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Hedge and Private Fund Enforcement & Regulatory Developments 2014


Speaker(s): Aitan D. Goelman, Andre E. Owens, Andrew B. David, Chad Johnson, Hannah Berkowitz, Igor Rozenblit, James A. Brigagliano, Joan E. McKown, John H. Walsh, Joseph Furey, Julie M. Riewe, K. Susan Grafton, Kahyeong Lee, Marc E. Elovitz, Marc J. Fagel, Marcy Engel, Michael J. Osnato, Jr., Peter H. Bresnan, Richard W. Grime, Rita M. Molesworth, Scott Black, Scott Reinhart, Stuart J. Kaswell, Susan E. Brune, Susanne V. Clark, Wayne M. Carlin
Recorded on: Nov. 18, 2014
PLI Program #: 51800

Susanne V. Clark, Senior Managing Director and General Counsel.  Prior to joining Centerbridge, Ms. Clark was the General Counsel and Chief Compliance Officer of Basso Capital Management, L.P. (“Basso”), an SEC-registered investment adviser managing multi-strategy, convertibles and credit funds.  Prior to Basso, Ms. Clark was the Deputy General Counsel of Amaranth Group Inc., an investment adviser for multi-strategy and long/short equity funds.  Before that, Ms. Clark served as Vice President and Assistant General Counsel at Goldman Sachs, where she was responsible for finance and corporate legal matters involving The Goldman Sachs Group, Inc. and, prior to that, for legal matters involving the investment banking business of Goldman, Sachs & Co.  Ms. Clark started her career as an Associate in the New York Office of Shearman & Sterling LLP.  Ms. Clark graduated with honors from Swarthmore College and received her J.D. from Columbia Law School.


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.


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.


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 2010-2018 editions of Chambers USA: America's Leading Lawyers in Business.

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


Hannah Berkowitz represents financial services companies, their officers, directors and employees, in securities, antitrust and commercial litigation and regulatory proceedings, and advises clients on practices and procedures to reduce litigation, regulatory and compliance risk and exposure. As a former in house lawyer, she is keenly focused on delivering high quality services efficiently.

Prior to joining Murphy & McGonigle, Ms. Berkowitz held senior positions in the general counsels’ offices of several public companies in the financial services industry. Ms. Berkowitz was Group Executive and Senior Associate General Counsel at Mastercard Worldwide, where she headed up litigation, regulatory, and public policy globally. Prior to Mastercard, she was a Managing Director and General Counsel Litigation at UBS Financial Services Inc., where she supervised in house lawyers and outside counsel involved in a broad range of litigation in the federal and state courts, sales practices and recruiting arbitrations and customer sales practices complaints. During her tenure, she also supervised lawyers in the corporate, mergers and acquisitions and hedge fund area, and provided advice to senior management. Ms. Berkowitz was Deputy General Counsel and Senior Vice President of PaineWebber Incorporated, heading up firm-wide litigation, including capital markets, retail and asset management. Ms. Berkowitz was personally involved in defending many of the complex and high exposure matters involving the financial services industry, including limited partnerships, Orange County municipal bonds, Nasdaq trading, market-timing, revenue sharing, bank sweep accounts, structured products, CDOs, hedge fund products, equity linked notes, variable annuity insurance products, research, failed public offerings of securities and Enron related matters. She also was involved in the creation of the Protocol, involving lateral recruiting of brokers, which has been adopted by most broker-dealer firms.

Prior to PaineWebber, Ms. Berkowitz was at Davis Polk & Wardwell, where she represented domestic and foreign companies in securities, antitrust and commercial litigation, and in criminal investigations. For example, she represented an underwriter and financial advisor in federal and state actions arising out of the failure of First Republic Bank in Texas; an issuer in securities litigation arising out of alleged false earnings projections; and an investment bank in Oklahoma actions relating to mortgage fraud. She also was involved in representing a financial institution in investigations and litigation relating to insider trading and represented companies and individuals in criminal grand jury proceedings. Ms. Berkowitz began her legal career as a law clerk to the late Hon. William C. Conner in the United States District Court for the Southern District of New York.

Ms. Berkowitz is an Adjunct Professor at Pace Law School and was a Visiting Lecturer at the University of Chicago School of Law. She served as an officer of the Compliance and Legal Division of SIFMA (previously SIA), and Chair of the Amicus Committees of SIFMA, SIA and the former Bond Market Association. She was a member of the National Arbitration & Mediation Committee and is a FINRA arbitrator. 

Ms. Berkowitz has been recognized as a New York Super Lawyer (2014-15).


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.


John H. Walsh joined Eversheds Sutherland (US) in October 2011. John represents investment advisers, registered and private funds, broker-dealers, and other securities firms.   He counsels clients on the full spectrum of compliance and regulatory issues, including the development of robust compliance controls, internal investigations, cooperation in examinations, and defense in enforcement investigations.  He also serves on Executive Compliance Committees.

Before joining Eversheds Sutherland John was a 23-year veteran of the Securities and Exchange Commission (SEC).  He served in the examination program, the Division of Enforcement, and as Special Counsel to former SEC Chairman Arthur Levitt.  He played a key role in designing and implementing the SEC's securities compliance examination practices, and served for many years as the examination program’s Chief Counsel, or senior lawyer.  In 2009-2010, he served as the program's Acting Director during a period of intense financial crisis.

John has published widely on a variety of legal, regulatory and compliance topics.  In 2016 he was elected to membership in the American Law Institute.


Julie M. Riewe is a litigation partner and a member of the firm’s White Collar & Regulatory Defense Group. Her practice focuses on securities-related enforcement and compliance issues and internal investigations, and she has significant experience with matters involving private equity funds, hedge funds, mutual funds, business development companies, separately managed accounts and other asset managers. Ms. Riewe was recognized as a “Client Service All-Star” by BTI Consulting in 2018.

Prior to joining the firm, Ms. Riewe was Co-Chief of the Asset Management Unit of the U.S. Securities and Exchange Commission’s Division of Enforcement. Ms. Riewe oversaw a nationwide program of investigations focusing on investment advisers, investment companies, mutual funds, hedge funds, private equity funds and other investment vehicles managed by investment advisers. She co-led a team of nearly 80 attorneys, industry experts and other professionals in all 12 SEC offices, and was responsible for directing the SEC’s asset management-related enforcement efforts. In recognition of her leadership and integrity, she received the Chairman’s Award for Excellence in Leadership in 2015.

Before her appointment to Co-Chief, Ms. Riewe was Deputy Chief and Assistant Director of the Asset Management Unit in 2012 and 2010, respectively. From 2008 to 2010, she was Branch Chief in the Enforcement Division in Washington, D.C. Ms. Riewe joined the SEC in 2005 as a staff attorney in the Enforcement Division In 2007, she earned the Ellen B. Ross Award for her performance at the SEC.

From 2000 to 2004, Ms. Riewe was a litigation associate with a major international law firm, prior to which she served as a law clerk to the Hon. Diana E. Murphy of the U.S. Court of Appeals for the Eighth Circuit from 1999 to 2000.

Ms. Riewe earned her J.D. and M.P.P. from Duke University School of Law in 1999, where she was a member of the Duke Law Journal and Editor-in-Chief of the Duke Journal of Gender Law & Policy. She received her A.B. from Duke University in 1993.


Marc E. Elovitz is chair of the Schulte Roth & Zabel’s Investment Management Regulatory & Compliance Group. He advises hedge funds, private equity funds and real estate funds on compliance with the Investment Advisers Act of 1940 and other federal, state and self-regulatory organization requirements, including establishing compliance programs, registering with the SEC and handling SEC examinations. Marc provides guidance to clients on securities trading matters and represents them in regulatory investigations and enforcement actions, arbitrations and civil litigation. He also regularly leads training sessions for portfolio managers and analysts on complying with insider trading and market manipulation laws.

A member of the American Bar Association’s Business and Litigation Sections and the Hedge Funds Subcommittee of the Committee on Federal Securities Regulation, Marc is a frequent speaker at hedge fund industry conferences and seminars. In addition, he co-authors the “Market Manipulation” chapter in the leading treatise, Federal Securities Exchange Act of 1934 (Matthew Bender) and wrote the chapter on “The Legal Basis of Investment Management in the U.S.” for the Oxford University Press book, The Law of Investment Management. After graduating with honors from Wesleyan University in 1986, Marc attended New York University School of Law, from which he was awarded his J.D. degree in 1990.


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.


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.


Peter H. Bresnan is a Litigation Partner at Simpson Thacher & Bartlett LLP and member of the Firm’s Government and Internal Investigations practice. Peter’s practice includes a broad range of business regulatory and corporate governance matters, including representing corporations, financial institutions and individuals in SEC and other regulatory enforcement proceedings. In addition, Peter conducts internal investigations on behalf of management and boards of directors. He regularly counsels clients on SEC reporting, disclosure, compliance and corporate governance requirements.

Peter joined the Firm following a 12-year tenure at the Securities and Exchange Commission, most recently as Deputy Director, Division of Enforcement, where he was responsible for supervising all enforcement matters in the SEC’s Washington, D.C. office. Peter led a number of major enforcement actions, including as the SEC’s lead trial counsel in the WorldCom case. Peter was also responsible for the Commission’s actions against Fannie Mae and Freddie Mac. Peter led significant investigations involving a broad variety of subjects, including alleged violations of the Foreign Corrupt Practices Act, issuer accounting fraud and other disclosure violations, stock options backdating, mutual fund market timing and late trading, market manipulation, broker-dealer misconduct and insider trading.

During his career at the SEC, Peter had numerous roles, including as Acting District Administrator for the SEC's Boston office, where his responsibilities included oversight of the office’s enforcement program as well as its examinations of brokerage firms, investment advisors and other registered entities. Peter also served as the SEC’s Deputy Chief Litigation Counsel, sharing responsibility for managing the Commission’s nationwide litigation program.

Peter was recognized at the Securities Enforcement Forum 2013 where he was named to the Forum’s inaugural “Enforcement 40,” a list of the 40 best and brightest securities enforcement defense attorneys in the industry, recognizing lawyers who have experience in bet-the-company and SEC Division of Enforcement matters. He is the 2004 recipient of the SEC’s Stanley Sporkin Award, which recognizes those who have made “exceptionally tenacious and insightful contributions” to the enforcement of the federal securities laws. He is the 2004 recipient of the SEC’s Stanley Sporkin Award, which recognizes those who have made “exceptionally tenacious and insightful contributions” to the enforcement of the federal securities laws. He is recognized nationally by Chambers USA in Securities: Regulation: Enforcement, where sources describe him as “a very sharp, active player in the Bar.” He is recognized by The Legal 500 in both Financial Services: Litigation and White-Collar Criminal Defense, and is consistently recognized as a “Litigation Star” by Euromoney’s Benchmark Litigation. He earned his J.D. from Fordham University School of Law in 1982 and his B.A. from Kenyon College in 1977.

PRACTICE FOCUS

  • Government and Internal Investigations
  • International Regulatory and Compliance
  • Asia Litigation
  • Whistleblower and False Claims Act
  • Litigation


Richard W. Grime is a litigation partner in the Washington office of Gibson, Dunn & Crutcher’s Washington, DC office and a member of the White Collar Defense and Investigations Practice Group and the Securities Enforcement Practice Group. 

Mr. Grime’s practice focuses on representing companies and individuals in corruption, accounting fraud, and securities enforcement matters before the Securities and Exchange Commission and the Department of Justice.  Mr. Grime also conducts internal investigations and counsels clients on compliance and corporate governance matters with a particular focus on corruption investigations.

Prior to joining Gibson Dunn, Richard spent over nine years in the Division of Enforcement at the Securities and Exchange Commission in Washington, DC.  In his last four years at the Commission he was an Assistant Director. Mr. Grime is currently highly ranked in Chambers USA Nationwide FCPA and Chambers Global FCPA and was recently selected by his peers for inclusion in The Best Lawyers in America© 2016 in the field of Criminal Defense: White Collar.  He is also a longstanding and frequent speaker to legal and industry practitioners particularly on anti-corruption and securities enforcement topics.

Mr. Grime received his law degree from Oxford University.


Scott Reinhart is senior counsel to Commissioner Mark P. Wetjen at the U.S. Commodity Futures Trading Commission. In that capacity he advises Commissioner Wetjen on full range of legal, regulatory and policy matters before the CFTC, including the implementation of the Dodd-Frank Act. Mr. Reinhart also acted as co-Chief of Staff and co-Chief Operating Officer of the Commission during Commissioner Wetjen’s acting chairmanship.

Prior to joining the Commission Mr. Reinhart was a member of the Global Markets Financing and Futures client solutions group at Bank of America Merrill Lynch. He also practiced as a lawyer on Lehman Brothers’ structured credit products desk, and following the Lehman bankruptcy he advised the Lehman bankruptcy estate on the unwind of its derivatives portfolio. Mr. Reinhart began his career as an associate at Shearman & Sterling LLP, where he advised buy-side and sell-side institutions with respect to a wide range of derivatives and structured products.

Mr. Reinhart holds a J.D. from the New York University School of Law and a B.A. from the University of Pennsylvania and is a member of the New York State Bar. Mr. Reinhart is a CFA® charterholder.


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.


Wayne M. Carlin is a litigation partner with Wachtell, Lipton, Rosen & Katz.  His practice is concentrated in the defense of regulatory, enforcement, white-collar criminal and complex civil litigation matters, as well as the conduct of internal investigations.  Mr. Carlin was previously Regional Director of the New York Regional Office of the United States Securities and Exchange Commission from 2000 to 2004.  He earlier served in a variety of positions on the SEC's enforcement staff from 1993 to 1997 and from 1999 to 2000.  From 1997 to 1999, Mr. Carlin was Head of Regulatory Affairs at Lazard Frères & Co.  Mr. Carlin was a member of the Task Force on the Role of Lawyers in Corporate Governance of the Association of the Bar of the City of New York, and previously served on the Securities Regulation Committee and the Financial Reporting Committee.  Mr. Carlin is a member of the Board of Directors of the Association of SEC Alumni.


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 on 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.


Marc Fagel is a partner in Gibson, Dunn & Crutcher’s San Francisco and Palo Alto offices and a Co-Chair of the Firm’s Securities Enforcement practice group.  Mr. Fagel’s practice focuses on the representation of public companies and their officers and directors, as well as financial institutions, hedge funds and private equity firms, accounting firms, and others in investigations conducted by the Securities and Exchange Commission, Department of Justice, FINRA, and other regulatory bodies.  Mr. Fagel also conducts internal investigations and represents clients in related civil actions.

Prior to joining the Firm, Mr. Fagel spent over 15 years with the SEC, most recently serving as Regional Director of the SEC’s San Francisco Regional Office from 2008 to 2013. In his role as Regional Director, he was responsible for administering the SEC’s enforcement and examination programs for Northern California and the Pacific Northwest, managing a staff of more than 100 lawyers, accountants, and other professionals.  Before his appointment as Regional Director, Mr. Fagel served as the office’s Associate Regional Director in charge of enforcement. While at the SEC, Mr. Fagel conducted and supervised investigations in nearly every subject area of the SEC’s enforcement program, including public company disclosure and reporting; insider trading; and matters involving major financial institutions, investment advisors, mutual funds, hedge funds and broker-dealers. 

Before joining the SEC, Mr. Fagel spent six years as an associate in the San Francisco office of a large international law firm, where he specialized in representing technology companies and their officers and directors in securities fraud class action litigation. Mr. Fagel received his undergraduate degree from Princeton University and graduated in 1991 with honors from the University of Chicago Law School, Order of the Coif.


Susan Grafton leads Dechert’s Broker-Dealer, Securities Trading and Markets practice and co-leads its FinTech practice. She is consistently ranked nationally by Chambers USA in the Broker-Dealer (Compliance) and Broker-Dealer (Enforcement) categories. Among other comments, clients note her “problem-solving orientation. I find her to be very practical and she can work with us on getting to a positive resolution. She always has her client's goals in mind.” (Chambers USA 2017). Market observers call her “an excellent regulatory attorney” and note that “Susan’s work as always been very impressive.” (Chambers USA 2018). They also note that she is “very well connected in the industry, and is able to get the SEC and FINRA to be more responsive” (Chambers USA 2016). Clients also describe her as “a go-to attorney…especially in Regulation M issues and distribution type questions, [where] she's very knowledgeable” (Chambers USA 2015).

Ms. Grafton counsels a wide range of broker-dealers, including alternative trading systems, on all aspects of their business, including registration and changes in control; sales practices, including proposed Regulation Best Interest; trading and execution issues, including compliance with best execution, trade and order reporting, and Regulation NMS and SHO requirements; and Regulation M and FINRA’s corporate finance rules. Her practice also includes representing investment avisers, including hedge fund managers, on a variety of issues, including broker-dealer status issues and solutions to avoiding broker-dealer registration, the use of expert networks, handling material non-public information, and compliance with Rule 105 of Regulation M. She advises buy-side and sell-side clients on soft dollar issues and intersection between Section 28(e) and MiFID II.

In addition, Ms. Grafton frequently represents clients before the SEC and FINRA in connection with regulatory examinations and enforcement investigations pertaining to a wide range of issues.

Ms. Grafton has a unique combination of regulatory, in-house and law firm experience. She began her career with the SEC’s Division of Trading and Markets, and subsequently served as a vice president and associate general counsel of Goldman Sachs & Co. where she advised on a variety of strategic, regulatory compliance and operational issues related to the firm’s institutional equities sales and trading businesses.


Aitan Goelman became the Director of the Division of Enforcement in the CFTC in June 2014.  After graduating from Yale Law School in 1993, Mr. Goelman spent a year clerking for Justice Aharon Barak on the Supreme Court of Israel before beginning his career in the DOJ Attorney General’s Honors Program.  As an Honor Graduate, Mr. Goelman was initially a trial lawyer in the Terrorism and Violent Crime Section in the Department of Justice’s Criminal Division.  After the Oklahoma City Bombing in 1995, Mr. Goelman was appointed Special Attorney to the U.S. Attorney General on the OKBomb Task Force and served as a trial lawyer in the federal trials of Timothy McVeigh and Terry Nichols, for which he was awarded the Attorney General’s Award for Distinguished Service.  From 1998 until 2003, Mr. Goelman was an Assistant U.S. Attorney for the Southern District of New York, where he investigated and prosecuted various federal crimes, including RICO, conspiracy, and wire, mail, bank and securities fraud.  From 2003 until 2014, Mr. Goelman was a litigation partner at Zuckerman Spaeder in Washington, DC, where his practice focused on white-collar crime and complex commercial litigation.  He is an adjunct law professor at George Washington University, where he teaches a course on the role of the federal prosecutor.  In his 20 years practicing law, Mr. Goelman has tried more than 50 cases to verdict.


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.


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.”


Kahyeong Lee is Associate General Counsel and Compliance Officer at Oak Hill Advisors, L.P. Previously, she was the Chief Compliance Officer and Associate General Counsel for Viking Global Investors LP, a Vice President and Counsel for Lehman Brothers Inc., and an associate for Allen & Overy LLP.  She earned a J.D. from Harvard Law School and a B.A. from Harvard College, where she was elected to Phi Beta Kappa.


Mr. Furey is an Assistant Chief Counsel in the Division of Trading and Markets at the Securities and Exchange Commission.  Mr. Furey rejoined the Commission staff in August, 2010 after serving in a variety of legal and compliance positions:  Director and Associate General Counsel at Legg Mason & Co., LLC (2001-2010); Counsel in the Washington, DC office of Hughes Hubbard & Reed (1999-2001); Vice President and Deputy Chief Hearing Officer at NASD Regulation (1996-1999); and Associate in the Washington, DC office of Debevoise & Plimpton (1994-1996).  After graduating from law school at the University of Baltimore in December 1983 , Mr. Furey began his legal career at the SEC in the Division of Market Regulation (1984-1994).   Mr. Furey, who earned an LLM in Securities Regulation from the Georgetown University Law Center in 1990, is also a member of the Maryland and District of Columbia Bars.