Thomas P. DeFranco

He/Him

Of Counsel

T 202.220.1928 Washington, D.C.

Tom is a seasoned litigator who focuses his practice on securities and complex commercial litigation, regulatory investigations, and enforcement defense on behalf of financial institutions, public companies, and individuals. He has obtained successful results for his clients at virtually every stage of litigation in both state and federal court. Tom's clients benefit from his significant trial experience, including a six-day jury trial against the Securities and Exchange Commission, and stand-up argument experience in both state and federal courts of appeal.

He routinely represents clients facing investigation and enforcement actions from financial regulators, including the SEC, CFTC, FINRA, and state securities regulators. These representations touch on a wide variety of issues, including disclosure or offering fraud, insider trading, market manipulation, lack of registration, and failure to maintain adequate policies and procedures. In connection with this practice, Tom regularly advises clients on their obligations under the federal securities laws. He has also represented clients subject to investigation by the DOJ.

Practice Highlights

Regulatory investigations and enforcement

Tom represents and advises financial institutions, public companies, and individuals faced with investigation and enforcement action from state and federal financial regulatory agencies. He has extensive experience navigating the investigation process, counsels clients through the Wells Notice response process, and has taken the SEC to trial.

Litigation & arbitration

Tom routinely counsels clients through civil litigation and has achieved successful results at virtually every stage of litigation in state and federal court. These representations have touched on a wide range of disputes involving business torts including breach of contract, fiduciary duty claims, and efforts to pierce the corporate veil. Tom's litigation practice frequently includes representing broker-dealers through FINRA arbitration.

DOJ representations

Tom represents clients subject to investigation by the DOJ and, in addition to his financial services clients, has represented several clients in connection with two of the most significant pharmaceutical industry investigations of the last decade.

Private litigation - international bank*

Successfully sought motion to dismiss putative federal class action suit against international bank client and its US subsidiary, which were alleged to have conspired to manipulate the CDOR benchmark rate. Southern District of New York Court granted substantive motion to dismiss claims pursuant to the Sherman Act, Commodity Exchange Act, and RICO, and also granted a motion to dismiss for lack of personal jurisdiction against non-US entities.

Private litigation - asset manager*

After emergency discovery took place, secured motion to dismiss with prejudice from New York Supreme Court, Commercial Division on behalf of private fund client and its principals, who were alleged to have made fraudulent misrepresentations and breached an investment contract with respect to the financing of a bankrupt Hollywood production company. Successfully argued for affirmation of the decision at New York's Appellate Division, First Department.

Private litigation - asset manager*

Represented leading private equity fund and an affiliate entity in high stakes litigation initiated by the losing bidder in a competitive auction process seeking to enjoin the acquisition. Aggressive litigation strategy resulted in plaintiff withdrawing their request for a temporary restraining order to enjoin the deal and voluntarily abandoning their claims less than six months after litigation was commenced.

SEC enforcement - investment adviser

Following determination of liability for violations of Sections 206(1) and 206(2) of the Investment Advisers Act of 1940, successfully convinced court to decline to issue injunctive relief that would have functionally served as an industry bar.

SEC enforcement - asset manager*

Represented hedge fund in connection with investigation regarding use of material non-public information in connection with certain trading activity by its employees and the existence of appropriate internal controls, concluding with the SEC's issuance of a no-action letter.

*Denotes an attorney's experience prior to joining Davis Wright Tremaine

Admitted to Practice

District of Columbia, 2019
New York, 2016
U.S. Court of Appeals, 1st Circuit
U.S. Court of Appeals, 4th Circuit
U.S. District Court, Southern District of New York
U.S. District Court, Eastern District of New York

Education

LL.M., Securities & Financial Regulation, Georgetown University Law Center, 2015, with distinction
J.D., Georgetown University Law Center, 2014
B.A., Wake Forest University, 2010, cum laude
- Pi Sigma Alpha