![David W. Porteous Corporate Attorney Faegre Drinker Biddle & Reath Chicago, IL](https://www.natlawreview.com/sites/default/files/styles/author_profile/public/images/davidporteous.jpg?itok=5Io77xR_)
David Porteous routinely counsels clients in the investment management, broker-dealer and financial services industries on regulatory matters including examinations, investigations and enforcement proceedings as well as complex civil and securities-related litigation. In addition, he assists clients in developing and implementing compliance and regulatory risk management plans and represents clients in complex civil and securities litigation.
Regulatory Agency Background
Before entering private practice, David was a staff attorney in the Securities & Exchange Commission’s (SEC) Division of Enforcement and clerked for regional counsel for the National Association of Securities Dealers Regulation — Enforcement Division (now FINRA).
Industry Experience Background
Before going to law school, David worked in the legal and compliance departments of a large, full-service retail brokerage firm as well as a large investment bank in New York.
Enforcement & Investigations
David advises on investigations and enforcement proceedings involving the Department of Justice (DOJ), SEC, FINRA, Commodities Futures Trading Commission (CFTC), state securities regulators and other self-regulatory organizations (NFA). He has defended investment advisers, broker-dealers, auditors, public companies and their principals as well as registered personnel against allegations of:
- Failure to supervise
- Inadequate and failure to observe policies and procedures
- Best execution failures
- Custodial compliance failures
- Asset misappropriation
- Books and records violations
- Earnings management
- Insider trading
- Selling unregistered securities
- Fraudulent or manipulative conduct in the securities and commodities futures markets
- Invalid initial public offerings and reporting
Risk Management & Compliance Counseling
David helps public and private companies develop and implement systems to comply with regulations to avoid litigation and enforcement actions. He conducts gap analyses, reviews and tests compliance programs, responds to audits, trains key personnel, and upgrades policies related to the Foreign Corrupt Practices Act (FCPA), anti-money laundering laws, the Office of Foreign Assets Control, Sarbanes-Oxley, Securities Exchange Act and Investment Advisers Act.
Litigation & Arbitration
David has litigated complex commercial matters in federal and state courts involving hedge fund governance, redemption and lockup provisions, misappropriation of trade secrets, tortious interference with business agreements and partnership disputes — such as freeze-outs, accountings and breach of fiduciary duty.
More Legal and Business Bylines From David W. Porteous
- FINRA’s Focus on Variable Annuity Switches Continues - (Posted On Monday, February 22, 2021)
- SEC Enforcement Victory in its Efforts to Police Cannabis Industry Investments - (Posted On Wednesday, January 27, 2021)
- The Second Phase of the SEC’s Reg BI Exams - (Posted On Thursday, January 21, 2021)
- Wrap Fee Programs Under Continued Scrutiny and Use of Investment Advisory Product Committees - (Posted On Wednesday, January 20, 2021)
- President Biden Announces Gary Gensler as SEC Chair Nominee - (Posted On Tuesday, January 19, 2021)
- The $180 Million Chinese Coffee Case for Attempting to Manage Earnings - (Posted On Wednesday, December 23, 2020)
- The SEC’s CCO Guidance Month - (Posted On Tuesday, December 01, 2020)
- SEC Roundtable on Reg BI and Form CRS - (Posted On Monday, November 09, 2020)
- SEC Enforcement in 2020, the Election & Future of the SEC [PODCAST] - (Posted On Wednesday, October 28, 2020)
- SEC Joint Statement on Form CRS and New FAQs & Upcoming Roundtable - (Posted On Tuesday, October 13, 2020)