TOM DEFENDS FEDERAL LAW ENFOCEMENT 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.
Tom has defended public companies, investment advisers and individuals in regulatory actions involving compliance issues and questions, insider trading, market manipulation, financial fraud, corporate governance matters, accounting and auditing issues, FCPA issues, and similar matters. He has also defended securities class action and derivative suits and led teams conducting internal investigations focused on financial fraud and other securities law issues. He regularly speaks on, and publishes articles regarding, securities litigation issues including the FCPA, internal investigations, financial fraud and insider trading. He has been interviewed on these issues by the New York Times, Wall Street Journal, Washington Post, Financial Times, and other leading publications in addition to appearing on CNBC, CNN, and other TV networks. Tom publishes a widely-read securities blog, www.secactions.com, which analyzes trends in securities enforcement inquiries and litigation, and provides expert commentary for the LEXIS Securities web page. He serves as a member of the editorial board of the Securities Regulation Law Journal.
Tom’s practice also regularly includes other complex business litigation matters arising under the securities, commodities, antitrust laws and the federal racketeering statutes, examples of which include: Minpeco, S.A. v. Hunt in which he and a team of attorneys obtained a $197.1 million treble-damage verdict on behalf of a Peruvian governmental entity after a six-month jury trial against the Hunt brothers and others (the jury found that the defendants had engaged in price fixing, monopolization, and manipulation activities in the world silver markets in violation of the antitrust, commodity, and racketeering laws); defense of a large German multinational that resulted in a government-to-government agreement creating a reparations fund for U.S. citizens interned in Nazi concentration camps during World War II; defense of the Republic of Peru in 54 actions in five countries involving over $6 billion in commercial bank debt; representation of the Central Bank of Nicaragua regarding its commercial bank debt disputes; securing a $25 million verdict after a five-month jury trial in a case based on international business transactions; and the successful defense of a large real estate company in a three-month jury trial in an antitrust action.
FEDERAL LAW ENFORCEMENT INVESTIGATIONS/ENFORCEMENT ACTIONS: These investigations involve the full array of corporate, securities and financial and economic issues and frequently are viewed as “bet the company” actions. The issues involved include those based on securities 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 security laws, the commodity statutes, the antitrust laws, RICO and other laws, 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; and
- The defense of the Republic of Peru in 54 actions brought in five countries based on its external commercial debt.
- 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; and
- 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.
PRACTICE GROUPS, PROGRAMS AND PERIODICALS
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
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
THE MEDIA, PUBLICATIONS AND 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, he periodically presents at professional seminars for the American Bar Association and Clesque/West Legal Education on a variety of issues including trends in FCPA and Anti-Corruption actions, SEC enforcement actions, insider trading, and similar issues. He also 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.
Examples of recent firm publications:
- 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
Examples of Other Recent Publications:
- www.secactions.com – Widely followed blog analyzing trends in SEC enforcement
- Editor, Anti-Corruption Digest, monthly publication regarding world anti-corruption actions
- SEC Venue Selection: Avoiding Ground Hog Day, forthcoming, The Wall Street Lawyer (Feb. 2018)
- SEC Enforcement: ALJs And the Appointments Clause, The Wall Street Lawyer (June 2017)
- The Origins of the FCPA: Lessons For Effective Compliance and Enforcement, 43 Sec. Reg. L. J. 2015
Examples of Recent Presentations:
- 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)
- Trading in Opaque Markets; New compliance lessons. Presentation to NY Bar Securities Committee (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)
- Seminar: Current Trends in SEC Enforcement, Washington, D.C. (December 2016)
- ABA seminar: Insider Trading before the Supreme Court (November 2016)
- Private Funds Symposium: Current SEC Exam Issues, NYC (September 2016)
Industries & Practices
- Anti-Corruption Group
- Blockchain & Digital Assets
- 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)
- Selected for inclusion in Super Lawyers (2007-2017)
- Named Top Author in JD Supra Readers’ Choice Awards 2016-2017
- 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