
  • Recipient, SEC Examination Award of Excellence (2000)
  • Recipient, SEC Regulatory Simplification Award (1996)

Professional Activities

Member, American Law Institute


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.


Richard Tarlowe is a partner in the Litigation Department of Paul, Weiss, Rifkind, Wharton & Garrison, where he focuses his practice on white collar and regulatory defense, government investigations, cybersecurity and high-stakes litigation. Richard regularly counsels corporations and senior executives in internal investigations and in all stages of criminal and regulatory investigations and proceedings.  Prior to joining Paul, Weiss, Richard served for eight years as an Assistant U.S. Attorney in the Southern District of New York, where he was Chief of the Complex Frauds and Cybercrime Unit and a member of its Securities & Commodities Fraud Task Force. Richard oversaw the investigation and prosecution of a wide array of white collar matters, including sophisticated financial frauds, cybercrimes, Foreign Corrupt Practices Act (FCPA) violations, criminal tax offenses and health care fraud. He played a critical role in the government's crackdown on insider trading and litigated some of the most significant and high-profile securities fraud trials in the country, including the successful insider trading prosecution of Rajat Gupta, a former Goldman Sachs board member and chair of McKinsey & Co. Richard also handled cases involving public corruption, investment advisor fraud, accounting fraud and market manipulation. During his tenure as a federal prosecutor, Richard conducted numerous jury trials and briefed and argued numerous appeals before the U.S. Court of Appeals for the Second Circuit.  Mr. Tarlowe graduated summa cum laude from Duke University and received his law degree magna cum laude from Harvard Law School.


Andrew B. David is a Partner and Chief Operating Officer of Aristeia Capital, L.L.C., where he is responsible for the non-investment aspects of the firm’s business.  In addition, Mr. David serves as the firm’s General Counsel and Chief Compliance Officer.  Mr. David joined Aristeia in June 2009.  Mr. David received a B.A., cum laude, in International Affairs from The George Washington University in 1994, and a J.D., cum laude, from the Georgetown University Law Center in 1999.  From 1999 to 2004, Mr. David served as an associate in the New York office of the international law firm Coudert Brothers LLP, where he represented a variety of investment management clients in organizational and operational matters and counseled clients on regulatory issues.  In addition, he advised public and private clients in mergers and acquisitions and private equity investment transactions.  From 2004 to 2009, Mr. David served as General Counsel and Chief Compliance Officer of North Sound Capital LLC, an investment firm headquartered in Greenwich, Connecticut, focusing on long-short equity strategies and with peak assets under management of approximately $3 billion.  Mr. David is admitted to practice law in New York and Connecticut.


Avi Weitzman is of counsel in Gibson Dunn’s New York office. He is an experienced trial and appellate attorney, and is a member of the Firm’s Litigation, White Collar Defense and Investigations, Crisis Management, Securities Enforcement, Securities Litigation, Intellectual Property, and Media, Entertainment and Technology Practice Groups.

Mr. Weitzman is a nationally-recognized trial lawyer, litigator, and white collar defense attorney. In 2013, Mr. Weitzman was named one of five “Rising Stars” in the United States under the age of 40 in White Collar by Law360, an annual list that honors attorneys whose legal accomplishments belie their age. Prior to joining Gibson Dunn, from 2005 to 2012, Mr. Weitzman served as an Assistant United States Attorney in the Southern District of New York, where he tried twelve federal criminal jury trials to verdict, and briefed and argued numerous federal appeals before the Second Circuit. As a member of the Securities and Commodities Fraud Task Force, Mr. Weitzman was part of the team of prosecutors leading the government’s “Operation Perfect Hedge” insider trading investigation, which resulted in several high profile insider trading cases against hedge funds and portfolio managers at those funds. Among others, Mr. Weitzman was part of the team that litigated United States v. Raj Rajaratnam and successfully defended the government’s use of wiretaps in that case, for which he received the Attorney General’s Distinguished Service Award. Mr. Weitzman also was co-lead counsel in the first insider trading trial arising out of the government’s investigation of expert networking firms, United States v. Winifred Jiau.

In addition, as a federal prosecutor, Mr. Weitzman investigated and prosecuted a wide range of federal securities fraud offenses, and coordinated parallel civil proceedings with the Securities and Exchange Commission. He also gained significant experience in international investigations as a member of the Organized Crime Unit, leading numerous large, complex racketeering investigations and prosecutions involving international organized crime, as well as Italian, Albanian and Asian criminal enterprises in the United States. Mr. Weitzman’s international investigations resulted in the historic extradition of more than 20 individuals from Israel for their involvement in international telemarketing fraud, the largest-ever extradition from Israel, as well as the extradition and conviction of the Chief Aide to the Albanian Deputy Prime Minister for murder, kidnapping and racketeering offenses in the United States.

Since returning to private practice, Mr. Weitzman has been involved in a number of headline-grabbing, multi-billion-dollar trials. Mr. Weitzman is currently a member of the trial team representing Chevron Corporation in a federal RICO trial arising out of an $18 billion dollar environmental remediation judgment in Ecuador that has been marred by rampant fraud by the plaintiffs’ attorneys and others. In the Fall of 2012, Mr. Weitzman was a member of trial team that obtained a mid-trial settlement, valued at well over $1 billion, in a breach of contract case brought by VOOM HD Holdings, a high-definition television subsidiary of Cablevision Systems Corporation, against DISH Network.

Mr. Weitzman received his Juris Doctor degree from Harvard Law School in 1999, where he was a Senior Editor of the Harvard Civil Rights-Civil Liberties Law Review and a member of the Board of Student Advisors. He also received his Bachelor of Arts degree in Political Science from the University of Kentucky in 1996. Following law school, Mr. Weitzman served as a law clerk for Justice Dalia Dorner of the Israeli Supreme Court, and then for Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York.


STEPHEN COHEN is an Associate Director in the Securities and Exchange Commission’s Division of Enforcement.  In that capacity, Steve oversees a broad range of domestic and international enforcement activities, including investigations involving accounting and disclosure fraud, insider trading, Foreign Corrupt Practices Act, registered and unregistered securities offerings, market abuses, broker-dealers, investment advisers and other regulated entities.  Steve rejoined the Division in 2011 after spending two years as Senior Advisor to SEC Chairman Mary Schapiro.  In that capacity, he advised the Chairman concerning policy and administrative matters focusing mostly on Enforcement and Compliance issues, legislative matters, Congressional hearings, and coordination with other government agencies.  Steve was intimately involved in various aspects of the Dodd-Frank Act, including substantial involvement with the whistleblower legislation and subsequent rulemaking.  Prior to joining the Chairman’s staff, Steve served as Assistant Chief Litigation Counsel in the Division of Enforcement.  Steve has also worked in private practice and as a trial attorney at the US Department of Justice where he was part of the Attorney General’s Honor’s Program.  He clerked for a federal judge in Miami and is a graduate of the University of Miami School of Law and Boston University.