Thomas O. Gorman
PEOPLE

Thomas O. Gorman

Partner
gorman.tom@dorsey.com

Overview

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.

PRACTICE 

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.  

GOVERNMENT SERVICE

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.

PRACTICE GROUPS

  • 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.

Anti-Corruption Digest logo

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.

Federal Enforcement Forum logo

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)

Admissions

  • New York
  • District of Columbia
  • Ohio

News & Resources

Articles

Trading In Opaque Markets: The Need For Compliance
Trading In Opaque Markets: End the Prosecutions; Install the Ethics
This Week In Securities Litigation (Week ending Dec. 7, 2018)
Dorsey Anti-Corruption Digest - December 2018
Lorenzo and Primary Liability: An SEC Win at the High Court?
Promoter Manipulates Binary Option Returns, Defrauding Investors
Bank Owner Sentenced in Venezuelan Corruption Case
The SEC, Internal Accounting Controls and the Human Element
This Week In Securities Litigation (Week ending Nov. 23, 2018)
Resolving an ICO-Security Offering – The Terms Have Changed
CFTC Enforcement Annual Report: Priorities, Organization, Statistics
This Week In Securities Litigation (Week ending Nov. 16, 2018)
Time Limits and SEC Enforcement Actions
Investment Adviser to Sports Stars Sentenced to 120 Months in Prison
Even Death Cannot Stop the DOJ
This Week In Securities Litigation (Week ending Nov. 9, 2018)
Dorsey Anti-Corruption Digest - November 2018
Compliance Failures Yield SEC Sanctions For Adviser, CEO
SEC Report on Internal Controls, Cyber-security
Market Profession Sentenced to 30 months for Insider Trading
SEC Enforcement Statistics for FY 2018: A New Focus on IAs
SEC Enforcement Statistics for Fiscal 2018: A Focus on IAs
This Week In Securities Litigation (Week ending Nov. 2, 2018)
DOJ Charges Executives With FCPA Violations
SEC, Yorkville Advisors Stipulate To Dismissal of Action Against Adviser

News & Press Mentions

FCPA Flash Podcast – A Conversation With Thomas Gorman Regarding The SEC’s Recent Internal Controls Report Of Investigation
Dorsey Partner Tom Gorman Comments on SEC Cyber Crime Report
Dorsey Partner Tom Gorman Discusses SEC Tesla Action Over Musk Tweets
Dorsey Partner Tom Gorman Comments on SEC Safeguard Rule
Dorsey Partner Tom Gorman Remarks on Elon Musk's SEC Tweet
Dorsey Partner Tom Gorman Discusses SEC Suing Elon Musk
Dorsey Partner Tom Gorman Remarks on DOJ's Probe Over Tesla Tweet
Dorsey Partner Tom Gorman Comments Musk's Tesla Tweets
Dorsey Partner Tom Gorman Comments on Silk Way Contracts
Dorsey Partner Tom Gorman Remarks on Rep. Collins Alleged Insider Trading
Dorsey Partner Thomas Gorman Selected for Inclusion in The Best Lawyers in America 2019
Dorsey Partner Tom Gorman Comments on Automaker Telsa Being Subpoenaed
Dorsey Partner Tom Gorman Comments on Next Steps for Tesla Takeover
Dorsey Partner Tom Gorman Comments on Tesla Likely Facing SEC Investigation
Dorsey Partner Tom Gorman Discusses Kavanaugh as Pick for Supreme Court
Dorsey Partner Tom Gorman Discusses Justice Kennedy and Stoneridge Ruling
Dorsey Partner Tom Gorman Comments on Lorenzo Copy-Paste Fraud Case
Dorsey Partner Tom Gorman Discusses Time Limit Under NY Securities Law
Dorsey Partner Tom Gorman Comments on Virtual Currency Complaints
Dorsey Partner Tom Gorman Comments on SEC Admitting No Case Against Yorkville
Dorsey Partner Tom Gorman Remarks on Trump Signaling Good Jobs Report
Super Lawyers Recognizes Dorsey Lawyers in Washington DC
Dorsey Partner Tom Gorman Comments on Trade Wars and Corporate Disclosures
Dorsey Attorneys Thomas Gorman, Kimberly Frumkin and Kent Schmidt Recognized in 2018 Readers’ Choice Awards
Dorsey Partner Tom Gorman Discusses Equifax Insider Trading

Select Presentations

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) 

FIRM PUBLICATIONS

He periodically publishes articles to update clients and friends of the firm on current issues.  For example:

OTHER PUBLICATIONS

He also periodically publishes professional articles.  For example:

THE MEDIA

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

Government Enforcement & Corporate Investigations
Securities & Financial Services Litigation & Enforcement
  • Anti-Corruption Group
  • Banking & Financial Institutions
  • Blockchain & Digital Assets
  • Canada
  • China
  • Energy & Natural Resources
  • Food, Beverage & Agribusiness
  • Government Enforcement & Corporate Investigations
  • Healthcare
  • Securities & Financial Services Litigation & Enforcement

Professional & Civic

Professional Achievements

PROFESSIONAL ACTIVITIES
  • 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.  

Community Involvement

CIVIC AND COMMUNITY ACTIVITIES
  • Washington Lawyers Committee for Civil Rights 
  • D.C. Bar Pro Bono program 
  • KIND Pro Bono program 
  • National Advisory Council, Cleveland State University Law School 

Accolades

  • Listed in Best Lawyers in America®, (2010-2017, 2019)
  • Selected for inclusion in Super Lawyers (2007-2018)
 JD Supra Readers' Choice Top Author 2018
  • Named Top Author in JD Supra Readers’ Choice Awards 2016-2018
  • Selected as one of Five Best Litigators by Washington Business Journal

Thomas O. Gorman - Best Lawyers' Lawyer of the Year 2011 - Securities/Capital Markets Law, Washington, DC  

  • 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 
Thomas O. Gorman