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Hedge and Private Fund Enforcement & Regulatory Developments 2014


Speaker(s): Aitan D. Goelman, Andre E. Owens, Andrew B. David, Chad Johnson, Hannah Berkowitz, Igor Rozenblit, James A. Brigagliano, Joan E. McKown, John H. Walsh, Joseph Furey, Julie M. Riewe, K. Susan Grafton, Kahyeong Lee, Marc E. Elovitz, Marc J. Fagel, Marcy Engel, Michael J. Osnato, Jr., Peter H. Bresnan, Richard W. Grime, Rita M. Molesworth, Scott Black, Scott Reinhart, Stuart J. Kaswell, Susan E. Brune, Susanne V. Clark, Wayne M. Carlin
Recorded on: Nov. 18, 2014
PLI Program #: 51800

Susanne V. Clark, Senior Managing Director and General Counsel.  Prior to joining Centerbridge, Ms. Clark was the General Counsel and Chief Compliance Officer of Basso Capital Management, L.P. (“Basso”), an SEC-registered investment adviser managing multi-strategy, convertibles and credit funds.  Prior to Basso, Ms. Clark was the Deputy General Counsel of Amaranth Group Inc., an investment adviser for multi-strategy and long/short equity funds.  Before that, Ms. Clark served as Vice President and Assistant General Counsel at Goldman Sachs, where she was responsible for finance and corporate legal matters involving The Goldman Sachs Group, Inc. and, prior to that, for legal matters involving the investment banking business of Goldman, Sachs & Co.  Ms. Clark started her career as an Associate in the New York Office of Shearman & Sterling LLP.  Ms. Clark graduated with honors from Swarthmore College and received her J.D. from Columbia Law School.


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.


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.


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.


Hannah Berkowitz represents financial services companies, their officers, directors and employees, in securities, antitrust and commercial litigation and regulatory proceedings, and advises clients on practices and procedures to reduce litigation, regulatory and compliance risk and exposure. As a former in house lawyer, she is keenly focused on delivering high quality services efficiently.

Prior to joining Murphy & McGonigle, Ms. Berkowitz held senior positions in the general counsels’ offices of several public companies in the financial services industry. Ms. Berkowitz was Group Executive and Senior Associate General Counsel at Mastercard Worldwide, where she headed up litigation, regulatory, and public policy globally. Prior to Mastercard, she was a Managing Director and General Counsel Litigation at UBS Financial Services Inc., where she supervised in house lawyers and outside counsel involved in a broad range of litigation in the federal and state courts, sales practices and recruiting arbitrations and customer sales practices complaints. During her tenure, she also supervised lawyers in the corporate, mergers and acquisitions and hedge fund area, and provided advice to senior management. Ms. Berkowitz was Deputy General Counsel and Senior Vice President of PaineWebber Incorporated, heading up firm-wide litigation, including capital markets, retail and asset management. Ms. Berkowitz was personally involved in defending many of the complex and high exposure matters involving the financial services industry, including limited partnerships, Orange County municipal bonds, Nasdaq trading, market-timing, revenue sharing, bank sweep accounts, structured products, CDOs, hedge fund products, equity linked notes, variable annuity insurance products, research, failed public offerings of securities and Enron related matters. She also was involved in the creation of the Protocol, involving lateral recruiting of brokers, which has been adopted by most broker-dealer firms.

Prior to PaineWebber, Ms. Berkowitz was at Davis Polk & Wardwell, where she represented domestic and foreign companies in securities, antitrust and commercial litigation, and in criminal investigations. For example, she represented an underwriter and financial advisor in federal and state actions arising out of the failure of First Republic Bank in Texas; an issuer in securities litigation arising out of alleged false earnings projections; and an investment bank in Oklahoma actions relating to mortgage fraud. She also was involved in representing a financial institution in investigations and litigation relating to insider trading and represented companies and individuals in criminal grand jury proceedings. Ms. Berkowitz began her legal career as a law clerk to the late Hon. William C. Conner in the United States District Court for the Southern District of New York.

Ms. Berkowitz is an Adjunct Professor at Pace Law School and was a Visiting Lecturer at the University of Chicago School of Law. She served as an officer of the Compliance and Legal Division of SIFMA (previously SIA), and Chair of the Amicus Committees of SIFMA, SIA and the former Bond Market Association. She was a member of the National Arbitration & Mediation Committee and is a FINRA arbitrator. 

Ms. Berkowitz has been recognized as a New York Super Lawyer (2014-15).


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.


Julie M. Riewe is a litigation partner based in the firm’s Washington, D.C. office and is a member of the firm’s White Collar & Regulatory Defense Group. Her practice focuses on securities-related enforcement and compliance issues and internal investigations, and she has significant experience with matters involving private equity funds, hedge funds, mutual funds, business development companies, separately managed accounts and other asset managers.

Prior to joining the firm, Ms. Riewe was Co-Chief of the Asset Management Unit of the U.S. Securities and Exchange Commission’s Division of Enforcement. In this capacity, Ms. Riewe oversaw a nationwide program of investigations focusing on investment advisers, investment companies, mutual funds, hedge funds, private equity funds and other investment vehicles managed by investment advisers. She co-led a team of nearly 80 attorneys, industry experts and other professionals in all 12 SEC offices, and was responsible for directing the SEC’s asset management-related enforcement efforts.

Ms. Riewe personally supervised nationally prominent matters involving portfolio valuation, conflicts of interest, governance, performance advertising, fee and expense allocation, trading practices, market manipulation, best execution, principal transactions, cross trades, mutual fund distribution, Form ADV and prospectus disclosure, and custody and compliance issues. She also led investigations across all major SEC and FINRA enforcement program areas, including FCPA, broker-dealer regulation, insider trading, fraud, financial reporting and securities registration. Additionally, she worked closely with the SEC’s National Exam Program, the examination staff in the Office of Compliance Inspections and Examinations across the country, and the Division of Investment Management in setting priorities and devising risk-analytic initiatives and sweeps across the asset management space. In recognition of her leadership and integrity, she received the Chairman’s Award for Excellence in Leadership in 2015.

Before her appointment to Co-Chief, Ms. Riewe was Deputy Chief and Assistant Director of the Asset Management Unit in 2012 and 2010, respectively. From 2008 to 2010, she was Branch Chief in the Enforcement Division in Washington, D.C. She began her tenure at the SEC as a staff attorney in the Enforcement Division in 2005. In 2007, she earned the Ellen B. Ross Award for her performance at the SEC.

From 2000 to 2004, Ms. Riewe was a litigation associate with a major international law firm, prior to which she served as a law clerk to the Hon. Diana E. Murphy of the U.S. Court of Appeals for the Eighth Circuit from 1999 to 2000.

Ms. Riewe earned her J.D. and M.P.P. from Duke University School of Law in 1999, where she was a member of the Duke Law Journal and Editor-in-Chief of the Duke Journal of Gender Law & Policy. She received her A.B. from Duke University in 1993.


K. Susan Grafton is a partner in the Washington, DC and New York offices of Dechert LLP where she focuses her practice on advising broker-dealers, hedge fund managers and other investment advisers on their business, regulatory, and compliance issues.  Ms. Grafton represents broker-dealers and investment advisers in connection with regulatory exams and enforcement investigations.  She also counsels trade associations and their members on a variety of rulemaking issues related to the Department of Labor’s fiduciary rules, market structure, municipal advisor registration and other legal and regulatory developments.

Previously, Ms. Grafton was Vice President and Associate General Counsel at Goldman, Sachs & Co., where she advised the Securities Division on a variety of sales and trading issues.  She began her career in the Securities and Exchange Commission’s Division of Trading and Markets.

Ms. Grafton is a member of the American Bar Association’s Subcommittee on Hedge Funds and FINRA’s Corporate Financing Rules, and a member and former chair of the ABA’s Subcommittee on Trading and Markets.  She also is currently a member of the Board of Advisors of the Securities and Exchange Commission Historical Society, and a member of the Association of Securities and Exchange Commission Alumni and 100 Women in Hedge Funds.  Ms. Grafton received her LL.M. in Securities Regulation from Georgetown University Law Center and her J.D. from The Catholic University of America’s Columbus School of Law.

Ms. Grafton is a member of the District of Columbia and the State of New York Bars.


Marc E. Elovitz is chair of Schulte Roth & Zabel’s Investment Management Regulatory & Compliance Group. He advises hedge funds, private equity funds and funds of funds on compliance with the Investment Advisers Act of 1940 and other federal, state and self-regulatory organization requirements, including establishing compliance programs, registering with the SEC and handling SEC examinations. Marc provides guidance to clients on securities trading matters and represents them in regulatory investigations and enforcement actions, arbitrations and civil litigation. He also regularly leads training sessions for portfolio managers and analysts on complying with insider trading and market manipulation laws.

A member of the American Bar Association’s Business and Litigation Sections and the Hedge Funds Subcommittee of the Committee on Federal Securities Regulation, Marc is a frequent speaker at hedge fund industry conferences and seminars. In addition, he co-authors the “Market Manipulation” chapter in the leading treatise, Federal Securities Exchange Act of 1934 (Matthew Bender) and wrote the chapter on “The Legal Basis of Investment Management in the U.S.” for the Oxford University Press book, The Law of Investment Management. After graduating with honors from Wesleyan University in 1986, Marc attended New York University School of Law, from which he was awarded his J.D. degree in 1990.


Marc Fagel is a partner in Gibson, Dunn & Crutcher’s San Francisco office and a member of the Firm’s Securities Enforcement and White Collar Defense Practice Groups.  Mr. Fagel’s practice focuses on the representation of public companies and their officers and directors, as well as financial institutions, investment advisers, hedge funds, private equity firms, broker-dealers, accounting firms and others in investigations and examinations conducted by the Securities and Exchange Commission, as well as by the Department of Justice, FINRA, and other regulatory bodies.  Mr. Fagel also conducts internal investigations and represents clients in related civil actions.

Prior to joining the Firm, Mr. Fagel spent over 15 years with the SEC’s San Francisco Regional Office, most recently serving as Regional Director from 2008 to 2013. In his role as Regional Director, he was responsible for administering the SEC’s enforcement and examination programs for Northern California, Washington, Oregon, Alaska, Montana and Idaho, managing a staff of more than 100 lawyers, accountants, and other professionals.  Before his appointment as Regional Director, Mr. Fagel served as Associate Regional Director in charge of enforcement.   

While at the SEC, Mr. Fagel conducted, supervised and oversaw hundreds of investigations in nearly every major subject area of the SEC’s enforcement program, including public company disclosure and reporting; the Foreign Corrupt Practices Act (FCPA); insider trading; and investigations of major financial institutions, investment advisors, hedge funds and broker-dealers.  He was at the forefront of the SEC’s initiative on stock option backdating and oversaw some of the largest securities fraud cases filed in the Pacific Northwest. 

Before joining the SEC, Mr. Fagel spent six years as an associate at a large national law firm, where he specialized in representing technology companies and their officers and directors in securities fraud class action litigation. Mr. Fagel received his undergraduate degree from Princeton University and graduated in 1991 with Honors from the University of Chicago Law School, Order of the Coif.

Mr. Fagel currently serves on the Board of Directors of Jewish Family and Children’s Services of San Francisco and the Law Center to Prevent Gun Violence, as well as the Board of Advisors of the SEC Historical Society.

Selected Speaking Engagements

  • “Financial Reporting Risks & Trends,” National Association of Corporate Directors, Corporate Governance Next Practices & General Counsel Forum (Las Vegas, NV, Oct. 2014)
  • “SEC & PCAOB Updates (Moderator),” Center for Corporate Reporting & Governance, 13th Annual SEC Financial Reporting Conference (Irvine, CA, Sept. 2014)
  • “Staying Out of Trouble:SEC Enforcement Update,” Practicing Law Institute, 10th Annual SEC Reporting Forum for Mid-Sized Companies (Las Vegas, NV, Sept. 2014)
  • “The Impact of Dodd-Frank on Private Equity Firms,” Private Equity Association of Los Angeles (Los Angeles, CA, May 2014)
  • “West Coast SEC Directors Roundtable,” Securities Docket (San Francisco, CA, May 2014)
  • “Corporate Governance & SEC Enforcement: Public Company Hot Topics for 2014,” Bar Association of San Francisco (San Francisco, CA, April 2014)
  • “Staying Out Of Trouble:SEC Enforcement Update,” SEC Institute, 29th Annual SEC Reporting and FASB Forum (San Diego, CA, November 2013)
  • “Best Practices in Electronic Surveillance,” ACA Compliance Group, Fall 2013 Compliance Conference (San Francisco, CA, October 2013)
  • “Insider Trading & Hedge Funds,” Reuters HedgeWorld West (Half Moon Bay, CA, October 2013)
  • “Whistleblower Laws and Investigations: Strategies and Practical Considerations for Counsel to Handle Employer Retaliation Claims,” Center for Competitive Management (Webcast, October 2013)
  • “Expert Roundtable on Today’s Hot Compliance Topics,” IA Watch, Fall Compliance Best Practices Summit (Beverly Hills, CA, October 2013)
  • “SEC Enforcement: Where Is It Headed Now?” Society of Corporate Secretaries and Governance Professionals, 67th National Conference (Seattle, WA, July 2013)


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.


Peter H. Bresnan is a Litigation Partner at Simpson Thacher & Bartlett LLP and member of the Firm’s Government and Internal Investigations practice. Peter’s practice includes a broad range of business regulatory and corporate governance matters, including representing corporations, financial institutions and individuals in SEC and other regulatory enforcement proceedings. In addition, Peter conducts internal investigations on behalf of management and boards of directors. He regularly counsels clients on SEC reporting, disclosure, compliance and corporate governance requirements.

Peter joined the Firm following a 12-year tenure at the Securities and Exchange Commission, most recently as Deputy Director, Division of Enforcement, where he was responsible for supervising all enforcement matters in the SEC’s Washington, D.C. office. Peter led a number of major enforcement actions, including as the SEC’s lead trial counsel in the WorldCom case. Peter was also responsible for the Commission’s actions against Fannie Mae and Freddie Mac. Peter led significant investigations involving a broad variety of subjects, including alleged violations of the Foreign Corrupt Practices Act, issuer accounting fraud and other disclosure violations, stock options backdating, mutual fund market timing and late trading, market manipulation, broker-dealer misconduct and insider trading.

During his career at the SEC, Peter had numerous roles, including as Acting District Administrator for the SEC's Boston office, where his responsibilities included oversight of the office’s enforcement program as well as its examinations of brokerage firms, investment advisors and other registered entities. Peter also served as the SEC’s Deputy Chief Litigation Counsel, sharing responsibility for managing the Commission’s nationwide litigation program.

Peter was recognized at the Securities Enforcement Forum 2013 where he was named to the Forum’s inaugural “Enforcement 40,” a list of the 40 best and brightest securities enforcement defense attorneys in the industry, recognizing lawyers who have experience in bet-the-company and SEC Division of Enforcement matters. He is the 2004 recipient of the SEC’s Stanley Sporkin Award, which recognizes those who have made “exceptionally tenacious and insightful contributions” to the enforcement of the federal securities laws. He is the 2004 recipient of the SEC’s Stanley Sporkin Award, which recognizes those who have made “exceptionally tenacious and insightful contributions” to the enforcement of the federal securities laws. He is recognized nationally by Chambers USA in Securities: Regulation: Enforcement, where sources describe him as “a very sharp, active player in the Bar.” He is recognized by The Legal 500 in both Financial Services: Litigation and White-Collar Criminal Defense, and is consistently recognized as a “Litigation Star” by Euromoney’s Benchmark Litigation. He earned his J.D. from Fordham University School of Law in 1982 and his B.A. from Kenyon College in 1977.

PRACTICE FOCUS

  • Government and Internal Investigations
  • International Regulatory and Compliance
  • Asia Litigation
  • Whistleblower and False Claims Act
  • Litigation


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.


Scott Reinhart is senior counsel to Commissioner Mark P. Wetjen at the U.S. Commodity Futures Trading Commission. In that capacity he advises Commissioner Wetjen on full range of legal, regulatory and policy matters before the CFTC, including the implementation of the Dodd-Frank Act. Mr. Reinhart also acted as co-Chief of Staff and co-Chief Operating Officer of the Commission during Commissioner Wetjen’s acting chairmanship.

Prior to joining the Commission Mr. Reinhart was a member of the Global Markets Financing and Futures client solutions group at Bank of America Merrill Lynch. He also practiced as a lawyer on Lehman Brothers’ structured credit products desk, and following the Lehman bankruptcy he advised the Lehman bankruptcy estate on the unwind of its derivatives portfolio. Mr. Reinhart began his career as an associate at Shearman & Sterling LLP, where he advised buy-side and sell-side institutions with respect to a wide range of derivatives and structured products.

Mr. Reinhart holds a J.D. from the New York University School of Law and a B.A. from the University of Pennsylvania and is a member of the New York State Bar. Mr. Reinhart is a CFA® charterholder.


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.


Richard W. Grime is a litigation partner in the Washington office of Gibson, Dunn & Crutcher’s Washington, DC office and a member of the White Collar Defense and Investigations Practice Group and the Securities Enforcement Practice Group. 

Mr. Grime’s practice focuses on representing companies and individuals in corruption, accounting fraud, and securities enforcement matters before the Securities and Exchange Commission and the Department of Justice.  Mr. Grime also conducts internal investigations and counsels clients on compliance and corporate governance matters with a particular focus on corruption investigations.

Richard spent over nine years in the Division of Enforcement at the Securities and Exchange Commission in Washington, DC.  In his last four years at the Commission he was an Assistant Director.  While at the SEC, Mr. Grime supervised the filing of over 70 enforcement actions covering a wide range of the Commission’s activities including a series of FCPA cases including the first FCPA case involving SEC penalties for violations of a prior Commission order.

Richard is ranked as a nationwide "FCPA Expert" by Chambers USA 2011-2014 and Chambers Global 2012-2014.


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.


Aitan Goelman became the Director of the Division of Enforcement in the CFTC in June 2014.  After graduating from Yale Law School in 1993, Mr. Goelman spent a year clerking for Justice Aharon Barak on the Supreme Court of Israel before beginning his career in the DOJ Attorney General’s Honors Program.  As an Honor Graduate, Mr. Goelman was initially a trial lawyer in the Terrorism and Violent Crime Section in the Department of Justice’s Criminal Division.  After the Oklahoma City Bombing in 1995, Mr. Goelman was appointed Special Attorney to the U.S. Attorney General on the OKBomb Task Force and served as a trial lawyer in the federal trials of Timothy McVeigh and Terry Nichols, for which he was awarded the Attorney General’s Award for Distinguished Service.  From 1998 until 2003, Mr. Goelman was an Assistant U.S. Attorney for the Southern District of New York, where he investigated and prosecuted various federal crimes, including RICO, conspiracy, and wire, mail, bank and securities fraud.  From 2003 until 2014, Mr. Goelman was a litigation partner at Zuckerman Spaeder in Washington, DC, where his practice focused on white-collar crime and complex commercial litigation.  He is an adjunct law professor at George Washington University, where he teaches a course on the role of the federal prosecutor.  In his 20 years practicing law, Mr. Goelman has tried more than 50 cases to verdict.


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.


Kahyeong Lee is Associate General Counsel and Compliance Officer at Oak Hill Advisors, L.P. Previously, she was the Chief Compliance Officer and Associate General Counsel for Viking Global Investors LP, a Vice President and Counsel for Lehman Brothers Inc., and an associate for Allen & Overy LLP.  She earned a J.D. from Harvard Law School and a B.A. from Harvard College, where she was elected to Phi Beta Kappa.


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.


Wayne M. Carlin is a litigation partner with Wachtell, Lipton, Rosen & Katz.  His practice is concentrated in the defense of regulatory, enforcement, white-collar criminal and complex civil litigation matters, as well as the conduct of internal investigations.  Mr. Carlin was previously Regional Director of the New York Regional Office of the United States Securities and Exchange Commission from 2000 to 2004.  He earlier served in a variety of positions on the SEC's enforcement staff from 1993 to 1997 and from 1999 to 2000.  From 1997 to 1999, Mr. Carlin was Head of Regulatory Affairs at Lazard Frères & Co.  Mr. Carlin was a member of the Task Force on the Role of Lawyers in Corporate Governance of the Association of the Bar of the City of New York, and previously served on the Securities Regulation Committee and the Financial Reporting Committee.  Mr. Carlin is a member of the Board of Directors of the Association of SEC Alumni, and of the Board of Advisors of the SEC Historical Society.


Mr. Furey is an Assistant Chief Counsel in the Division of Trading and Markets at the Securities and Exchange Commission.  Mr. Furey rejoined the Commission staff in August, 2010 after serving in a variety of legal and compliance positions:  Director and Associate General Counsel at Legg Mason & Co., LLC (2001-2010); Counsel in the Washington, DC office of Hughes Hubbard & Reed (1999-2001); Vice President and Deputy Chief Hearing Officer at NASD Regulation (1996-1999); and Associate in the Washington, DC office of Debevoise & Plimpton (1994-1996).  After graduating from law school at the University of Baltimore in December 1983 , Mr. Furey began his legal career at the SEC in the Division of Market Regulation (1984-1994).   Mr. Furey, who earned an LLM in Securities Regulation from the Georgetown University Law Center in 1990, is also a member of the Maryland and District of Columbia Bars.