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Skyscrapers and Sky
INVESTIGATION, REGULATORY ENFORCEMENT & COMPLIANCE
Practice Area

SEDA’s enforcement practice is comprised of senior executives at former global head of compliance at leading financial institutions, regulators, enforcement officers, and senior counsels at various agencies government agencies such as the Securities and Exchange Commission (SEC), Commodities and Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), Federal Reserve Bank (FRB), Federal Deposit Insurance Corporation, and with the Federal Housing Finance Agency.

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Our highly qualified experts offer consulting, independent opinions, and expert testimony for disputes involving regulatory and enforcement frameworks. We specialize in commercial and investment banking activities and a wide array of financial instruments, including securities, derivatives, fixed income, commodities, complex structured credit products, cryptocurrencies, and digital assets. Our expertise ensures compliance with industry standards and key regulations, such as Dodd-Frank, the Investment Company Act, and the Investment Adviser Act, among others, providing clients with insights grounded in current regulatory requirements and best practices.

Our expertise extends to broker-dealer compliance, with a focus on regulatory requirements and conduct in key areas such as mis-selling, client asset management, incentive structures, product governance, fair value pricing, and thorough internal bank audits across commercial and retail banking. This comprehensive approach ensures that our clients maintain robust compliance with industry standards and safeguard their operations across all banking activities.


EXPERTISE


Anti-Money Laundering (AML), Bank Secrecy Act (BSA) and Know Your Customer (KYC)

Specializing in Financial Crimes Risk Management, our team addresses complex challenges in fraud detection, anti-money laundering (AML) protocols, and financial misconduct. Our experts provide invaluable expertise in AML compliance, risk assessments, and litigation support. We address a broad spectrum of issues, ranging from corruption and tax evasion to market manipulation, illicit trade, terrorism financing, and efforts to conceal the illicit origins of funds.


Our experts provide authoritative guidance on BSA compliance, crucial for maintaining the integrity of financial systems. Our expertise embraces AML frameworks, Know Your Customer (KYC) procedures, and Currency Transaction Reports (CTR) compliance, offering both risk assessments and expert opinions for litigation support in BSA-related cases.

 

SEC and FINRA Enforcement & Compliance

We have decades of experience in disputes between investors and their brokers, investment advisors, and fund managers, including cases under FINRA arbitration. Our experts are former FINRA Chief Enforcement Officers, as well as former SEC Directors. SEDA’s former FINRA experts, have experience testifying before FINRA arbitration panels, as well as other venues such as Federal and State courts. Our former SEC experts have extensive experience with Investment Company Act (IC) and Investment Adviser Act (IA) as well as other securities enforcement issues.

Banking Regulation and Governance

Several SEDA’s experts are former FDIC and Federal Reserve senior officers and executives. Our experts were involved in the Financial Crisis response program, working closely with the U.S. Treasure and the Federal Reserve to stave off a funding crisis in the credit markets. Our expert Jason Cave, helped create the FDIC Debt Guaranty Program, providing $345 billion in emergency funding to over 120 firms at a net profit of $10 billion and testified on Capitol Hill on our success in winding down the program.

 

Our experts were also involved in the developing the FDIC’s post-crisis systemic risk and resolution framework, building the FDIC’s expertise in large bank risk management and readiness and were key contributors to various government reviews of the cause of the Global Financial Crisis, testifying on behalf of the FDIC in front of the Congressional Oversight Panel.


SEDA is well equipped to provide expertise involving housing market regulatory issues, including but not limited to agency mortgages, Fannie Mae, Freddie Mac, Federal Home Loan Banks supervision, residential and consumer finance, federal economic policies, among other. Our lead expert for this practice is Mark Calabria, former Director of the Federal Housing Finance Agency (FHFA). Our Expert, Jason Cave, also held leadership positions with the FHFA, advising two former FHFA appointed directors

CFTC Enforcement & Compliance

Our team is comprised of former CFTC commissioners and senior counsels. They offer extensive experience in the derivatives and commodities market and instruments, as well as in the digital assets space. Our experts are frequent speakers at SIFMA, FIA, American Bar Association, as well as other digital assets, cyber protection, and market oversight related panels and organizations.


RELATED EXPERTS

Dawn Stump

Dawn Stump

Bio

Managing Director

Dawn Stump is a highly seasoned financial executive and regulatory thought leader who recently served as a Commissioner of the Commodity Futures Trading Commission (CFTC). Her most recent areas of attention are business continuity, supply chain disruptions, cyber intrusion impact, integrity of emerging assets (e.g., crypto), data protection, and climate-related market risks.

Former 

U.S. Commodity Futures Trading Commission (CFTC) - Commissioner

Futures Industry Association - Executive Director Americas’ Advisory Board

Expertise

Derivatives Regulation, Enforcement, Surveillance, Commodity Markets, Public Policy

Kenneth Simmons

Kenneth Simmons

Bio

Managing Director

Kenneth Simmons, with over 30 years of industry experience as Executive Vice President at leading financial institutions, and at regulatory agency such as OCC and FDIC, is a top expert in regulatory compliance, anti-money laundering, bank secrecy act, and financial crimes risk management.

Former

OCC/FDIC Bank Examiner and EVP Chief Compliance Officer at Origin Bank

Expertise

Anti-Money Laundering,  Bank Secrecy Act Compliance, Financial Crimes Risk Management, Regulatory Compliance, AML/BSA Risk Management

Jane Jarcho

Jane Jarcho

Bio

Managing Director

Ms. Jarcho served as a Deputy Director at the SEC Office of Compliance Inspections & Examinations (“OCIE”) and Head of the Investment Adviser/Company (“IA/IC”) examination program. Ms. Jarcho’s enforcement work covered a breadth of areas, including complex financial frauds, insider trading, offering frauds, market manipulation, broker-dealer supervision, and IA/IC violations.

Former 

SEC OCIE - Deputy Director and Head of the Investment Adviser/Investment Company 

Expertise

Complex Financial Frauds, Investment Adviser/Company Violations, Insider Trading, Offering Frauds, Market Manipulation, Broker-Dealer Supervision

Brandon Becker

Brandon Becker

Bio

Managing Director

Brandon Becker is a distinguished expert in securities regulation and corporate governance, with a career spanning over four decades in both public service and private sector roles. His expertise covers a wide range of critical areas, including market oversight, broker-dealer compliance, and regulatory advisory for major financial institutions. Brandon has held key roles at the U.S. Securities and Exchange Commission (SEC), WilmerHale, and in executive positions at the Depository Trust & Clearing Corporation (DTCC).

Former

TIAA-CREF - EVP & Chief Legal Officer

Depository Trust & Clearing Corporation (DTCC) - Managing Director 

SEC - Special Advisor to the Chairman

Expertise

Market Structure, Broker-dealer Compliance, Corporate Governance, Exchange Regulation

Robert Mass

Robert Mass

Bio

Managing Director

Robert Mass as a former Goldman Sachs Senior Executive, Global Compliance Head of the sales and trading businesses, and International Compliance Head is a world-class expert in governance, supervision and compliance across markets and business types – and particularly in sales and trading, commodities and derivative compliance.

Former

Goldman Sachs Group - Partner, Head of International Compliance

Goldman Sachs Group - Partner, Global Head of Securities Division

Expertise

Financial Compliance and Ethics, Sales and trading compliance, Commodities and derivative compliance, Hedge Fund/Private Equity Screening, Equity and Fixed Income underwriting compliance

Natasha Kassian

Natasha Kassian

Bio

Managing Director

Natasha Kassian has over 30 years of buy-side experience providing legal and compliance guidance to registered investment advisers across a broad range of products, asset classes, investment strategies, and jurisdictions. She has served in roles including General Counsel and Chief Compliance Officer for firms that manage hedge funds, private equity funds, venture funds, retail and institutional separately managed accounts, mutual funds, and exchange-traded funds.

Former 

Citadel Americas LLC - Aptigon – Chief Compliance Officer

Millennium Management LLC – Global Head of Corporate and Regulatory Compliance

Expertise

Buy-Side Legal and Compliance, Regulatory Examinations, Inquiries and Investigations

Colin L. Schmitt

Colin L. Schmitt

Bio

Managing Director

Colin Schmitt is a seasoned investigator and fraud examiner with over 25 years of distinguished experience in federal law enforcement and private investigations. Retired from the Federal Bureau of Investigation (FBI), Mr. Schmitt served as a Special Agent, Supervisory Special Agent, and Unit Chief, specializing in complex financial and healthcare fraud investigations, public corruption, civil rights enforcement, and counterterrorism operations.

Former

Federal Bureau of Investigation - Special Agent-Senior Fraud Investigator, Supervisory Senior Resident Agent

Expertise

Financial Fraud Methods/Scheme, Healthcare Fraud, Money Laundering, Embezzlement, Police/FBI Procedure

David Saul, CA

David Saul, CA

Bio

Managing Director

David Saul is a Chartered Accountant with over 30 years' experience in financial services in both Compliance and Internal Audit as the Global Head of Compliance Risk Assurance at HSBC, the UK Head of Compliance Monitoring, Testing and Surveillance at Barclays, and the Group Head of Internal Audit and Operational Risk at BMO Asset Management.

Former 

HSBC - Global Head, Compliance Risk Assurance

Barclays - UK Head, Compliance Monitoring & Testing

Expertise

Audit, Compliance Risk Assurance / Monitoring, Financial Crime Compliance, Regulatory Compliance / Conduct, Retail, Commercial and Private Banking, Asset and Wealth Management, Insurance

J. Bradley Bennett

J. Bradley Bennett

Bio

Managing Director

J. Bradley Bennett has over 30 years of experience in broker-dealers’ financial regulation, holding executive positions as an attorney and former Chief of Enforcement at FINRA. He is an expert in SEC and FINRA enforcement proceedings, internal investigations, the Foreign Corrupt Practices Act (FCPA), shareholder litigation, criminal matters, and financial frauds.

Former

FINRA - Chief of Enforcement

Baker Botts LLP - Senior Partner



Expertise

Broker-Dealer Regulation and FINRA Rules,  Federal Securities Laws, Internal Investigations and Due Diligence, Insider Trading, Financial Frauds, Anti-bribery Laws

Michael Roseman

Michael Roseman

Bio

Senior Advisor

Michael Roseman is an accomplished risk management expert with broad experience implementing, strengthening and leading risk management across global financial institutions including broker-dealers and Futures Commission Merchants (FCMs). Michael has extensive know-how in coordinating, establishing, and implementing “best-practice” risk management strategies, policies, infrastructure, processes, and controls to effectively monitor and govern risks, fully support business objectives, and meet evolving regulatory requirements.

Former

Daiwa Capital Markets America - CRO-Interim & Strategic Risk Advisor

MF Global - Global Chief Risk Officer, EVP

Newedge - Chief Risk Officer Americas, EVP

Expertise

Futures and Clearing Risk, Enterprise Risk Management, Market Risk, Credit Risk, Operational Risk, Liquidity Risk, Insurance Risk


Brian Dilley, CA

Brian Dilley, CA

Bio

Managing Director

Brian is an Economic Crime Prevention expert, with over 25 years of experience working at banks, regulators, and consultancies. He has managed and advised on fraud and anti-money laundering prevention, sanctions, and anti-bribery compliance, most recently serving as the Group Director of Economic Crime Prevention at Lloyds Banking Group. Mr. Dilley is currently working in a variety of consulting roles at banks and regulators.

Former

Lloyds Banking Group - Group Director of Economic Crime Prevention

KPMG - Global Head of AML Services

UBS Investment Bank - Global Head of Anti-Money Laundering Compliance

Financial Services Authority - Head of Deposit Taking & Financial Stability, 

Enforcement Division 


Expertise

Fraud Prevention, Authorised Push Payment Scam Detection and Reimbursement, Anti-Money Laundering Compliance, Sanctions Compliance, Anti-Bribery Compliance, Banking Controls



Gary DeWaal

Gary DeWaal

Bio

Managing Director

Gary DeWaal is a seasoned expert in the law and regulation of futures and related exchanges. He additionally has expertise in securities, derivatives, digital assets, and emerging technologies like artificial intelligence and quantum computing. He held senior roles at Katten Muchin Rosenman LLP and Fimat (later renamed Newedge) and continues to be a respected voice in the field through ongoing work in related initiatives.

Former

Katten Muchin Rosenman LLP - Senior Counsel

Commodity Futures Trading Commission - Senior Trial Attorney


Expertise

Clearing, Futures, Digital Assets, Derivatives


Howard Mills

Howard Mills

Bio

Senior Advisor

Mr. Mills is a former Superintendent of the New York State Insurance Department and a retired Deloitte Managing Director and Global Insurance Regulatory Leader.  He has been a Senior Advisor to the Insurance Practice at McKinsey and Company and currently serves on the Boards of Genworth Financial and The Doctors Company Group.

Former

Deloitte - Managing Director, Global Insurance Regulatory Leader

New York Insurance - Department Superintendent

Expertise

Insurance, Insurtech, Reinsurance, M&A, ESG, Regulatory and Reputational Risk

Nina Rodriguez

Nina Rodriguez

Bio

Managing Director

Nina Rodriguez is an accomplished expert in the field of corporate governance and regulatory law and has deep experience in matters relating to ethics, whistleblower complaints, board member roles, and bylaws. She has also opined on areas of IPO derivative lawsuits, corporate governance compliance, insider trading, and disclosure requirements for public and private offerings.

Former

US District Court for the Southern District of Florida - Judicial Law Clerk

Kalorama Partners & Kalorama Legal Services PLLC - COO & Managing Director

Expertise

Corporate Governance, Regulatory Law, Investigations

Timothy J. Fogarty Sr.

Timothy J. Fogarty Sr.

Bio

Managing Director

Timothy Fogarty is a former senior Federal Reserve Bank officer with over 35 years of industry experience covering all aspects of international central banking operations and extensive special purpose financial transactions in support of U.S. government and multinational policy objectives.

Former 

Federal Reserve Bank of New York - Senior Vice President

Expertise

Government and International Relations, Custodial and Correspondent Banking Operations, Foreign Exchange Operations, International Payment Systems, Anti-Money laundering and government sanctions, Gold bullion custody, storage, and movement

Howard Kramer

Howard Kramer

Bio

Senior Advisor

Howard Kramer is a distinguished retired financial regulatory attorney with over 40 years of comprehensive experience in both government and private sectors. His expertise spans a wide array of areas including securities and derivative products and markets, equity, options and debt market trading, broker-dealer compliance, the US financial regulatory structure.

Former

Willkie Farr & Gallagher - Partner

Schiff Hardin - Partner

U.S. Securities and Exchange Commission - Senior Associate, Director of the Division of Market Regulation

Expertise

Securities and Derivative Products and Markets, Equity, Options and Debt Market Trading, Broker-Dealer Compliance, US Financial Regulatory Structure, US Securities Laws and Regulations

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