Stephen J. Crimmins

Partner

T 202.661.7031 Washington, D.C.
T 212.880.3624 New York
M 202.317.0037
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Steve defends enforcement matters involving the Securities and Exchange Commission and other financial regulators. He protects clients during regulatory inquiries, including investigative testimony. He advocates with regulators in meetings and white papers, including SEC Wells submissions, to obtain "closing letters" and otherwise negotiates for fair and appropriate consent decrees. When needed, he fights for clients in federal court, including jury trials and appeals, and in administrative proceedings.

Based on peer surveys, U.S. News-Best Lawyers in America named Steve its "Securities Regulation Lawyer of the Year for New York City" in 2017, and in 2021 and 2022 recognized his group as the national "Securities Regulation Law Firm of the Year," ranking Steve individually for both securities litigation and securities regulation for well over a decade. Chambers USA has ranked him nationally since 2009 for "complex and sensitive SEC enforcement actions and investigations on behalf of public companies and broker dealers," with "significant strength in financial fraud and accounting issues." Chambers has reported peer comments that he is "a real leader of the SEC enforcement Bar" and that "you will find no one who knows more about how to litigate at the SEC."

Steve testified three times before Congress, in 2019 at a House Financial Services Committee hearing on SEC enforcement reforms and on cryptocurrency regulation and twice during the financial crisis. He has chaired both the Federal Bar Association's Securities Law Section, and the DC Bar's Corporation, Finance and Securities Law Section. He presents professional panels and publishes on SEC developments and securities law topics, including an academic article "Insider Trading: Where Is the Line?" in the Columbia Business Law Review, favorably noted in The Economist, and a 2022 article "Shadow Trading Becomes Insider Trading" in Columbia Law School's Blue Sky Blog. He has guest-taught law classes and symposia at Columbia, Georgetown, and other law schools on SEC enforcement topics.

During 14 years at the SEC, Steve co-managed its Enforcement Division's Trial Unit in prosecuting jury and non-jury securities cases in federal courts around the country and administrative proceedings. First joining the SEC as a senior trial counsel at headquarters, Steve continued to personally litigate and try cases after promotion to leadership and the Senior Executive Service. He earned the SEC-wide Productivity Improvement Award for his management skills. A Brooklyn native, he graduated from Columbia Law School and began his career at a large New York law firm before joining the SEC.

Since returning to private practice, Steve has achieved successful outcomes in securities enforcement matters for many entities and individuals. Currently, he is advocating for clients in investigations and litigation spanning the SEC's enforcement program. Recent completed matters include:

  • 2023: Wells submission resulting in SEC closing letter terminating investigation as to lawyer in ponzi matter that had resulted in SEC and DOJ charges against the lawyer's client.
  • 2023: Wells submission resulting in SEC closing letter terminating investigation as to CFO of large investment adviser in SEC case settled by his employer.
  • 2022: Multiple Wells submissions resulting in SEC closing letter terminating investigation as to General Counsel of investment adviser in SEC case settled by his employer and other executives. Teamed with other counsel in resolving parallel investor litigation.
  • 2022: Represented CEO of a substantial public company in preparing for and providing testimony in SEC case settled by his employer and another executive.
  • 2021: Multiple Wells submissions and detailed negotiations resulting in settlement of SEC and CFTC disclosure claims against a commodity pool and commodity pool operator.
  • 2021: Multiple white papers resulting in termination of SEC investigation of broker-dealer in municipal securities matter with no charges.
  • 2020: White paper resulting in SEC closing letter terminating insider trading investigation of CEO with no charges.

Steve was a partner at Mayer Brown LLP and K&L Gates LLP, and then a shareholder at SEC defense boutique McGonigle PC until it combined with Davis Wright Tremaine in 2022.

SEC Enforcement Defense and Related Matters

  • Wells submission resulting in SEC closing letter terminating Enforcement Division and Office of General Counsel joint investigation as to lawyer in ponzi matter that resulted in SEC and DOJ criminal charges against the lawyer's client. (2023)
  • Wells submission resulting in SEC closing letter terminating investigation as to CFO of large investment adviser in SEC case settled by his firm. (2023)
  • Administrative dismissal by SEC Commissioners of case charging front-running following two-week trial before SEC administrative law judge.  Matter of Gibson , 2023 WL 3790795 (June 2, 2023).
  • Multiple Wells submissions resulting in SEC closing letter terminating investigation as to General Counsel of investment adviser in SEC case settled by his firm and other senior executives. Teamed with other counsel in resolving parallel investor litigation. (2022)
  • Represented CEO of a substantial public company in preparing for and providing testimony in SEC case settled by his company and another executive. (2022)
  • Multiple Wells submissions and detailed negotiations resulting in settlement of SEC and CFTC disclosure claims against a commodity pool and commodity pool operator.  Matter of United States Commodity Funds LLC, 2021 WL 5205955 (SEC Nov. 8, 2021).
  • Multiple white papers resulting in termination without charges of SEC investigation of broker-dealer firm in municipal securities matter. (2021)
  • Represented a financial services firm’s CCO not charged in SEC case settled by his firm and another executive. (2021)
  • White paper resulting in SEC closing letter terminating insider trading investigation of a hospitality industry CEO with no charges. (2020)
  • Following two years of federal court litigation, settled SEC revenue recognition charges in 2019 against a former CEO without an officer-director bar and dropping all scienter allegations.  SEC v. Jacoby (Osiris Therapeutics Inc.), 2019 WL 5300064 (D. Md. Oct. 17, 2019).
  • As pool counsel, defended over 30 officers and employees, none charged, in 2018-2019 internal and follow-on SEC investigations of revenue recognition charges settled by their public company.  Matter of ComScore Inc., 2019 WL 4640439 (SEC Sept. 24, 2019).
  • Represented a consultant and foundation board member not charged in 2019 in SEC litigation against a digital token issuer.  SEC v. Kik Interactive, 2019 WL 2387042 (S.D.N.Y. June 6, 2019).
  • Following federal court litigation, settled SEC charges in 2019 against a securities trader involving alleged record-keeping violations. SEC v. Mattessich et al., 407 F.Supp.3d 264 (S.D.N.Y. 2019).
  • Settled SEC insider trading charges against an attorney without admissions or professional bars.  2018 WL 3993822 (Aug. 21, 2018).
  • Successfully defended the nation's leading self-directed IRA custodian at a multi-week trial before an SEC administrative law judge resulting in a decision dismissing all charges.  On full Commission review, obtained a unanimous decision by the SEC Commissioners affirming the firm’s trial win on expanded grounds.  Matter of Equity Trust Co., 2017 WL 4335067 (SEC Sept. 28, 2017).
  • As lead trial counsel in 2017, settled one day before trial without admissions in SEC proceeding relating to investment adviser's recommendations to public pension plans.  Matter of Gray Financial Group Inc., 2017 WL 5624487 (Nov. 22, 2017)
  • Wells submission resulting in SEC closing letter as to senior executive of large financial services firm in SEC case settled by his employer that related to mutual fund share class recommendations.  2017 WL 4064192 (Sept. 14, 2017).
  • Orally argued and briefed successful motion to dismiss federal and state RICO and common law fraud claims in Florida state court.  Goldberg v. Kanegis, Case No. 13-22491 (Miami-Dade County Circuit Court, Complex Business Litigation Division Nov. 12, 2016)
  • Represented managing director of private equity adviser in SEC investigation and in no-admission settlement by the firm and four executives of case alleging omissions relating to conflicts of interest and payments to affiliates.  Matter of Fenway Partners LLC, 2015 WL 6689228 (Nov. 3, 2015).
  • Joining defense team as lead appellate counsel, presented oral argument and submitted briefs that persuaded the U.S. Court of Appeals for the 7th Circuit to reverse summary judgment against investment adviser's general counsel in the first litigated insider trading case involving fund shares.  SEC v. Bauer, 723 F.3d 758 (7th Cir. 2013).  On remand to the trial court, obtained summary judgment dismissing the remainder of the case, 2014 WL 4267412 (Aug. 29, 2014).
  • White paper and oral presentation resulting in SEC closing letter terminating investigation without charges as to executive at a major financial services firm in matter settled by firm that involved structuring and marketing of several collateralized debt obligation transactions.  Matter of Merrill Lynch, Pierce, Fenner & Smith Inc., 2013 WL 6503674 (December 12, 2013).

FINRA Enforcement Defense

  • Settled "layering and spoofing" charges brought by FINRA in 2018 against the controlling person of funds pursuing global day-trading strategies.  FINRA AWC 2012031480722 (reported in Wall Street Journal, Sept. 18, 2018, p. B1).
  • Represented major liquidity provider in AWC resolution in 2017 of FINRA matter involving OATS reporting, and MRV resolution relating to Reg SHO issues.  Separately represented same client in cautionary letter resolution of NYSE investigation relating to maintenance of quotations. (2017)

Admitted to Practice

  • District of Columbia
  • Massachusetts
  • New York
  • U.S. Supreme Court

Education

  • J.D., Columbia Law School
    • Articles Editor, Columbia Journal of Law and Social Problems
  • B.A., Fordham University

Professional Recognition

    • Named one of "America's Leading Lawyers for Business" by Chambers USA in Securities: Regulation: Enforcement (Nationwide), 2023-2024
    • Selected to "Enforcement Elite" by Securities Docket, 2024

Background

    • Deputy Chief Litigation Counsel, Securities and Exchange Commission
    • Partner, Mayer Brown LLP
    • Partner, K&L Gates LLP
    • Shareholder, Murphy & McGonigle, P.C. (and successor McGonigle, P.C.)
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