Securities Enforcement

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We understand the language, rules, and processes of securities enforcement authorities—and have the insights and judgment to secure successful outcomes.

Overview

Our highly experienced securities enforcement defense team features several lawyers who held senior enforcement-related positions at the Securities and Exchange Commission, including a former associate director, deputy chief litigation counsel, three former branch chiefs, and a former senior counsel in the SEC's Enforcement Division. We leverage that background, as well as insights from decades of private-practice experience defending enforcement matters, in our representation of clients facing inquiries, investigations, and civil and criminal enforcement actions.

We regularly represent both individual executives and corporate entities in matters initiated by various government agencies, and other self-regulatory organizations. We defend clients before the SEC, the Department of Justice, the Public Company Accounting Oversight Board, FINRA, and other federal and state securities and financial regulators, as well as offices of state attorneys general and local district attorneys.

Internal investigations

Our lawyers have been retained by corporations and boards to conduct internal investigations into matters that may or already have become the subject of enforcement proceedings. We have also been retained by non-profit and public-sector entities requiring investigative assistance and guidance. We have conducted internal investigations covering a variety of topics, including financial fraud, recordkeeping, and regulatory compliance. Our lawyers demonstrate sensitivity and discretion regarding issues that may be encountered during internal investigations, which may implicate confidentiality concerns, personal privacy, and attorney-client privilege.

Cross-border enforcement

Our lawyers have represented clients in regulatory enforcement matters involving potential violations of the laws and regulations of both the U.S. and E.U. We are experienced in proceedings initiated by domestic and foreign enforcement authorities—including the SEC, Department of Justice, and non-U.S. financial regulators—independently, jointly, and as parallel proceedings.

SEC Investigations and Enforcements

  • Represented a global bank senior executive in an SEC investigation of supervision.
  • Represented the president and CEO as well as a finance executive of a private company in an SEC investigation regarding sales of private placement securities to international investors.
  • Represented a leading national securities exchange in an investigation by the SEC Division of Enforcement related to exchange order type functionality, which concluded with a formal closing letter from the Division.
  • Represented a senior trader of a global bank in SEC enforcement action alleging parking of securities.
  • Represented a private equity firm's principal in a settled SEC enforcement matter alleging conflicts of interest and non-disclosure.
  • Represented a broker-dealer in a FINRA investigation into potential information barrier violations.
  • Represented a financial institution as lead counsel in a trial of an SEC administrative proceeding.

FINRA Matters

  • Represented a broker-dealer and registered representative in a FINRA investigation of Outside Business Activities related to purchases of private placement securities.
  • Represented a broker-dealer in a FINRA investigation concerning Large Options Position Reporting (LOPR).
  • Represented a broker-dealer owner in a FINRA investigation into overseas trading and related supervisory issues.
  • Represented a global bank's senior capital markets executive in a FINRA enforcement action alleging failure to establish adequate supervisory procedures.
  • Represented a major broker-dealer in a FINRA investigation related to mutual fund sales practices and customer suitability.

Other Investigations and Prosecutions

  • Represented an investment services company regarding the Municipalities Continuing Disclosure Cooperation Initiative (MCDC).
  • Served as defense counsel for a Swiss bank in connection with the Department of Justice Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks.
  • Represented an individual criminally charged with insider trading.

Industry Contacts

Eric A. Bensky
Partner
Washington, D.C.
202.220.1937

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