About Us

Our team, which includes former SEC enforcement attorneys, offers a significant perspective on current trends and discussions to help assess and mitigate ongoing SEC Regulations and their effects on the market. The SECurities Law Perspectives blog reports on important cases, developments and trends in SEC enforcement and regulatory activity that are likely to have an impact on corporate and individual liability. This blog is maintained primarily by Faegre Drinker partners James G. Lundy and Michael MacPhail.

Jim partners with investment management firms, broker-dealers, hedge funds, futures trading firms, public and private companies, and their boards, committees, and management to overcome regulatory enforcement matters. Jim also leads internal investigations, serves as an independent monitor, provides counsel on governance, compliance, and policy issues, defends complex financial services litigation, and handles cybersecurity regulatory investigations. He is also called upon to serve as an expert witness and consulting witness regarding SEC and CFTC practices. Prior to joining the firm, Jim served at the SEC for twelve years as a senior trial counsel and as a branch chief, and finished his career on the staff as a senior regulatory counsel who assisted with leading the SEC’s examination program for the Midwest. Prior to joining the firm, Jim served as an associate general counsel at a securities and futures brokerage firm affiliated with a European-based global bank. Jim co-leads the firm’s Best Interest Compliance Team, serves on the Steering Committee for the firm’s Financial Services Industry Group, and is the firm’s Lateral Integration Partner.

Michael defends clients against federal and state government agencies during civil and criminal investigations and litigation, primarily involving the securities industry. He represents public companies, registered investment advisers and broker-dealers. After working for the U.S. Court of Appeals for the D.C. Circuit, where he advised panels of judges including current U.S. Supreme Court Justices Clarence Thomas and Ruth Bader Ginsburg, Michael became an enforcement attorney with the SEC. Across 13 years, he investigated possible violations of federal securities laws and eventually becoming Assistant Deputy Director with supervisory authority over a group of accountants, attorneys and paralegals. Michael has particular expertise in defending publicly held companies and their officers and directors, broker-dealers and investment advisers, and accounting firms and CPAs during government investigations.

From the Blog:

The SEC Sees a Significant Uptick in Tips, Complaints, and Referrals

From mid-March to mid-May, the SEC received more than 4,000 tips, complaints, and referrals. This, according to one of the SEC Co-Directors of the...

CFTC Releases New Guidance Regarding Civil Monetary Penalties

Yesterday, the CFTC’s Division of Enforcement formally issued new guidance regarding the Division’s decisions to recommend the imposition of civil monetary penalties. According to...

SEC Enforcement Expanding Efforts Regarding Coronavirus Impacts

As we described several weeks ago, the SEC across the agency is going to be vigilant in its efforts to regulate, examine and enforce...