Introduction
There have been increased investigations on financial frauds by the Securities and Exchange Commission (SEC) recently, especially on financial institutions and companies listed in USA. This not only poses reputational risk, possible significant financial loss but also results in lengthy litigation process especially under an unfavourable litigation outcome. As a result, subject companies often seek to enter into negotiation with SEC for a settlement. In this connection, we have invited Mr Richard Marshall, an expert in this area, to enlighten participants on how the US SEC investigates financial fraud and how to mediate/negotiate a settlement with the SEC.

Highlights
As a former senior supervisor of the SEC’s inspection program, Mr. Marshall regularly assists clients in building and implementing compliance systems, defending against regulatory inspections and addressing novel regulatory issues. He also assists clients with internal investigations, self-reports to regulators and applications for interpretive and exemptive relief. Mr. Marshall will discuss one of his leading cases, SEC v. Howard, in which he successfully defended the senior officer of a large broker-dealer, who was vindicated by the District of Columbia Court of Appeals based on reliance on advice of counsel, to illustrate how the US SEC investigates financial fraud and how to mediate and negotiate a settlement with the US SEC. He will also discuss how to counsel institutional, agency-only broker regarding its program enabling users to separate trading from research, negotiate settlements of SEC and SRO actions on behalf of brokerage firm, premier capital markets investment bank and numerous market timers, and counsel global financial services firm on “unbundling” research and brokerage.

Speaker’s Profile
Mr Richard Marshall
Richard served for several years as a branch chief in the SEC’s Division of Enforcement in Washington, DC, and as a senior associate regional administrator in the SEC’s New York office, where his staff conducted inspections of investment companies and investment advisers, and instituted enforcement actions against those entities. He uses insights from that experience in defending financial services providers and individuals against allegations, including insider trading and violations of the Investment Company and Advisers Act.
As a former senior supervisor of the SEC’s inspection program, Richard regularly assists clients in building and implementing compliance systems, defending against regulatory inspections and addressing novel regulatory issues. He also assists clients with internal investigations, self-reports to regulators and applications for interpretive and exemptive relief. He is the founding editor of the Investment Lawyer, a former board member of the National Society of Compliance Professionals and the current chair of that organization’s investment adviser committee.
Richard also represents clients in regulatory investigations. He has tried numerous cases, including SEC v. Howard, in which he successfully defended the senior officer of a large broker-dealer, who was vindicated by the District of Columbia Court of Appeals based on reliance on advice of counsel.