简介

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.

资质

执业资格

New York
Illinois

出庭资格

U.S. Court of Appeals for the Seventh Circuit
U.S. District Court for the Northern District of Illinois

教育

Tulane University Law School
J.D. cum laude (1997)

University of Wisconsin, Madison
B.A. with honors (1991)

见解和活动

其他角度
  • Inside/Outside Regulatory Outlook
    INTL FCStone’s 11th Annual Dairy Outlook Conference, June 2014
  • Data, Risk Analytics and Surveillance: Aligning Compliance Resources for Advisory Organizations
    Ascendant Compliance Conference, March/April 2014
  • Due Diligence in Business Transactions
    Guest Lecturer, Southern Methodist University Dedman School of Law, October 2013
  • SEC Examination Interviews
    Ascendant Compliance Conference for Investment Advisors and Private Fund Managers, September 2013
  • Private Fund Managers’ Duties to Investors: Rule 206 (4)-8 and Reducing the Risk of Regulatory Action
    Investment Adviser Regulation, Third Edition, Practising Law Institute, July 2013
  • Litigation — The Good, the Bad and the Ugly
    Speaker and panelist, Financial Markets Association’s 22nd Annual Securities Compliance Seminar, April 2013
  • Opening Exam Interview
    Speaker and panelist, Ascendant Compliance Management National Conference: Mock SEC Examination for Investment Advisers, April 2013

领导力和社区

职业协会

  • Bank Insurance & Securities Association (BISA) — Regulatory and Compliance Advisory Board
  • National Society of Compliance Professionals (NSCP) — Board of Directors, 2008-11

荣誉

  • Illinois Leading Lawyers — Commercial Litigation, Securities & Venture Finance Law, 2008-17
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