Covington’s securities enforcement lawyers defend both corporations and individuals in investigations by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Financial Industry Regulatory Authority (FINRA), regional exchanges, and state regulators throughout the nation. When such regulatory investigations are accompanied by parallel criminal investigations, Congressional investigations, or investigations by other federal regulatory agencies, we are well-equipped to handle those as well. We also conduct internal investigations, design corporate compliance programs and conduct compliance training at many of the world's largest corporations. We are recognized by Chambers USA (2009) as one of the nation's leading firms in the field.
WHY COVINGTON?
Covington’s Securities Enforcement practice has a track record of litigating and prevailing against securities regulators coast-to-coast. Two former high-level SEC Enforcement officials head our east and west coast practices and a nine-year veteran of the CFTC leads our commodity regulatory and enforcement practice. Our offices in Washington, New York, and San Francisco also boast a stable of highly experienced former federal prosecutors with significant securities enforcement backgrounds. All have substantial trial experience. Because of this breadth and balance of experience, few firms can rival our ability to knowledgeably guide our clients through regulatory and criminal investigations.
Our Securities and Commodities Enforcement Practice includes 12 partners. They have served in such high-ranking positions as United States Attorney for the Eastern District of New York, Chief Litigation Counsel for the SEC's Division of Enforcement, District Administrator for the SEC San Francisco District Office, and Chiefs of the Securities and Commodities Fraud Units in the U.S. Attorney's Offices in Manhattan and San Francisco.
When needed, we also seamlessly integrate the advice of our preeminent legislative specialists and financial institutions regulatory lawyers who have deep experience handling investigations before Congress and the federal banking regulators.
Covington represents public companies and individuals in every major area of securities and commodities enforcement including:
- financial accounting fraud;
- insider trading;
- stock option backdating;
- market-timing;
- market manipulation;
- misuse and misappropriation of client assets;
- issues arising under the Investment Advisers Act;
- Foreign Corrupt Practices Act violations; and
- municipal securities fraud.
Covington's Securities and Commodities Enforcement Practice is not only recognized for litigating and winning high-profile enforcement cases, but also for developing creative legal strategies to resolve matters long before they draw public scrutiny. We believe that our record of excellence in defending clients in complex regulatory enforcement cases has earned the firm great respect and credibility with courts, the SEC, CFTC, FINRA, and state regulatory agencies nationwide.
Representative Matters
- Achieved a highly favorable settlement for the New York Stock Exchange in a widely reported SEC action involving the exchange’s dissemination of market data.
- The former CEO of IndyMac in an SEC federal court action challenging the adequacy of the bank's financial crisis disclosures.
- The former Chief Investment Officer of Fixed Income for Charles Schwab Investment Management in an SEC federal court lawsuit alleging material misrepresentations concerning Schwab’s ultra short-term bond fund.
- A former executive of consumer products company in an SEC investigation regarding trading by a relative in advance of the public announcement of a tender offer. We convinced the SEC not to pursue an enforcement action against our client.
- A trader in parallel insider trading investigations by the SEC and the U.S. Attorney's Office for the Southern District of New York.
- A large regional bank in an SEC inquiry concerning its mortgage loan repurchase reserve.
- A global technology company in an SEC investigation of its revenue recognition practices.
- Several major investment banking firms in connection with various criminal, SEC, state, and New York Stock Exchange investigations into suspected insider trading, accounting fraud, and other securities law violations.
- Société Générale and SG Cowen Securities Corp., in federal and state grand jury investigations and an SEC investigation into a $200 million Ponzi scheme by a former retail brokerage branch manager.
- Leading broker-dealers and their bankers and research analysts in investigations by the SEC, the Department of Justice, the NASD, and the New York Attorney General into the independence of research analysts and the use of their research and coverage.
- Investment bank in Department of Justice and SEC investigations involving municipal derivatives.
Accolades
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Chambers USA, Securities (2012)
- Enforcement: Bruce Baird and David Kornblau
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Chambers USA: Litigation/White Collar Crime & Government Investigations (2012)
- The Daily Journal
- Legal 500 US , Securities: Shareholder Litigation (2012)
- David Kornblau and William Phillips
- Legal 500 US, White Collar Criminal Defense (2012)
- Bruce Baird, Jason Criss, David Kornblau, Nancy Kestenbaum, Matthew O’Connor, and Alan Vinegrad
- Best Lawyers in America (2013)
- Corporate Compliance: Bruce Baird, David Bayless, Len Chazen, Philip Howard, and David Martin
- Criminal Defense - White Collar: Stephen Anthony, Bruce Baird, Haywood Gilliam, Nancy Kestenbaum, Mark Lynch, John Nields, Ethan Posner, and Alan Vinegrad
- Best Lawyers in America “Lawyer of the Year” (2012)
- David Bayless, Corporate Compliance Law, San Francisco
- Who’s Who Legal, Business Crime Defence (2012)
- John Nields, Ethan Posner, Jason Raofield, and Alan Vinegrad
- Northern California Super Lawyers (2013)
- Securities Litigation: Tammy Albarrán and David Bayless
- Criminal Defense - White Collar: Haywood Gilliam
- Washington DC Super Lawyers (2012)
- Criminal Defense - White Collar: Stephen Anthony, John Hall, and Ethan Posner
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