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Broker/Dealer Regulation and Enforcement 2014


Speaker(s): Alan M. Cohen, Amy Kopleton, Anjan Sahni, Carmen J. Lawrence, Charles V. Senatore, Christopher J. Mahon, Colleen P. Mahoney, Gerard S. Citera, Henry Klehm III, Ilene B. Marquardt, James A. Brigagliano, Joaquin M. Sena, Judith M. Shaw, Kay L. Lackey, Kevin W. Goodman, Manal Sultan, Michael J. Osnato, Jr., Nancy L. Swift, Neal E. Sullivan, S. Anthony Taggart, Susan Schroeder, Suzanne Elovic, William R. Baker III
Recorded on: Oct. 22, 2014
PLI Program #: 48134

Anjan Sahni is a highly experienced litigator who has overseen some of the most significant white collar and securities fraud prosecutions in recent years. Mr. Sahni rejoined the firm after more than a decade as a federal prosecutor in the United States Attorney’s Office for the Southern District of New York, where he recently served as Chief of the Securities and Commodities Fraud Task Force and Co-Chief of the Terrorism and International Narcotics Unit.

As Chief of the Securities and Commodities Fraud Task Force, Mr. Sahni supervised investigations and prosecutions involving insider trading, accounting fraud, corporate fraud, market manipulation, commodities fraud, investment advisory fraud, violations of the Bank Secrecy Act and Foreign Corrupt Practices Act, and fraud involving complex financial instruments. In that role, he regularly coordinated criminal investigations with an array of different civil regulators, including the SEC, CFTC, Federal Reserve, FINRA, OCC, FinCEN and NYDFS. 

Prior to supervising the Securities and Commodities Fraud Task Force, Mr. Sahni served as the Co-Chief of the Terrorism and International Narcotics Unit. In that role, he oversaw investigations and prosecutions involving domestic and international terrorism, arms trafficking, counterintelligence, piracy, money laundering, violations of export controls and economic sanctions laws, and global narcotics trafficking. He was the co-prosecutor of notorious arms dealer Viktor Bout and oversaw the successful prosecution of would-be Times Square bomber Faisal Shahzad.

After receiving his law degree from Yale Law School, Mr. Sahni clerked for the Honorable Pierre N. Leval of the United States Court of Appeals for the Second Circuit, after which he joined WilmerHale as a litigation associate.

Honors & Awards

  • Henry L. Stimson Medal from the New York City Bar Association (awarded annually to an outstanding AUSA from the Southern District of New York) (2014)
  • Litigation Achievement Award from the South Asian Bar Association of New York (2014)
  • Director’s Award (for the successful prosecution of terrorism offenses against Viktor Bout) (2013)
  • Attorney General’s Distinguished Service Award (for the successful prosecution of Faisal Shahzad for his attempted bombing of Times Square) (2011)


Carmen Lawrence is a partner in King & Spalding’s Special Matters and Government Investigations practice group.

Ms. Lawrence's practice focuses on representing parties in investigations and litigations conducted primarily by the US Securities and Exchange Commission, US Commodity Futures Trading Commission, US Department of Justice, self-regulatory organizations and state securities regulators, conducting internal investigations, providing crisis management advice to public and private companies and counseling public companies and regulated entities (broker-dealers and investment advisers) on their obligations under the federal securities laws.

From 1996 until June 2000, Ms. Lawrence was the Regional Director for the SEC's Northeast Regional Office (covering 14 states and the District of Columbia), where she oversaw all enforcement and regulatory operations in the SEC's largest region.  Some of the SEC's most significant cases were brought by the Northeast Regional Office under Ms. Lawrence's leadership.

Before her appointment as regional director, from 1990 through 1995, Ms. Lawrence served as Senior Associate Regional Director, heading up the Northeast Regional Office's Enforcement Division.  From 1981 to 1989, she served in various staff and senior positions in the Enforcement Division.

Ms. Lawrence has spoken extensively and participates in numerous continuing legal education programs for federal securities law matters.

Memberships

  • Co-Chair, Sub-Committee on SEC Enforcement and Civil Litigation of the American Bar Association Business Law Section
  • Trustee, Practising Law Institute
  • Member, American Bar Association
  • Member, Federal Bar Council
  • Trustee, Southern Vermont College

Awards & Recognition

  • Ms. Lawrence received numerous awards during her tenure at the SEC, including the Equal Employment Opportunity Award in 1998; the Presidential Distinguished Executive Award in 1995; the Stanley Sporkin Award in 1993; and the Irving M. Pollack Award, presented to an enforcement lawyer exhibiting leadership, integrity and intellect, in 1990.
  • Ms. Lawrence is consistently recognized by Chambers USA: America's Leading Lawyers for Business as a leading individual for Securities Regulation and for Litigation: White-Collar Crime & Government Investigations.She is consistently recognized by Legal 500 in Litigation: White-Collar Criminal Defense, and is additionally recognized in Financial Services: Litigation.She is also consistently recognized by Benchmark: Litigation as a New York Litigation Star. She was named to Securities Docket’s inaugural “Enforcement 40” list of top SEC enforcement lawyers in 2013.

Education

  • J.D., University of Michigan Law School, 1981
  • B.A., Cornell University, 1978


Chuck Senatore is an executive vice president and head of regulatory coordination and strategy for Fidelity Investments, a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. He is responsible for guiding and coordinating the firm’s regulatory strategy among its federal, state and international regulators.

From May 2003 until October 2014, Mr. Senatore served as head of corporate compliance, where he was responsible for overseeing the fulfillment of regulatory requirements across Fidelity’s investment management, investment advisory, institutional and brokerage businesses.

Prior to joining Fidelity in May 2003, Mr. Senatore served as Co-Head of Global Compliance at Merrill Lynch, after having served as Head of the firm’s Regulatory Affairs Group. From 1994 to 1997, Mr. Senatore served as Director of the Securities and Exchange Commission’s Southeast Region.

Prior to his service at the Commission, Mr. Senatore practiced law in South Florida, and served as an Assistant U.S. Attorney in the Southern District of Florida, including service as Chief of that office’s Public Corruption Section.

Mr. Senatore is also a member of the FINRA Compliance Advisory Committee and the SIFMA Compliance and Regulatory Policy Committee, as well as of the Standing Advisory Group to the Public Company Accounting Oversight Board.  He is also an adjunct Lecturer in Law at the University of Chicago Law School, focusing on governance and compliance issues.  He served previously as Chair of FINRA’s National Adjudicatory Council and Chair of the Board of Directors of the National Society of Compliance Professionals.     

Mr. Senatore received a Bachelor of Arts Degree in Economics from Williams College and earned a

J.D. from the University of Chicago Law School.


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

“SEC Enforcement in the Second Term of the Obama Administration,” The Harvard Law School Forum on Corporate Governance and Financial Regulation, February 14, 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 (1993­1994)

Experience

Lecturer, Practising Law Institute


Ilene Marquardt is a senior member of UBS' Legal Department.  She currently holds the position of Head of Litigation & Regulatory for UBS Wealth Management Americas.  In that role, Ilene supervises the attorneys and other professionals who handle litigation and significant regulatory and internal investigations for the Wealth Management Division at UBS, and coordinates with the Litigation and Investigations function for the UBS Americas Region as a whole. 

Prior to joining the Firm (then PaineWebber) in July 1994, Ilene was a Litigation Associate at Morgan, Lewis & Bockius in New York, where she specialized in securities enforcement litigation.  She graduated from NYU School of Law in 1988 and Northwestern University in 1985. 

Ilene is a frequent speaker on industry panels on such topics as regulatory and internal investigations, securities enforcement matters, e-discovery and in-house legal representation.


Joaquin ("Jack") Sena leads Bank of America's Regulatory Inquiries Group, which responds to regulatory inquiries and investigations that potentially present significant reputational, financial or legal risk.

Prior to joining Bank of America, he served in the Securities and Exchange Commission's Division of Enforcement for twelve years, including three years as a trial lawyer and nine years as an investigative attorney. While at the SEC, he served as lead trial, litigation and investigative counsel in complex international cases, including a multi-billion dollar accounting fraud, and cases concerning insider trading, market manipulation, boiler rooms, unregistered offerings and false filings and disclosures.

While employed by the SEC, he also served for six-months as a Special Assistant United States Attorney in the Eastern District of Virginia, where he handled various criminal trials.

Prior to joining the SEC, Jack spent four years at a law firm practicing antitrust law, which was preceded by three years at the Federal Trade Commission's Bureau of Competition.


Nancy Swift recently joined Wells Fargo’s Regulatory Compliance Risk Management team as the Deputy Chief Compliance Officer for Institutional & Brokerage.  In that role, Nancy is responsible for overseeing the portfolio of compliance risk management programs for the institutional, capital markets, securities and brokerage activities across the enterprise.  

Prior to joining Wells Fargo in August, Nancy spent 10+ years at Deutsche Bank, working in a variety of roles in the Legal and Compliance Departments.  For the last three years, she was Head of Compliance for Deutsche Bank’s Markets division, served as co-chief compliance officer for its broker-dealer and supported DB’s implementation of Title VII and the Volcker Rule.

Before joining Deutsche Bank, Nancy spent 3 years in the Legal Department at Credit Suisse First Boston.  Prior to CSFB, Nancy worked as an associate in the litigation department at Simpson Thacher and Bartlett.   

Nancy earned an undergraduate degree from Princeton University, and a law degree from Harvard Law School.  She is admitted to the NY bar and holds the Series 7, 14 and 66 licenses. 


PRACTICES

Securities & Derivatives Enforcement and Regulatory

ADMISSIONS & CERTIFICATIONS

District of Columbia (1999) Massachusetts (1990)

England & Wales (Registered Foreign Lawyer)

EDUCATION

Suffolk University Law School (J.D., 1990)

Stonehill College (B.A., 1982)
 

NEAL SULLIVAN conducts a comprehensive securities regulatory practice and maintains a particular focus on broker-dealer and investment adviser matters. Neal regularly represents clients before the SEC, FINRA, and other self-regulatory organizations and state securities agencies, frequently concerning emerging regulatory issues. He has extensive experience with private and public investigations and enforcement proceedings brought by the SEC, FINRA, and its predecessor entities (NASD and NYSE) and state agencies. Neal is a member of the firm’s Executive Committee and global co-leader of the Securities & Derivatives Enforcement and Regulatory group.

A dynamic and effective enforcement counsel, Neal is also one of the leading advisers to the securities industry on major compliance and regulatory matters. He has played a central role in several significant projects such as representing Morgan Stanley in obtaining regulatory approvals for the 2009 launch of Morgan Stanley Smith Barney, the country’s largest retail broker-dealer and in its subsequent move to self-clearing. He represented the Boston Options Exchange in its Form 1 filing with the SEC to become a national self-regulatory organization, approved in May 2012, and in the 2007–2008 sale of Boston Options Exchange from NASDAQ, and the Boston Stock Exchange to the Montreal Stock Exchange/Toronto Stock Exchange.

Neal has represented clients in all of the SEC’s major Wall Street investigations in the past 15 years, including insider trading; the sale of auction-rate securities, other structured products and various subprime mortgage-related matters; mutual fund market timing; and research analyst conflicts of interest. He represented the settling banks in negotiating the NASAA model settlement that become the basis for the Global Settlement Relating to Firm Research and Investment Banking Conflicts of Interest announced by the SEC, NASD, NASAA, NYSE and the N.Y. Attorney General’s office in April 2003.

Neal serves as outside counsel to the Boston Options Exchange with regard to U.S. registration issues. He was formerly outside counsel to the Boston Stock Exchange, and helped create the market structure and marketplace for the Boston Options Exchange, an all-electronic equity derivatives market launched in 2004. Neal also serves as outside counsel to the Financial Services Institute (FSI), a trade association representing over 100 broker-dealers before the SEC, FINRA and state securities regulators.

Neal is the former executive director of the North American Securities Administrators Association. During his tenure he represented the 53 states and territories in negotiations concerning The National Securities Markets Improvement Act of 1996, and was one of the principal drafters of NSMIA. He is also a former vice president of regulation at the Boston Stock Exchange. Prior to his tenure at the Boston Stock Exchange, Neal was the chief of the Massachusetts Securities Division.

Neal appears regularly on industry and legal panels that address issues of concern to the securities industry. He has co-chaired the Fall PLI course on broker-dealer regulation in New York City annually since 2007. Neal was an invited speaker at the first and second annual NYSE Regulation Securities conferences. He also speaks at FINRA’s fall and spring annual conferences, as well as the SIFMA annual meeting and certain SIFMA regional meetings. He has appeared before the U.S. Congress to provide testimony on various SEC proposals and proposed federal oversight of the U.S. capital markets. He has authored several published articles on regulation of broker-dealers.


S. Anthony Taggart is an Executive Director & Counsel in the Litigation Department at Morgan Stanley in New York, where he is responsible for regulatory and civil litigation matters.  Prior to joining Morgan Stanley in 2004, Mr. Taggart was the Director of the Utah Division of Securities for six years.  Mr. Taggart originally joined the Division in 1993, and in addition to Director, he worked as a staff attorney, securities examiner, and the Director of Corporate Finance.

Mr. Taggart currently serves on the State Regulation and Legislation Committee for the Securities Industry and Financial Markets Association (SIFMA), a committee he previously chaired.  He also previously served on the boards of directors of the North American Securities Administrators Association, the Utah Council on Economic Education and the Wayne Brown Institute.  He taught and lectured on securities law at the University of Utah School of Law, Weber State University, LDS Business College and Salt Lake Community College.

Mr. Taggart holds a Juris Doctorate from the University of San Diego (’93), and a Bachelors of Science in Economics and a Bachelors of Arts in Political Science, both from the University of Utah (’90).  Mr. Taggart is admitted to practice law in New York and Utah.


Susan Schroeder is the Deputy Chief of FINRA’s Department of Enforcement, responsible for overseeing the Department of Enforcement in New York.  Prior to joining FINRA, she was a partner in WilmerHale’s Securities Litigation and Enforcement practice, where she specialized in SEC, FINRA, and state investigations and enforcement actions involving all aspects of securities law.  She began her legal career as a litigation associate at Kirkland & Ellis, specializing in securities litigation.  She received her J.D. from NYU School of Law, her M.A. from the University of California at Davis, and her B.A. from Georgetown University.  She is a member of the New York bar.


William R. Baker III, former global Co-chair of Latham's Securities Litigation & Professional Liability Practice, specializes in a broad range of business regulatory and corporate governance matters.

Profile

Mr. Baker represents and counsels corporations, auditing and other professional services firms, investment banks and other financial institutions in connection with:

  • US Securities and Exchange Commission (SEC) and other regulatory enforcement proceedings  
  • Internal investigations on behalf of management and boards of directors  
  • Reporting, disclosure, compliance and corporate governance requirements

Mr. Baker is Co-chair of the Sub-Committee on SEC Enforcement and Civil Litigation of the American Bar Association Business Law Section and serves on the Advisory Council of the SEC Historical Society. From 2001-2004, Mr. Baker was an adjunct professor at George Washington University Law School, where he taught Securities Regulation.

Prior to joining Latham, he served as Associate Director of the SEC’s Division of Enforcement where he was responsible for supervising all types of SEC enforcement activities, including investigations involving issuer accounting fraud and other disclosure violations, insider trading, market manipulation and broker-dealer misconduct. 

Experience

Mr. Baker led numerous high-profile investigations that resulted in several landmark enforcement actions, including:

  • The global settlement in 2000 involving the SEC, Department of Treasury, Department of Justice, Internal Revenue Service, National Association of Securities Dealers and 21 securities firms resulting in those firms paying a total of US$195 million to resolve claims that the firms charged excessive markups on government securities
  • The SEC's action against WorldCom Inc., involving one of the largest financial frauds in history

Thought Leadership

Mr. Baker is a frequent author, speaker and panelist on securities law issues.

He is the co-author of Corporate Internal Investigations after Sarbanes-Oxley published in Volume II of The Practitioner's Guide to the Sarbanes-Oxley Act (American Bar Association 2005) and is a contributor to Securities Law Techniques (Matthew Bender).

Education

JD, Georgetown University Law Center, 1983
AB, University of Notre Dame, 1979

Bar Qualifications

District of Columbia

Languages

English

Recognition Highlights

Consistently recognized by Chambers USA and The Legal 500 US as a leading securities litigation lawyer

Listed as one of the 2013 Best Lawyers in Washington in Washingtonian magazine

Named to the Securities Docket 2013 "Enforcement 40" list—the top securities enforcement defense attorneys in the industry

Recipient of the SEC's Stanley Sporkin Award and the Commission's Law and Policy Award

He is "very well liked by the regulators. He knows the process very well and he is able to present his clients' interests in a very balanced way with the staff." Chambers USA 2015

Sources say Mr. Baker is “‘very responsive to client needs, bright, and strategic in his thinking.’” Chambers USA 2014

Mr. Baker “has an impressive track record of winning high-stakes securities cases.” The Legal 500 US 2010


Alan is head of Global Compliance. He serves as a member of the Management Committee, the Firmwide Client and Business Standards Committee, the Firmwide Investment Policy Committee and the Firmwide Reputational Risk Committee. Alan joined Goldman Sachs as a partner in 2004. 

Prior to joining the firm, Alan was a partner at O’Melveny & Myers, where he co-headed the White Collar and Regulatory Defense Practice and the New York Litigation Group since 1991. Prior to this, he was an assistant US attorney for nine years for the Southern District of New York, where his last assignment was as the chief of the Securities and Commodities Fraud Task Force.

Alan serves on the Board of Directors of the New York Stem Cell Foundation and the Board of Trustees of Temple University. He is also a member of the Lawyers Committee of the Innocence Project.

Alan earned a BA in 1972 from Temple University, as well as a PhD and a JD, with highest honors, from Rutgers University in 1976 and 1979, respectively.


Amy G. Kopleton is the Deputy Bureau Chief for the New Jersey Bureau of Securities. The Bureau is part of the NJ Office of the Attorney General, Division of Consumer Affairs. The primary mission of the Bureau is the protection of New Jersey investors. The Bureau regulates the offer or sale of securities into or from New Jersey through its enforcement of the Uniform Securities Law.

Ms. Kopleton received her J.D. degree from Brooklyn Law School in 1996 and her B.S. degree in Management from Tulane University in 1993. Ms. Kopleton is admitted to the bar in New Jersey and New York.

Her first year out of law school Ms. Kopleton clerked in the Passaic County Courthouse for the Honorable Arthur Dwyer, and the Honorable W. Hunt Dumont. Ms. Kopleton then joined Eichenbaum, Kantrowitz, Leff and Gulko, L.L.C. as an associate before joining the Bureau. Ms. Kopleton has been with the Bureau for fifteen years.


Christopher J. Mahon is a Senior Vice President and the Head of Broker-Dealer Legal and Regulatory at AllianceBernstein, where he manages those functions globally for the institutional broker, Sanford C. Bernstein, and serves on a number of AB risk, governance, policy and internal control committees.

Chris serves on the Compliance Advisory Committee of the U.S. Financial Industry Regulatory Authority, as well as its International Advisory Working Group.  He is a member of the National Adjudicatory Council, FINRA’s appellate body addressing dispositions of disciplinary and other membership matters, and is currently serving as the council’s vice chair.  Chris is the former co-chair and is a current member of the Securities Industry and Financial Market Association’s Compliance and Regulatory Policy Committee, serves on SIFMA’s Compliance and Legal Executive Committee, and is involved with various SIFMA advocacy and educational efforts. Chris is an adjunct faculty member at Fordham University’s Gabelli School of Business, where he teaches a course on financial regulation, compliance, and risk management.

Previously, Chris was a managing director, global head of equities compliance and Americas head of investment banking compliance at Deutsche Bank.  He also was the deputy general counsel and director of compliance at Wit SoundView and the director of compliance and counsel at D.E. Shaw & Co.  Chris served as a senior counsel in the U.S. Securities and Exchange Commission’s Division of Enforcement and was an associate in litigation and antitrust at a New York law firm.

Chris is a graduate of New York University School of Law and Rutgers College.


Henry Klehm's practice focuses on regulatory examinations, investigations, enforcement actions, and other proceedings with United States and foreign regulators and on corporate governance matters. Henry also counsels boards, corporations, and financial institutions on internal investigations, crisis management, and effective compliance and ethics programs.

Henry recently represented financial institutions and senior corporate officers in government investigations involving the trading of CDOs and CDSs, insider trading, the Foreign Corrupt Practices Act, and money laundering. In addition to global banks, he represents senior financial and risk officers in investigations related to accounting for contingencies, fair value, and related disclosure matters.

Prior to joining Jones Day, Henry was the global head of compliance for Deutsche Bank, AG. From 1999 until 2002, he was the deputy general counsel and the senior regulatory lawyer for Prudential Financial. Before joining Prudential, he was with the Enforcement Division of the Securities and Exchange Commission for 10 years, serving as head of the enforcement section for the northeastern United States for five years. At the SEC, Henry investigated, litigated, and supervised more than 500 enforcement actions including insider trading, financial frauds, Ponzi schemes, rogue traders, market manipulations, investment company, and advisor matters.

Since 2006, Henry has served as an independent director and chair of the audit committee of RenaissanceRe Holdings, Ltd., an NYSE-listed catastrophe reinsurance firm.

Henry frequently lectures on financial services regulatory issues and corporate governance and provides training for public company directors on duties and liabilities.

Experience Highlights

Audit committee of technology company undergoes internal investigation involving accounting issues
Management consulting company represented in SEC investigation
Georgia Gulf successfully defends against unsolicited proposal from Westlake Chemical

Areas of Focus

Securities Litigation & SEC Enforcement
Corporate Criminal Investigations
International Investigations
Corporate Governance

Honors & Distinctions

U.S. Representative to Interpol for Economic Crime (1997-1999)
Member, U.S. Delegation to the Financial Action Task Force (FATF) (1996-1997)
SEC's Stanley Sporkin Award (1997)
Federal Bar Council's Manuel Cohen Younger Lawyer Award (1992)

Education

University of Pennsylvania (J.D. cum laude 1988; Special Projects Editor, Law Review; John M. Olin Foundation Fellow in Law & Economics); Villanova University (B.S. in Business [Finance] cum laude 1980)

Bar Admissions
New York and Pennsylvania

Clerkships

Law Clerk to Hon. Daniel H. Huyett 3rd, U.S. District Court, Eastern District of Pennsylvania (1988-1989)

Government Service

Served with the U.S. Securities and Exchange Commission, Enforcement Division Northeast Regional Office in the following positions: Senior Associate Regional Director (1996-1999), Senior Assistant and Assistant Regional Director (1993-1996), Branch Chief (1990-1992), and Staff Attorney (1989-1990)


JAMIE BRIGAGLIANO is a partner at Sidley Austin LLP and Washington coordinator of the Securities & Derivatives Enforcement and Regulatory group. He advises broker-dealers, hedge funds, and other financial services firms 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.  Prior to joining the firm, Jamie served as the Deputy Director of the Division of Trading and Markets at the Securities and Exchange Commission, where he held senior policymaking and management responsibilities. He oversaw the regulation of broker-dealers, securities markets and trading practices; advised on enforcement matters and testified before Congress. Jamie also served as Co-Acting Director of the Division in 2009. Jamie received his J.D from Georgetown University Law Center and his under graduate from Amherst College.


Judith Shaw serves as the Securities Administrator for the State of Maine Office of Securities having been appointed in 2008.  From 2001 to 2008, she served as Deputy Superintendent of the Maine Bureau of Insurance.

Judith began her career as Associate Legal Director and later Chief of Investigations for the New Jersey Election Law Enforcement Commission.  In 1992 she returned to Maine and joined the Maine Office of the Attorney General specializing in administrative and insurance law. 

An active member of the North American Securities Administrators Association (NASAA), Judith serves on the Board of Directors and is the Board’s Secretary.  She also serves as Chair of NASAA’s Legal Services Committee and previously served as Chair of NASAA’s Enforcement Section Committee. 

Judith is co-chair of the Maine Council for Elder Abuse Prevention, a coalition of public and private partners dedicated to reducing elder abuse and financial exploitation.  She is a member of the Administrative, Consumer and Financial Institution, and Elder Law Sections of the Maine State Bar Association.


Kay Lackey is a Managing Director/Senior Counsel at Royal Bank of Scotland (Americas).  Kay is the Head of Litigation and Regulatory Investigations for Corporate and Institutional Banking.

Prior to joining RBS, Kay worked at the Securities and Exchange Commission for 14 years.  Kay joined the Commission in 1995 as a staff attorney in the Division of Enforcement in New York and was subsequently promoted.  When she left the Commission, Kay was an Associate Regional Director and Co-Head of Enforcement in the New York Regional Office.  While at the SEC, Kay worked on and supervised numerous enforcement actions involving a variety of areas, including financial fraud, stock options backdating, insider trading, market timing and late trading, ponzi schemes, and market manipulation.

Prior to working at the SEC, Kay was a litigation associate at Mayer Brown.  Kay also clerked for the Honorable Nathaniel M. Gorton of the United States District Court for the District of Massachusetts and the Honorable Juan R. Torruella, of the United States Court of Appeals for the First Circuit.  Kay received her J.D. from Boston University Law School and her B.A. from Williams College.


Kevin W. Goodman leads the U.S. Securities and Exchange Commission’s (SEC’s) National Broker-Dealer Examination Program and serves as a member of the Executive and Operating Committees for the SEC’s National Examination Program.  Prior to assuming his current role, Mr. Goodman served for six years as Associate Regional Director of the SEC’s Denver Regional Office, where he managed the examination program for the office.  Mr. Goodman joined the SEC staff in Los Angeles in 1992 as an Attorney-Adviser, and later served as Branch Chief, Senior Special Counsel, and Assistant Director, all with the Investment Adviser/Investment Company Examination Program.  Mr. Goodman graduated from Purdue University in 1982 with a degree in accounting and received his law degree from Indiana University in 1985.  Prior to joining the SEC staff, Mr. Goodman practiced corporate and securities law in the private sector with an emphasis on mergers and acquisitions.


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.  Ms. Sultan represented the Division in many of the agency's manipulation cases including: the Amaranth and Optiver matters, and more recently the Panther high frequency trading matter.  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.


Michael J. Osnato, Jr. is Chief of the Complex Financial Instruments Unit of the SEC’s Enforcement Division.  In his capacity as Chief of the CFI Unit, Mr. Osnato oversees nationwide SEC investigations involving a wide range of complex financial products, including matters concerning the structuring, sale, trading and valuation of derivatives, asset-backed securities, and other structured securities products, as well as the improper usage of derivative and synthetic transactions by public companies.  Mr. Osnato joined the SEC in 2008 as a staff attorney and served as an Assistant Director in the SEC’s New York Regional Office from 2010 through January 2014.  Prior to his tenure at the SEC, Mr. Osnato was Counsel at Linklaters LLP with a practice focused on white collar matters and internal investigations.  Mr. Osnato is a graduate of Fordham Law School and Williams College.


Suzanne Elovic is the Head of Regulatory Inquiries and Relations at UBS Securities LLC.  In that role, she oversees all securities-related regulatory inquiries and examinations and represents the Firm in matters before the SEC, FINRA, and other regulators.  Prior to joining UBS in 2013, Ms. Elovic briefly held the role of Head of Regulatory Relations at MF Global, Inc.

From 1999 through 2011, Ms. Elovic held various roles in the Enforcement Department of FINRA (and its predecessor NYSE Regulation, Inc.).  From 2008 through 2011, she served as Chief Counsel.  In that position, Ms. Elovic supervised hundreds of Enforcement investigations including matters involving violations of Regulation SHO, Bluesheet reporting, mutual fund market timing, and net capital requirements as well as numerous cases imposing sanctions for failure to comply with various regulatory requirements caused by significant systemic and operational deficiencies and attendant supervisory failures.  As a staff attorney at NYSE Regulation, Ms. Elovic held a leadership role on the joint regulatory team handling the investigations that ultimately resulted in the $1.4 billion Global Research Analyst settlement.

Ms. Elovic began her career in the New York County District Attorney's Office under the Honorable Robert Morgenthau.  An Assistant District Attorney for seven years, Ms. Elovic handled the prosecution of hundreds of criminal matters, first-chaired 15 jury trials and from 1994-1997, specialized in the handling of white-collar criminal matters as an Assistant in the Frauds Bureau.

Ms. Elovic received her J.D. from the Benjamin N. Cardozo School of Law and her B.A. from Brandeis University.


Mr. Citera is Managing Director and Associate General Counsel at JP Morgan Chase & Co.  He provides legal support to the Equity Research, Sales and Trading Desks in the Corporate and Investment Bank.  Previously, he was Counsel in the Financial Institutions Group at Davis Polk & Wardwell and a senior lawyer in that firm’s Trading and Markets Practice.  He represented broker-dealers, banks, investment banks, investment advisers and other financial institutions in a wide range of legal, compliance and regulatory matters.  Before joining Davis Polk, Mr. Citera served as Deputy General Counsel at PaineWebber Securities and Regulatory Risk Manager for the U.S. Equities Division of UBS Investment Bank.  Earlier in his career, he was an attorney in the SEC’s Division of Market Regulation and Office of General Counsel and Counsel at the law firm Wilmer, Cutler & Pickering.  Mr. Citera has published numerous articles and practice outlines on securities related topic; is a frequent speaker at industry conferences; and has been a guest lecturer at the Rockefeller College of Public Administration at SUNY Albany and SUNY Buffalo Law School.  He serves on the Advisory Board to Rockefeller College and on the Advisory Council to the Institute for Financial Market Regulation, also at SUNY Albany.  Mr. Citera obtained his J.D. degree from SUNY Buffalo Law School in 1980 and his B.A. degree from SUNY Albany in 1977.