June 22, 2021

Volume XI, Number 173

David W. Porteous

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.

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Articles in the National Law Review database by David W. Porteous

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