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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

Dixie L. Johnson is a partner in King & Spalding LLP Special Matters and Government Investigations practice group and co-leads the firm’s securities enforcement and regulation practice. She represents businesses and individuals in government securities investigations from her office in Washington, DC.   With over 30 years of experience, she represents public companies, financial institutions, public accounting firms, boards of directors and boards of trustees, corporate officers and other individuals in securities enforcement investigations.  She appears regularly before the United States Securities and Exchange Commission, the United States Department of Justice, and other federal, state and local agencies, as well as various boards and self-regulatory organizations, including the Public Company Accounting Oversight Board and the Financial Industry Regulatory Authority. She  also counsels clients regarding their regulatory and disclosure obligations, assists clients in developing policies and procedures to deter violations, and conducts internal investigations.  Consistently highly ranked by Chambers, Legal 500 and others, she was also named “Litigation Star” and one of the top 250 Women in Litigation by Benchmark;  Best Lawyers’ “Lawyer of the Year” in Washington, D.C. in 2014-16 for Corporate Compliance Law and in 2016 for Securities Regulation; and one of the Securities Docket’s “Enforcement 40” list of top SEC enforcement lawyers in 2013.  Few of her client representations ever become known to the public.

In addition to representing the businesses and business leaders who are her clients, Ms. Johnson served in 2013-2014 as the elected Chair of the Business Law Section of the American Bar Association, with over 50,000 members, over 50 substantive committees, and over 500 subcommittees, all focused on issues that matter to business lawyers.  Previously, as Business Law Secretary and Vice-Chair, Ms. Johnson served as editor-in-chief of the Section's renowned journal, The Business Lawyer, in 2010-2012, and as co-editor-in-chief of the Section's online monthly magazine, Business Law Today, in 2010-2011.  In 2006, she received  the Business Law Section's "Jean Allard Glass Cutter Award," given annually to a woman who has cut through barriers to attain high accomplishments in Business Law.  She currently serves as co-chair of the ABA Business Law Fellows Committee, focused on increasing participation by young lawyers, lawyers of color, LGBT lawyers, and disabled lawyers in the activities of the Business Law Section.  From 2003-2006, she served as Chair of the Committee on Federal Regulation of Securities, following a long tenure as co-chair of that committee's Subcommittee on Civil Litigation and SEC Enforcement Matters.  Ms. Johnson also is an elected member of the American Law Institute and the American College of Governance Counsel.

Prior to becoming a lawyer, she taught in the Albuquerque, New Mexico public school system for six years.


A 23-year veteran of the Securities and Exchange Commission (SEC), John Walsh joined Sutherland 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.

Education

  • J.D., Georgetown University Law Center, Editor, American Criminal Law Review
  • Ph.D., Boston College
  • M.A., Northeastern University
  • B.A., summa cum laude, Worcester State University


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.


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.


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 and their advisers, 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.

Since joining Gibson Dunn in 2006, he has consistently been ranked by Chambers USA America's Leading Business Lawyers as one of the top Securities Regulation attorneys nationwide and was named Best Lawyers’ 2014 New York City Litigation – Securities “Lawyer of the Year. In addition, Mr. Goldsmith was selected for inclusion in the 2014 edition of The Best Lawyers in America in the specialties of Criminal Defense: White Collar and Litigation – Securities and in Securities Regulation.

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.


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. She was named one of Law360’s “25 Most Influential Women in Securities Law” in 2016. 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.

Selected Publications

“The SEC Enforcement Process: Latest Tips and Trend,” Bloomberg BNA, September 10, 2014

“SEC Enforcement in the Second Term of  the Obama Administration,” The Harvard Law School Forum on Corporate Governance and Financial Regulation, February 14, 2013

“SEC Announces First Non-Prosecution Agreement in an FCPA Matter,” Harvard Law School Forum on Corporate Governance and Financial Regulation, May 11, 2013

Selected Publications

“The SEC Enforcement Process: Latest Tips and Trend,” Bloomberg BNA, September 10, 2014

“SEC Enforcement in the Second Term of the Obama Administration,” The Harvard Law School Forum on Corporate Governance and Financial Regulation, February 14, 2013??“SEC Announces First Non-Prosecution Agreement in an FCPA Matter,” Harvard Law School Forum on Corporate Governance and Financial Regulation, May 11, 2013

Education

J.D., American University, 1981
(summa cum laude)

B.A., American University School of Government and Public Administration, 1978 (magna cum laude)

Bar Admissions

District of Columbia

Government Service

Acting General Counsel, Securities and Exchange Commission (1998)

Deputy Director, Division of Enforcement, Securities and Exchange Commission (1994-1998)

Executive Assistant to the Chairman, Securities and Exchange Commission (1993-1994)

Experience

Lecturer, Practising Law Institute


EXPERIENCE HIGHLIGHTS

Global automotive parts company successfully defends potential adverse administrative action by federal government

CEO of information technology company resolves SEC investigation Pro bono client wins in D.C. Superior Court Housing Conditions Court

HONORS & DISTINCTIONS

Recipient of the SEC's: Law and Policy Award (2010)

Distinguished Service Award, which is the highest honor the agency bestows on an individual (2004)

Stanley Sporkin Award, which recognizes SEC staff who have made exceptionally tenacious and insightful contributions to the enforcement of the federal securities laws (1994)

EDUCATION

Drake University (J.D. with honors 1983; Order of the Coif; Law Review); Vanderbilt University (B.A. 1980)

BAR ADMISSIONS

District of Columbia, Missouri, and Illinois

CLERKSHIPS

Law Clerk to Senior Judge J. Smith Henley, U.S. Court of Appeals, Eighth Circuit (1984-1986)

GOVERNMENT SERVICE

Served with the U.S. Securities and Exchange Commission (1986-2010) in various positions, including Branch Chief and Assistant Director before being named Chief Counsel of the Division of Enforcement in 1993.


Joan McKown's practice focuses on investigations, enforcement actions, and other proceeding with U.S. and foreign regulators. She also counsels financial institutions, boards, corporations, and individuals on issues related to the U.S. Securities and Exchange Commission, as well as corporate governance, compliance, and ethics matters.

Joan recently represented corporations and corporate officers in SEC investigations involving corporate disclosure, books and records, internal controls, insider trading, and the FCPA.

Prior to joining Jones Day, Joan was the longtime chief counsel of the Division of Enforcement at the SEC. During her 24-year career at the SEC, she played a key role in establishing enforcement policies at the agency and worked closely with the Commission and senior SEC staff. Her substantive experience extends across the full range of Division of Enforcement matters including corporate disclosure, insider trading, investment companies and investment advisors, broker dealers, and the FCPA. She oversaw the drafting of the Enforcement Division Manual and played a significant role in recent organizational changes in the Division.

Joan also served as a key liaison between the Division of Enforcement and other regulatory authorities including the Department of Justice, Commodities Futures Trading Commission, federal banking regulators, and state securities regulators. She led Wells meetings and settlement negotiations of thousands of SEC enforcement matters.

Joan frequently lectures on SEC topics related to Enforcement, Dodd-Frank, financial institutions, disclosure, FCPA, and insider trading. She is a member of the board of trustees of the Legal Aid Society of the District of Columbia.


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 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 SRO rules governing trading by broker-dealers and hedge funds, broker-dealer registration and conduct rules, and recent Dodd-Frank initiatives. Among these areas in particular are regulations governing: short sales (Regulation SHO and Rule 105), research, Regulation M, Regulation NMS and Best Execution and Regulation ATS.

Jamie’s practice is 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 rankings, The Best Lawyers in America list Jamie as a “Best Lawyer” in the Securities Regulation category.


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.


Rita M. Molesworth is a partner at Willkie Farr & Gallagher LLP where she co-Chairs the Firm’s Financial Institutions and Regulatory Practice Group.  Ms. Molesworth regularly advises hedge fund managers, commodity pool operators, commodity trading advisors, investment advisers and others on futures 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 stand-alone and master-feeder structures.  She also advises clients with respect to futures and securities regulatory compliance.  Ms. Molesworth began her career in the financial services industry as an auditor with the National Futures Association.  She also worked with energy trading companies on the floor of the New York Mercantile Exchange (now part of CME Group).

Ms. Molesworth is a past Chair and currently a member of the Committee on Futures and Derivatives Regulation of the Association of the Bar of the City of New York.  She is a past member of the New York City Bar’s Committees on Private Investment Funds and on Energy.  Ms. Molesworth serves as a Vice Chair of the Derivatives and Futures Law Committee of the American Bar Association and is a member of the Derivatives and Structured Products Committee of the New York State Bar Association.  Ms. Molesworth is active with Managed Funds Association’s Outside Counsel Forum, MFA’s CTA/CPO Forum and various MFA sub-committees.  Ms. Molesworth served on the Executive Committee of the Law & Compliance Division of the Futures Industry Association.  She is also a lecturer at Columbia Law School, where she teaches Derivatives Law and Regulation.

Ms. Molesworth is listed in Who’s Who Legal: The International Who's Who of Private Funds Lawyers.  She is a member of the Board of Editors of the Futures and Derivatives Law Report.  She regularly publishes articles and participates on educational panels with respect to derivatives and investment management matters.

Ms. Molesworth received a J.D. from Seton Hall University School of Law and a B.A. from the University of Massachusetts at Amherst.


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.


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.


Tram Nguyen is a partner in the Investment Management practice at Paul Hastings and based in the firm's New York office. Ms. Nguyen focuses her practice on hedge funds and private equity funds, advising clients on all aspects of fund formation, structuring and fundraising. She has experience with fund-linked notes and customized funds. Ms. Nguyen also advises U.S. and non-U.S. 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 another law firm and prior to that, she was the Branch Chief of the Private Funds Branch at the SEC Division of Investment Management in Washington, D.C., where she served from 2010 to 2013. At the SEC, she worked on developing and implementing SEC rules for private fund advisers under the Dodd-Frank Act and the JOBS Act.

Practice Areas

Admissions

  • District of Columbia Bar
  • New York Bar

Education

  • Columbia Law School, J.D., 1998
  • Harvard University, M.A., 1994
  • Princeton University, B.A., 1992


Based in both the New York and Washington offices, Steve Crimmins defends clients in enforcement matters involving all financial services regulators, but most frequently the Securities and Exchange Commission.  He provides strategic advice and representation before and during enforcement investigations.  He advocates for clients in meetings with regulators, “Wells” submissions and similar position papers, settlement negotiations and consent decree resolutions.  Where matters must be contested, he fights for clients in litigated administrative proceedings and in federal court litigation, trials and appeals.  He also represents clients in and leads internal investigations, litigates private securities cases and other commercial disputes, and teams with other firms as securities co-counsel in civil, criminal and administrative cases.

Best Lawyers in America has just recognized Steve as the “2017 Securities Regulation Lawyer of the Year for New York City,” based on its survey of his New York-based peers, and has for a decade recognized him for both securities litigation and securities regulation.  Chambers USA: America's Leading Lawyers for Business has likewise recognized him for securities regulation-enforcement.  Additionally, Securities Docket gave him its “Enforcement 40” Award, recognizing him as one of the top 40 securities enforcement defense lawyers in the country.

He is presently Chair of the D.C. Bar’s 2500-lawyer Corporation, Finance and Securities Law Section, and earlier chaired the section’s standing committee on Broker-Dealer Regulation and SEC Enforcement.  Steve is immediate past Chair of the Federal Bar Association’s Securities Law Section.  He has testified twice before the U.S. House of Representatives on SEC issues.  He speaks on professional panels and writes on securities topics, including his 2013 scholarly article “Insider Trading: Where Is the Line?” in the Columbia Business Law Review that was favorably reviewed by The Economist in 2014 and cited to the Supreme Court in 2016.  Steve has been frequently quoted in major business news publications, including Bloomberg, Reuters and the Wall Street Journal, and interviewed on business television networks.

During eight years as a senior executive of the SEC’s Enforcement Division, Steve led its large Trial Unit in prosecuting hundreds of jury and non-jury securities cases in federal courts and administrative proceedings, while participating actively in SEC investigations and settlement negotiations.  He originally joined the SEC staff as a line trial attorney and continued to litigate and try cases after his promotion to senior Enforcement Division management and the federal Senior Executive Service.  He earned the Commission-wide Productivity Improvement Award for his management skills.  Before the SEC, he practiced with a large New York law firm.

Since returning to private practice over a decade ago, Steve has helped entities and individuals respond to and successfully resolve numerous securities matters.  On June 27, 2016, he scored a rare defense trial victory in an SEC in-house administrative proceeding, in which he personally examined or cross-examined 25 fact and expert witnesses, resulting in dismissal of all charges brought by the SEC’s New York office against a large custodial services company.  Over the last decade his clients have included public and private companies, directors, officers, financial services firms, securities professionals, accountants, lawyers and others.  Matters have included financial reporting and accounting issues, disclosure issues, insider trading, complex financial products, FCPA issues, market manipulation, and various securities industry-related enforcement issues.

Steve joined Murphy & McGonigle in 2015.  M&M is a 45-lawyer securities boutique that Best Lawyers in America ranks a “National Tier One Law Firm” in securities regulation, securities litigation, and corporate law.  It is the only boutique in the country so recognized in all three categories.  M&M’s team includes executive-level veterans of the SEC Divisions of Enforcement and Trading & Markets, the Financial Industry Regulatory Authority, and the Department of Justice, as well as General Counsels, litigation and regulatory heads, and other executive-level veterans of major Wall Street financial services firms.  M&M’s practice model allows these experienced securities lawyers to personally handle matters efficiently and at very competitive rates.  Backing them up, M&M’s state-of-the-art data facility enables cost-effective analysis of ultra-large e-discovery data sets and other client technology projects in an environment security-audited by multiple major financial services clients.

Education

J.D., Columbia Law School
B.A., Fordham University

Admissions

New York
Massachusetts
District of Columbia
Supreme Court and lower federal courts


Susan has been consistently recognized for excellence in the practice of law. Chambers USA reports that she is “widely recognized as a leader at the white-collar bar” and characterizes her practice as a “go-to practice for major white collar matters.” Chambers USA also notes Susan’s “breadth of expertise,” “skill at trial” and “expertise in representing high-profile individuals in enforcement proceedings.”

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.”

She is a graduate of Harvard Law School and University of Michigan, Honors College.


Andre Owens is a partner in WilmerHale’s Securities Department, and a member of the Broker- Dealer Compliance and Regulation Practice, Futures and Derivatives, and FinTech Groups.  He joined WilmerHale in 2003.  His 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; sales practice rules, 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 policy issues in the areas of market regulation and investment adviser activities, as well as on a variety of administrative law issues.

Mr. Owens was recognized as a leader in the financial services regulation: broker dealer field in the 2010-2016 editions of Chambers USA: America's Leading Lawyers in Business. He is a member of the Business Law Section of the American Bar Association and the Securities Industry and Financial Markets Association Legal Compliance Division.  Mr. Owens received his JD from Harvard Law School and his BS in Finance from Providence College.


Andrew B. David is 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.


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 that are filed in the United States District Court and focus on allegations of manipulation, fraud, money passes 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.


Richard Tarlowe has been an Assistant United States Attorney in the Southern District of New York since 2007.  As Co-Chief of the Complex Frauds Unit, Mr. Tarlowe oversees the Office’s investigations and prosecutions of a wide range of white collar matters.  Prior to his appointment as Co-Chief, Mr. Tarlowe served as a member of the Office’s Securities and Commodities Fraud Task Force, where he led the prosecution of dozens of insider trading, market manipulation, investment adviser fraud, accounting fraud, and other securities fraud matters.  Mr. Tarlowe served as trial counsel in the successful prosecutions of: Rajat Gupta, a former Goldman Sachs Board member convicted of providing inside information to Raj Rajaratnam; Todd Newman and Anthony Chiasson, portfolio managers at two hedge funds convicted of exchanging and trading on inside information; and Zvi Goffer, Emanuel Goffer, and Michael Kimelman, stock traders convicted of participating in an insider trading scheme in which attorneys were paid for illegal tips about corporate takeovers.  For his role in the prosecution of Rajat Gupta, Mr. Tarlowe received the Executive Office of U.S. Attorneys’ Director’s Award for Superior Performance.  Prior to joining the U.S. Attorney’s Office, Mr. Tarlowe worked at the law firm of Morvillo, Abramowitz, Grand, Iason & Anello.  He has also served as an adjunct instructor of law at Brooklyn Law School and previously worked in the investment banking division of Goldman Sachs.  Mr. Tarlowe graduated summa cum laude from Duke University in 1997 and received his law degree magna cum laude from Harvard Law School in 2001.


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.