About Richard D. Marshall

Richard Marshall represents financial institutions and executives subject to investigations by the Securities and Exchange Commission (SEC), Department of Justice (DOJ), Financial Industry Regulatory Authority (FINRA) and state securities regulators. A former senior attorney at the SEC, he also advises financial services clients on regulatory issues.

The insight of a former enforcer

Rick served for several years as a branch chief in the SEC's Division of Enforcement in Washington, DC, and as a senior associate regional administrator in the SEC's New York office, where his staff conducted inspections of investment companies and investment advisers, and instituted enforcement actions against those entities. He uses insights from that experience in defending financial services providers and individuals against allegations, including insider trading and violations of the Investment Company and Advisers Act.

As a former senior supervisor of the SEC's inspection program, Rick regularly assists clients in building and implementing compliance systems, defending against regulatory inspections and addressing novel regulatory issues. He also assists clients with internal investigations, self-reports to regulators and applications for interpretive and exemptive relief. He is the founding editor of the Investment Lawyer, a former board member of the National Society of Compliance Professionals and the current chair of that organization's investment adviser committee.

Rick also represents clients in regulatory investigations. He has tried numerous cases, including SEC v. Howard, in which he successfully defended the senior officer of a large broker-dealer, who was vindicated by the District of Columbia Court of Appeals based on reliance on advice of counsel.

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Practice Focus

  • Securities regulation
  • Private equity regulatory compliance
  • Private funds and investment management
  • Registered investment companies
  • Government investigations

Representative Experience

  • Counsel to institutional, agency-only broker regarding its program enabling users to separate trading from research.
  • Negotiated settlements of SEC and SRO actions on behalf of brokerage firm, premier capital markets investment bank and numerous market timers.
  • Counsel global financial services firm on "unbundling" research and brokerage.
  • Principal outside counsel to numerous money managers.
  • Defended individual through trial and appeal. Obtained victory in the US Court of Appeals for the District of Columbia Circuit.
  • SEC counsel in administrative proceeding trial against individual; minor sanction imposed.
  • Defended individual against insider trading and 13(d) allegations. Entered plea mid-trial.
  • Defend numerous SEC and FINRA investigations involving insider trading, market manipulation, failure to supervise, market timing, financial fraud, conflicts of interest and disclosure issues.

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Education
  • The University of Chicago Law School, JD
  • University of Toronto, MA
  • Yale University, BA
Bar Admissions
  • New York
  • District of Columbia