Practice

Securities Enforcement

Experienced Counsel for Securities Enforcement

Sheppard represents broker-dealers, investment banks, hedge funds and their financial professionals in regulatory investigations and enforcement actions brought by FINRA, the SEC, the Justice Department and other agencies. 

Our lawyers deliver practical strategies to protect clients from scrutiny, reputational damage and potential liability. 

Strategic Defense Grounded in Government Experience

Our team includes former enforcement lawyers from FINRA and the NYSE as well as prosecutors from the Department of Justice. 

With that experience, our attorneys have instant credibility with regulators and can devise effective strategies, manage evolving inquiries efficiently and leverage long-standing relationships with agency decision-makers. 

Beyond handling regulatory inquiries and enforcement actions, we conduct internal investigations related to whistleblower allegations, regulatory reporting and remediation. We advise on matters ranging from insider trading, accounting fraud, disclosure violations, broker-dealer supervision, market manipulation and investment adviser compliance. A key focus of our practice includes leadership in emerging areas such as digital assets and crypto regulation. 

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Experience

Representative Matters
  • Represented a global investment bank in connection with an SEC investigation into trading by firm customer’s rogue trader under the SEC’s Market Access Rule (Rule 15c3-5).
  • Represented a global investment bank in connection with whistleblower allegations of improper marking-to-market of equity derivatives.
  • Represented a publicly traded company in an SEC investigation involving payments to immigration lawyers for referrals of clients seeking EB-5 visas.
  • Represented a defendant in a CFTC action alleging misrepresentations in the operation of a futures fund.
  • Represented a Chinese entertainment and media company in an SEC investigation of the U.S. film industry, alleging FCPA violations.
  • Represented a broker-dealer in connection with a FINRA investigation involving potential market manipulation through "marking the close."
  • Represented a public telecommunications company in an SEC investigation alleging FCPA and revenue recognition violations, at the conclusion of which (after an investigation spanning three years and four continents), the SEC declined to pursue an enforcement action against our client.
  • Represented a Relief Defendant and related company in CFTC action concerning alleged fraud.
  • Represented global investment banks, brokerage firms and firm personnel, and investment advisors in SEC and criminal insider trading investigations.
  • Represented broker-dealer operations professionals in connection with an SEC "soft dollar" investigation.
  • Represented the Private Bank division of a global investment bank in connection with FINRA, SEC, and state securities regulatory inquiries, internal investigations and whistleblower allegations.
  • Represented a former RMBS desk salesperson in connection with a FINRA inquiry concerning communications with accounts.
  • Represented mortgage finance professionals in RMBS-related investigations and litigations.
  • Represented a branch manager and other supervisory personnel in connection with investigations relating to alleged failures to supervise.
  • Represented financial advisors in connection with numerous FINRA investigations regarding Central Registration Depository disclosures, complex products and alternative investments, and other sales practice issues.
  • Represented brokerage firms and employees in FINRA arbitrations.