In the latest installment of its ongoing “off-channel” communications sweep, on Aug. 14, 2024, the Securities and Exchange Commission announced settlements totaling $393 million with 26 investment advisers and brokers-dealers for widespread use of texting, messaging applications, and other off-channel communications by senior executives and other employees.

Continue reading the full GT Alert.

Tags: banking and financial services, corporate, FRAC, GT Insight, investment management, securities and exchange commission, Securities Litigation
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Photo of Tracy S. Combs Tracy S. Combs

A former Regional Director at the U.S. Securities and Exchange Commission, Tracy counsels corporations, financial institutions, and individuals regarding complex investigations, litigation, and regulatory matters, including those involving the SEC, the Department of Justice, the Commodity Futures Trading Commission, and other law enforcement…

A former Regional Director at the U.S. Securities and Exchange Commission, Tracy counsels corporations, financial institutions, and individuals regarding complex investigations, litigation, and regulatory matters, including those involving the SEC, the Department of Justice, the Commodity Futures Trading Commission, and other law enforcement agencies and financial regulators.

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Photo of Richard M. Cutshall Richard M. Cutshall

Richard M. Cutshall is Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, corporate, and general securities matters, including the representation of mutual funds and other funds registered under the Investment Company Act of…

Richard M. Cutshall is Co-Chair of the firm’s Investment Management Group. Rich has experience representing clients in a variety of investment management, corporate, and general securities matters, including the representation of mutual funds and other funds registered under the Investment Company Act of 1940, fund independent directors, unregistered investment companies, federally registered and state registered investment advisers, broker-dealers, and an array of public and private companies. He represents clients in all aspects of investment company practice, including organizing and forming new funds, registering investment companies with the SEC, the acquisition and merger of funds, and advising clients on the day-to-day aspects of corporate governance, board and adviser fiduciary responsibility, and SEC compliance.

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Photo of Tracy L. Gerber Tracy L. Gerber

Tracy L. Gerber is Co-Managing Shareholder of the West Palm Beach office and Co-Chair of the firm’s Broker-Dealer Securities Litigation Practice. She is also a member of the firm’s Labor & Employment Practice. Tracy regularly defends major Wall Street brokerage firms, registered investment

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Tracy L. Gerber is Co-Managing Shareholder of the West Palm Beach office and Co-Chair of the firm’s Broker-Dealer Securities Litigation Practice. She is also a member of the firm’s Labor & Employment Practice. Tracy regularly defends major Wall Street brokerage firms, registered investment advisers and other financial institutions in a wide variety of employment disputes in arbitration, before administrative agencies, and in state and federal courts nationwide. Tracy has substantial cross-over experience in the regulatory and sales practice arena, having handled numerous SEC, FINRA and state regulatory inquiries, investigations and enforcement proceedings, as well as customer arbitrations. Tracy regularly assists clients in identifying the collateral risks that are often inherent in employment disputes and customer cases involving unique employment related issues. She routinely works with clients on defending parallel employment, regulatory and customer matters to ensure that strategies in each are coordinated, thoughtful and complimentary.

During her career, Tracy has tried more than 50 arbitrations to final award. Tracy is skilled in defending employment claims that implicate unique reputational risk, such as claims brought by current employees, SOX and Dodd-Frank whistleblower claims, U5 defamation claims, gender discrimination and hostile work environment claims, and claims arising out of internal investigations, regulatory inquiries and product controversies. Tracy also assists clients with employment matters at their earliest stages, including pre-dispute mediations and charges and complaints brought before the EEOC, OSHA, and similar state agencies.

Tracy developed the firm’s national arbitrator database, which contains background information and awards history for more than 3,500 arbitrators throughout the United States. Tracy has broad experience in arbitrator selection strategy and causal challenges of arbitrators, having consulted in the selection strategy for more than 1,000 arbitration panels. Tracy serves as an arbitrator for FINRA, and is a frequent speaker on the subject of securities arbitration. Tracy also serves on the faculty of the prestigious Securities Industry Institute at the Wharton School of the University of Pennsylvania.

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Photo of Patrick Kassen Patrick Kassen

Patrick Kassen assists clients with the formation of private equity and real estate funds, purchases and sales of businesses and real estate assets, joint ventures, minority investments, financings and leasing. Patrick also has deep experience in investment management regulation, including the Investment Advisers…

Patrick Kassen assists clients with the formation of private equity and real estate funds, purchases and sales of businesses and real estate assets, joint ventures, minority investments, financings and leasing. Patrick also has deep experience in investment management regulation, including the Investment Advisers Act and Investment Company Act, and advises clients on the design and operation of compliance programs and interactions with regulators.

Patrick brings to bear experience as a former general counsel and chief compliance officer at Blackstone, Link Logistics (a Blackstone portfolio company) and the private equity group of late investor Sam Zell, which gives him insight into the challenges faced by his clients. Patrick has advised on numerous cross-border transactions and designed multi-jurisdictional compliance programs. Finally, Patrick has served on the boards of directors of several companies, which informs his pragmatic approach to helping clients.

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Photo of Steven M. Malina Steven M. Malina

Steven M. Malina, a former Senior Attorney in the SEC’s enforcement branch, focuses his practice on a variety of litigation and regulatory matters with representations of financial services industry clients, hedge fund matters, and securities and general commercial litigation. He represents officers, directors,

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Steven M. Malina, a former Senior Attorney in the SEC’s enforcement branch, focuses his practice on a variety of litigation and regulatory matters with representations of financial services industry clients, hedge fund matters, and securities and general commercial litigation. He represents officers, directors, broker-dealers, investment advisors, commercial banks, investment banks, investment management firms, and public issuers in investigations and disciplinary proceedings initiated by the SEC, CFTC, FINRA, FDIC, NYSE, CBOE, CME, and state regulators. In addition, Steve represents clients in related investor class-action, derivative, and other litigation and arbitration. He has also conducted internal investigations on behalf of publicly traded companies and represented committees and executive officers in internal investigations. Steve has represented brokerage firms and their management in customer-initiated cases, and injunction and arbitration proceedings.

Prior to entering private practice, Steve served as First Vice President and Deputy Regional Counsel for a large financial corporation and was a Senior Attorney in the Branch of Enforcement of the U.S. Securities and Exchange Commission.

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Photo of Daniel J. Wadley Daniel J. Wadley

Daniel Wadley is an experienced trial attorney with over 20 years of litigation experience, including an 11-year tenure at the SEC. His practice focuses on complex commercial litigation; securities litigation; SEC regulatory compliance, investigations, and enforcement actions; auditor liability; financial services regulation and

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Daniel Wadley is an experienced trial attorney with over 20 years of litigation experience, including an 11-year tenure at the SEC. His practice focuses on complex commercial litigation; securities litigation; SEC regulatory compliance, investigations, and enforcement actions; auditor liability; financial services regulation and compliance; white collar defense; and corporate internal investigations.

Daniel possesses deep institutional knowledge of SEC policies, practices and procedures. Prior to joining GT, Daniel served as the Director of the SEC’s Salt Lake Regional Office where he oversaw and managed all of the office’s investigations, its federal court litigation, and its administrative proceedings. He was a member of the SEC’s FCPA unit and oversaw multiple investigations into FCPA violations. Before taking on the role of Regional Director, Daniel was trial counsel in the Division of Enforcement and also senior counsel to the Directors of Enforcement in Washington, D.C. In his trial counsel role, Daniel represented the SEC in securities enforcement matters filed throughout the United States in both federal district courts and in SEC administrative actions. As senior counsel to the Directors of Enforcement, Daniel helped shape and oversee Agency enforcement priorities and policy, reviewing all recommended actions and settlements pending before the Commission.

Daniel has led litigation teams in federal and state court actions throughout the country. His experience ranges from complex commercial litigation disputes to highly technical SEC regulatory compliance. He has represented the largest accounting firms in the world, as well as individuals, banks and financial institutions, insurance companies, real estate developers, and public and private companies both large and small. He has unique experience in matters involving regulatory filings; digital currencies; financial statement and accounting fraud; corporate mismanagement and internal controls violations; internal investigations; Foreign Corrupt Practice Act violations; insider trading; Ponzi scheme and offering frauds; and broker-dealer and Investment Adviser fraud.

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