Stephen J. Crimmins

SEC Enforcement Defense and Related Matters

• Wells submission resulting in SEC closing letter terminating Enforcement Division and Office of General Counsel joint investigation as to lawyer in ponzi matter that resulted in SEC and DOJ criminal charges against the lawyer's client. (2023)
• Wells submission resulting in SEC closing letter terminating investigation as to CFO of large investment adviser in SEC case settled by his firm. (2023)
• Administrative dismissal by SEC Commissioners of case charging front-running following two-week trial before SEC administrative law judge.  Matter of Gibson , 2023 WL 3790795 (June 2, 2023).
• Multiple Wells submissions resulting in SEC closing letter terminating investigation as to General Counsel of investment adviser in SEC case settled by his firm and other senior executives. Teamed with other counsel in resolving parallel investor litigation. (2022)
• Represented CEO of a substantial public company in preparing for and providing testimony in SEC case settled by his company and another executive. (2022)
• Multiple Wells submissions and detailed negotiations resulting in settlement of SEC and CFTC disclosure claims against a commodity pool and commodity pool operator.  Matter of United States Commodity Funds LLC, 2021 WL 5205955 (SEC Nov. 8, 2021).
• Multiple white papers resulting in termination without charges of SEC investigation of broker-dealer firm in municipal securities matter. (2021)
• Represented a financial services firm’s CCO not charged in SEC case settled by his firm and another executive. (2021)
• White paper resulting in SEC closing letter terminating insider trading investigation of a hospitality industry CEO with no charges. (2020)
• Following two years of federal court litigation, settled SEC revenue recognition charges in 2019 against a former CEO without an officer-director bar and dropping all scienter allegations.  SEC v. Jacoby (Osiris Therapeutics Inc.), 2019 WL 5300064 (D. Md. Oct. 17, 2019).
• As pool counsel, defended over 30 officers and employees, none charged, in 2018-2019 internal and follow-on SEC investigations of revenue recognition charges settled by their public company.  Matter of ComScore Inc., 2019 WL 4640439 (SEC Sept. 24, 2019).
• Represented a consultant and foundation board member not charged in 2019 in SEC litigation against a digital token issuer.  SEC v. Kik Interactive, 2019 WL 2387042 (S.D.N.Y. June 6, 2019).
• Following federal court litigation, settled SEC charges in 2019 against a securities trader involving alleged record-keeping violations. SEC v. Mattessich et al., 407 F.Supp.3d 264 (S.D.N.Y. 2019).
• Settled SEC insider trading charges against an attorney without admissions or professional bars.  2018 WL 3993822 (Aug. 21, 2018).
• Successfully defended the nation's leading self-directed IRA custodian at a multi-week trial before an SEC administrative law judge resulting in a decision dismissing all charges.  On full Commission review, obtained a unanimous decision by the SEC Commissioners affirming the firm’s trial win on expanded grounds.  Matter of Equity Trust Co., 2017 WL 4335067 (SEC Sept. 28, 2017).
• As lead trial counsel in 2017, settled one day before trial without admissions in SEC proceeding relating to investment adviser's recommendations to public pension plans.  Matter of Gray Financial Group Inc., 2017 WL 5624487 (Nov. 22, 2017)
• Wells submission resulting in SEC closing letter as to senior executive of large financial services firm in SEC case settled by his employer that related to mutual fund share class recommendations.  2017 WL 4064192 (Sept. 14, 2017).
• Orally argued and briefed successful motion to dismiss federal and state RICO and common law fraud claims in Florida state court.  Goldberg v. Kanegis, Case No. 13-22491 (Miami-Dade County Circuit Court, Complex Business Litigation Division Nov. 12, 2016)
• Represented managing director of private equity adviser in SEC investigation and in no-admission settlement by the firm and four executives of case alleging omissions relating to conflicts of interest and payments to affiliates.  Matter of Fenway Partners LLC, 2015 WL 6689228 (Nov. 3, 2015).
• Joining defense team as lead appellate counsel, presented oral argument and submitted briefs that persuaded the U.S. Court of Appeals for the 7th Circuit to reverse summary judgment against investment adviser's general counsel in the first litigated insider trading case involving fund shares.  SEC v. Bauer, 723 F.3d 758 (7th Cir. 2013).  On remand to the trial court, obtained summary judgment dismissing the remainder of the case, 2014 WL 4267412 (Aug. 29, 2014).
• White paper and oral presentation resulting in SEC closing letter terminating investigation without charges as to executive at a major financial services firm in matter settled by firm that involved structuring and marketing of several collateralized debt obligation transactions.  Matter of Merrill Lynch, Pierce, Fenner & Smith Inc., 2013 WL 6503674 (December 12, 2013).

FINRA Enforcement Defense

• Settled "layering and spoofing" charges brought by FINRA in 2018 against the controlling person of funds pursuing global day-trading strategies.  FINRA AWC 2012031480722 (reported in Wall Street Journal, Sept. 18, 2018, p. B1).
• Represented major liquidity provider in AWC resolution in 2017 of FINRA matter involving OATS reporting, and MRV resolution relating to Reg SHO issues.  Separately represented same client in cautionary letter resolution of NYSE investigation relating to maintenance of quotations. (2017)