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David Bayless, recognized by Securities Docket as one of the top SEC enforcement attorneys in the entire country, represents public companies, their directors and senior management in SEC enforcement actions, internal investigations, and private securities class actions. He is an experienced trial lawyer having litigated to verdict cases in federal, state and administrative forums. Previously, Mr. Bayless was the head of the Securities and Exchange Commission’s San Francisco office, where he was responsible for all SEC enforcement and examinations within that office’s multi-state jurisdiction.
Mr. Bayless has extensive experience in investigations and litigation involving financial reporting and accounting issues, the Foreign Corrupt Practices Act, whistleblower complaints, mortgage-backed securities and insider trading. He also represents broker-dealers, investment advisers, mutual funds and their employees in investigations by the SEC and FINRA. Finally, he represents issuers, underwriters and public officials in SEC municipal securities investigations.
- In SEC v. Gane, et al., Case No. 03-61553, the SEC accused the CEO of a public company of securities fraud based on alleged material omissions and misrepresentations. Mr. Bayless tried the case to verdict in federal court in Miami, Florida, and defeated the SEC after a six- day trial, resulting in a defense ruling from the bench.
- Represented the former Chief Investment Officer of Fixed Income for Charles Schwab Investment Management in a class action federal court lawsuit, an SEC investigation, and a derivative lawsuit all relating to alleged misrepresentations about the nature and risks of Schwab’s ultra-short term bond fund.
- Represented the former CEO of IndyMac Bancorp in several private securities fraud class actions as well as an SEC lawsuit.
- Represented numerous companies in Dodd-Frank whistleblower situations. All have been resolved with the SEC taking no action.
- Represented a former senior executive of Metawave Corporation in securities fraud class action litigation and a parallel SEC investigation involving alleged improper revenue recognition. The SEC took no enforcement action.
- Represented a law firm corporate associate in an insider trading investigation. The SEC closed the matter without taking any enforcement action.
- Represented a public official in an SEC investigation of alleged securities fraud in municipal bond offerings by the City of San Diego. No action taken.
- Represented many brokerage firms in FINRA (formerly NASD) investigations, including Charles Schwab, Viant Capital Management, Crocker Securities, The Shemano Group, IBIS Securities and Redwood Securities.
Previous Experience
- Securities and Exchange Commission, San Francisco District Office, District Administrator
Co-Chair - Legal, Ethical and Strategic Issues in Internal Investigations
2008-2014, PLI Conference
West Coast SEC Directors Roundtable
May 8, 2014, Panelist, Securities Docket, San Francisco, CA
Securities Enforcement Forum 2014
October 14, 2014, Panelist, Securities Docket, Washington, DC
Former Federal Prosecutors Daniel Shallman, Aaron Lewis Join Covington’s New Los Angeles Office
March 6, 2015
LOS ANGELES, March 6, 2015 — Former federal prosecutor and leading white collar defense lawyer Dan Shallman will join Covington as a partner in the firm’s new Los Angeles office on March 9. Mr. Shallman will head the firm’s Southern California white collar and investigations team while also playing a leading role in the growth of Covington’s LA office. Aaron ...
Co-Chair - Legal, Ethical and Strategic Issues in Internal Investigations
2008-2015, Annual PLI Conference
Panelist, West Coast SEC Directors Roundtable
2014-2015, Securities Docket, San Francisco, CA
August 18, 2014
WASHINGTON, DC, August 18, 2014 — Best Lawyers named Covington & Burling’s Stuart Eizenstat and Gregg Levy each a 2015 “Lawyer of the Year” in international trade and sports law, respectively, citing their “abilities, professionalism and integrity.” Overall, Covington lawyers received 217 individual mentions in 58 areas of law in the newly released annual survey ...
August 8, 2014
SAN FRANCISCO, August 8, 2014 — Northern California Super Lawyers named Tammy Albarrán one of Northern California’s “Top 50 Women” lawyers and Robert Haslam one of the region’s “Top 100” lawyers. The publication selected 33 Covington & Burling lawyers for its 2014 list of top legal talent. Super Lawyers selects no more than five percent of the total lawyers who ...
May 8, 2014
SAN FRANCISCO, May 8, 2014 — Covington’s David Bayless will participate in a West Coast SEC Directors Roundtable featuring a panel of six current and former directors from the Securities and Exchange Commission’s San Francisco and Los Angeles regional offices. Hosted by Securities Docket, the panel will address the most pressing and important issues and trends ...
New SEC director in San Francisco takes aggressive tack
April 16, 2014, The Daily Journal
David Bayless is quoted regarding the new SEC director in San Francisco.
Panelist, Securities Enforcement Forum 2014
2014, Securities Docket, Washington, DC
October 16, 2013, The Review of Securities & Commodities Regulation
October 14, 2013
WASHINGTON, DC, October 14, 2013 — Covington & Burling partners Bruce Baird and David Bayless were named to Securities Docket’s inaugural “Enforcement 40,” the publication’s list of the “40 best and brightest securities enforcement defense lawyers in the business.” The names were announced at the conclusion of this year’s Securities Enforcement Forum, held ...
Key Issues Facing Board of Directors: New SEC Enforcement Initiatives and Corporate Governance Risks
December 11, 2012, Directors Roundtable
Conducting an Internal Investigation Without Making Yourself a Target
September 11, 2012, Attorneys' Liability Assurance Society Panel
August 27, 2012
WASHINGTON, DC, August 27, 2012 — Covington & Burling LLP lawyers received 196 individual mentions in 57 areas of law in the 2013 edition of The Best Lawyers in America. This annual compilation of top U.S. lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The Covington lawyers recognized are as ...
8/23/2012
SAN FRANCISCO, August 23, 2012 — Northern California Super Lawyers selected 24 Covington & Burling lawyers for its 2012 list of top legal talent. Super Lawyers selects no more than five percent of the total lawyers who practice in Northern California based on peer review and the publication’s independent research. Robert Fram and Robert Haslam were named among ...
Eight Covington Lawyers Named ‘2012 Lawyer of the Year’
October 5, 2011
WASHINGTON, DC, October 5, 2011 — Best Lawyers named eight Covington & Burling lawyers as the “2012 Lawyer of the Year” in their respective practice areas and cities. According to Best Lawyers, the selected lawyers have received particularly strong ratings in the Best Lawyers' survey by earning a high level of respect among their peers for their “abilities, ...
September 7, 2011
WASHINGTON, DC, September 7, 2011 — Covington & Burling LLP lawyers received 184 individual mentions in 56 areas of law in the 2012 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The Covington lawyers recognized are as follows: ...
July 13, 2011
SAN FRANCISCO, July 13, 2011 — Twenty-two Covington & Burling LLP lawyers are recognized in the 2011 edition of Northern California Super Lawyers. The annual list by Super Lawyers selects only five percent of the total lawyers in the state based upon peer review and the publication’s independent research. Fourteen Covington lawyers were named Northern ...
June 9, 2011
WASHINGTON, DC, June 10, 2011 — Covington & Burling LLP received 92 individual mentions and 32 practice mentions in the Legal 500 US 2011 edition. Legal 500 reviews the strengths and strategies of law firms in more than 90 countries in Europe, the Middle East, Asia, North and South America, and the Caribbean. Here are the Covington lawyers and practices ...
August 6, 2010
WASHINGTON, DC, August 6, 2010 — Covington & Burling LLP received 138 individual mentions in 40 areas of law in the 2011 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The Covington lawyers recognized are as follows: Administrative: ...
July 16, 2010
SAN FRANCISCO, July 16, 2010 — Eighteen Covington & Burling LLP lawyers are recognized in the 2010 Northern California Super Lawyers. The annual list by Super Lawyers selects only five percent of the total lawyers in the state based upon peer review and the publication’s independent research. Eleven Covington lawyers were named Northern California Super ...
August 7, 2009
WASHINGTON, DC, August 7, 2009 — Covington & Burling LLP received 131 individual mentions in 38 areas of law in the 2010 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The Covington lawyers recognized are as follows: Administrative: ...
7/15/2009
SAN FRANCISCO, CA, July 15, 2009 — Eleven Covington & Burling LLP partners are recognized in the 2009 Northern California Super Lawyers. The annual list by Super Lawyers selects only five percent of the total lawyers in the state based upon peer review and the publication’s independent research. In addition, seven lawyers have been named Northern California ...
November 2008, Investment Lawyer
September 29, 2008
WASHINGTON, DC, September 29, 2008 — Covington & Burling LLP received 124 individual mentions in 40 areas of law in the 2009 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The Covington lawyers recognized are as follows: Administrative: ...
8/27/2008
SAN FRANCISCO, CA, August 27, 2008 — Eleven Covington & Burling LLP partners are recognized in the 2008 Northern California Super Lawyers. The annual list by Super Lawyers selects only five percent of the total lawyers in the state based on peer review and the publication’s independent research. In addition, San Francisco partners Anita Stork and Donald Brown ...
September 6, 2007
WASHINGTON, DC, September 6, 2007 — Covington & Burling LLP received 115 individual mentions in 38 areas of law in the 2008 edition of The Best Lawyers in America. This annual compilation of top US lawyers is based on peer-review surveys and is used as a referral guide in the legal profession. The recipients are as follows: Administrative: E. Edward Bruce and ...
Recent SEC Enforcement Actions Against In-House Lawyers: An Ominous Trend for the Legal Profession
July 2007, Securities Litigation & Regulation Reporter
March 5, 2007
SAN FRANCISCO, CA, March 5, 2007 — Covington & Burling LLP announced today that David Bayless has joined the firm as partner. He will be resident in the firm’s San Francisco office.Mr. Bayless was the head of the Securities and Exchange Commission’s San Francisco office from 1994 to 1999, during which time he was responsible for all enforcement and regulatory ...
- Recognized by Securities Docket as one of the top SEC enforcement attorneys in the country in its inaugural "Enforcement 40" list (2013).
- Chambers USA - America's Leading Business Lawyers, Litigation - General Commercial (2012-2015)
- Best Lawyers in America, Corporate Compliance (2007-2017); Litigation - Securities (2012-2017)
- Legal 500 US, Litigation - Securities: Shareholder Litigation (2013-2016)
- Northern California Super Lawyers, Securities Litigation (2004-2015)
- Selected as the Independent Consultant pursuant to the SEC’s Order In the Matter of Morgan Stanley DW Inc. (Administrative Proceeding No. 3 — 11335, November 17, 2003).
- Expert witness in Mahonia Limited, J.P. Morgan Chase v. WestLB AG in The High Court of Justice, Queen’s Bench Division, Commercial Court, in London, England, on the subjects of United States securities laws and SEC enforcement actions.