TOM DEFENDS FEDERAL LAW ENFORCEMENT INVESTIGATIONS AND ENFORCEMENT ACTIONS BY THE DOJ, SEC, CFTC AND OTHER GOVERNMENT AGENCIES, REPRESENTS FIRMS IN COMPLEX BUSINESS LITIGATION, CONDUCTS CORPORATE INTERNAL INVESTIGATIONS AND ADVISES FIRMS ON AVOIDING INVESTIGATIONS AND LITIGATION THROUGH EFFECTIVE COMPLIANCE.
FEDERAL LAW ENFORCEMENT INVESTIGATIONS/ENFORCEMENT ACTIONS: These investigations involve the full array of corporate, security, financial, and economic issues and frequently are viewed as “bet the company” actions. The issues involved include those based on security fraud, financial and accounting precepts, insider trading and market manipulation, FCPA and anti-corruption, derivatives, antitrust and money laundering. Recent examples of these matters include representation of:
- An issuer and a number of its executives in an SEC financial fraud investigation;
- A company in a CFTC investigation centered on oil pipeline allocations and derivatives;
- A hedge fund and its founder in a DOJ and SEC market manipulation inquiry; and
- A firm in an FTC antitrust investigation.
BUSINESS LITIGATION: These actions involved a number of difficult and often uncharted issues and theories on both the plaintiff and defense side of court actions. The claims involved are typically based on the federal securities laws, the commodity statutes, the antitrust laws, RICO and frequently included questions regarding accounting, economics and business systems. Examples of these matters include:
- Defense of a securities class action against a hedge fund and its principal;
- Defense of a short swing securities suit against a publically traded firm and its founders;
- A suit brought by a U.K. merchant bank based on international lending agreements that concluded with a favorable verdict after a five month jury trial;
- The successful defense of a national business supply company in an antitrust action;
- The resolution of an action for a German multi-national centered on the failure of the U.S. and Germany to include in the final peace treaty for World War II; a reparation funds for U.S. citizens interned in Nazi concentration camps. The action was resolved with the creation of a government to government fund providing for payments to those citizens;
- A action on behalf of Minpeco S.A., the Peruvian government minerals trading firm, against the Hunt Brothers, several New York brokers, a Swiss Bank and others for the manipulation of the silver market, resulting in a $200 million treble damage verdict for the client after a six month jury trial
- The defense of the Republic of Peru in 54 actions brought in five countries based on its external commercial debt.
COMPLIANCE/INTERNAL INVESTIGATIONS: The resolution of questions and issues for business organizations, whether discovered by the firm or from a Government subpoena, CID or inquiry typically begins with an examination of the firm’s compliance systems, often requires an internal investigation and may conclude with carefully crafted remedial steps to augment the compliance systems, precluding a future repetition of the issue. Examples of these matters include:
- An international investigation centered on questions regarding compliance with the FCPA and anti-corruption laws;
- An investigation of an investment adviser involving issues regarding the adequacy of its procedures;
- The preparation of an investment firm for an SEC compliance examination; an
- Consultation with an international firm on effective responds to, and compliance for, possible corruption issues.
Tom served for seven years in positions of increasing responsibility on the staff of the Securities and Exchange Commission in Washington, D.C. Those positions included Senior Counsel, Division of Enforcement and Special Trial Counsel, Office of the General Counsel. In those positions, Tom was responsible for the investigation and litigation of securities enforcement actions, accounting and auditing cases and defending suits brought against the Commission and its staff. Before joining the staff of the SEC, Tom served for two years on the staff of the Public Defender's Office in Cleveland, Ohio and as an adjunct professor of law at the Cleveland-Marshall College of Law; Cleveland State University.
- FCPA-Anti-Corruption: Co-founder and co-chair of the firm’s FCPA and Anti-Corruption Practice group; and
- Government Enforcement: Member of the Government Enforcement and Investigations Group.
PROGRAMS AND PERIODICALS
Anti-Corruption Digest: Tom is the principal editor of the firm’s Anti-Corruption Digest, a monthly publication that reports on anti-corruption issues around the globe.
Dorsey Federal Enforcement Forum: Tom is the founder of the firm’s annual Federal Enforcement Forum, a program which reports on, and analyzes current trends in, Government enforcement investigations and actions. A recording of the 2016 Forum is available here.
SECACTIONS: Tom is the creator of, and author of, SECACTIONS, a widely followed blog, published each business day that reports on and analyzes trends in securities enforcement litigation.
Education & Admissions
Georgetown University Law Center (LL.M., (concentration in Securities and Antitrust), 1982)
Cleveland-Marshall College of Law (J.D., 1973), cum laude
- Editor, Cleveland St. U.L. Rev.
- Moot Court Team Member
John Carroll University (A.B., Literature, 1970)
- New York
- District of Columbia
News & Resources
News & Press Mentions
Events & Speaking Engagements
Tom frequently speaks at professional meetings and is often solicited by the media for comments on a variety of legal matters. For example:
- Quadl Alternative Data Conference, Insider Trading, New York, New York (Jan. 2018)
- Private Funds Symposium, New York, New York (Sept. 2017)
- Trading in Opaque Markets, Presentation to New York Bar Securities Committee, New York, New York (June 2017)
- IA Watch Compliance Program: The Wrap Fee Program Target, How to Pass Regulator’s Increasing Scrutiny, Washington, D.C. (April 2017)
- ABA Criminal Section Program: Insider Trading, Washington, D.C. (March 2017)
He periodically publishes articles to update clients and friends of the firm on current issues. For example:
- The SEC, CFTC and Virtual Currencies (Jan. 17 2018), available at: https://www.dorsey.com/newsresources/publications/client-alerts/2018/01/the-sec-cftc-and-virtual-currencies
- Lessons from the Market Place: The Importance of Compliance (Oct. 26, 2017), available at: https://www.dorsey.com/newsresources/publications/client-alerts/2017/10/the-importance-of-compliance
- The New Supreme Court Term: Three Securities Cases (Oct. 3, 2017), available at: https://www.dorsey.com/newsresources/publications/client-alerts/2017/10/new-supreme-court-term-three-securities-cases
- Effective FCPA Compliance: Building a Compliance Defense (June 27, 2017), available at: https://www.dorsey.com/newsresources/publications/client-alerts/2017/06/effective-fcpa-compliance-programs
He also periodically publishes professional articles. For example:
- SEC Venue Selection: Avoiding Ground Hog Day, forthcoming, The Wall Street Lawyer (Feb. 2018); http://www.secactions.com/sec-venue-selection-avoiding-ground-hog-day/
- SEC Enforcement: ALJs And the Appointments Clause, The Wall Street Lawyer (June 2017); http://www.secactions.com/sec-enforcement-aljs-and-the-appointments-clause/
- The Origins of the FCPA: Lessons For Effective Compliance and Enforcement, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2605614
Tom periodically provides television commentary on CNBC and Bloomberg News and has been quoted in publications such as the New York Times, Wall Street Journal, Washington Post, Los Angeles Times, Securities Law 306 and others. He also periodically speaks at professional events and publishes articles in professional journals and law reviews on a variety of legal issues.
Industries & Practices
- Anti-Corruption Group
- Banking & Financial Institutions
- Blockchain & Digital Assets
- Energy & Natural Resources
- Food, Beverage & Agribusiness
- Government Enforcement & Corporate Investigations
- Securities & Financial Services Litigation & Enforcement
Professional & Civic
- American Bar Association, Co-chair, White Collar Securities Fraud Sub-Committee
- Bar Association of the District of Columbia
- New York State Bar Association
- Securities Regulation Law Journal, Board of Contributing Editors and Advisers member
- President-elect, U.S. Securities and Exchange Commission Historical Society; chair of a committee constructing a gallery in the virtual museum commemorating the creation of the SEC’s Enforcement Division and program.
- Washington Lawyers Committee for Civil Rights
- D.C. Bar Pro Bono program
- KIND Pro Bono program
- National Advisory Council, Cleveland State University Law School
- Listed in Best Lawyers in America®, (2010-2017, 2019)
- Selected for inclusion in Super Lawyers, (2007-2019)
- Named Top Author in JD Supra Readers’ Choice Awards, 2016-2019
- Selected to be Inducted to the Cleveland-Marshall College of Law Hall of Fame, 2019
- Selected as one of Five Best Litigators by Washington Business Journal
- Named "Lawyer of the Year" by Best Lawyers, 2011
- LexisNexis Top 25 Blogs, Business Law Blog Winner, (2010 and 2011)
- Selected as Best Securities Lawyer in Washington, 2011
- J.D. Supra, No. 1 Readers Choice Award, 2017 and 2018 for securities articles