Brian Rubin heads Sutherland’s Securities Enforcement and White Collar Litigation Practice Team. He represents broker-dealers, investment advisers, investment companies, public companies and individuals being examined, investigated and prosecuted by the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and states. He also represents securities clients in litigation and arbitration, and counsels them on regulatory and compliance matters. In addition, Brian conducts internal investigations. Recently, he represented firms and individuals on matters involving non-traded real estate investment trusts (REIT), variable products, mutual funds, advertisements, e-mail retention, markups/markdowns, Ponzi schemes, Anti-Money Laundering (AML) and supervision.
Before joining Sutherland, Brian was Deputy Chief Counsel with the NASD’s Enforcement Department, where he managed attorneys and examiners in the Washington, D.C., home office and in the district offices. Brian investigated and prosecuted firms and individuals for violations of federal securities laws and NASD rules, handling all phases of investigations, trials and appellate litigation. In September 2002, he received the prestigious Excellence in Service Award for outstanding commitment and superior performance in support of NASD. He also received the NASD President’s Award for outstanding performance and dedicated service.
Previously, Brian was Senior Counsel in the SEC’s Division of Enforcement, where he investigated and prosecuted violations of federal securities laws.
REPRESENTATIVE EXPERIENCE
Brian’s recent representative experience includes:
- Successfully defending a firm and its president in a trial and an appeal brought by the SEC involving Class B share mutual funds.
- Trying a precedent-setting case against the SEC regarding Regulation S-P.
- Successfully appealing to the SEC a FINRA decision that had found that two registered representatives engaged in illegal private securities transactions.
- Successfully representing a broker-dealer and its affiliated insurance company being investigated by the SEC, FINRA and the U.S. House of Representatives Committee on Education and Labor in connection with revenue sharing and marketing payments. After extensive briefings, meetings, testimony and negotiations, Sutherland convinced each entity to close its investigation without action.
- Negotiating settlements of fee-in-lieu of commission cases on behalf of two different bank-affiliated broker-dealers, resulting in the successful elimination of charges and significantly reduced sanctions demanded.
Some of Brian’s significant cases while with the SEC and NASD include:
- The $1.4 billion global analyst/investment banker conflicts of interest settlement.
- Settlements and litigated actions against firms and analysts for drafting and distributing misleading research reports, including a $15 million fine against one analyst and a $5 million fine against one firm.
- Settlements with firms for sales practice and supervisory violations in connection with variable life insurance and variable annuities, including a $20 million fine against one firm.
- Global settlements with five firms totaling $8.25 million for failure to preserve e-mails.
- Settlement with a firm, portfolio manager and supervisor for the fraudulent sale of a $1 billion mutual fund.
- Settlements and litigated actions against firms and individuals for misleading advertisements for mutual funds, variable products, and day-trading strategies.
- Insider-trading cases, including one that led to the disgorgement and distribution of $1 million.
- Financial fraud cases.
PROFESSIONAL HONORS AND AWARDS
- Named to The Best Lawyers in America in the areas of securities law (2008-2011), litigation – securities and securities regulation (2012-2013)
- Selected for inclusion in Washington, D.C., Super Lawyers® in the area of securities litigation (2012)
- Named to the 2012 Capital Pro Bono Honor Roll
- Recipient, 2011 Highly Commended Award Winner by the Emerald Literati Network for co-authoring “FINRA’s Sanctions in 2009: A Sign of Things to Come?” published in the November 2010 issue of the Journal of Investment Compliance
- Recipient, 2006 Burton Award for Legal Achievement for co-authoring “The House That the Regulators Built: An Analysis of Whether Respondents Should Litigate Against NASD,” published in the May 2005 issue of BNA’s Securities Regulation & Litigation Report
PROFESSIONAL AND COMMUNITY INVOLVEMENT
- Member, Board of Advisors, Securities and Exchange Commission Historical Society
- Member, 2010 Editorial Advisory Board, Securities Law360
- Member, Editorial Board, Journal of Securities Law, Regulation & Compliance
- Member, Editorial Advisory Board, Practical Compliance and Risk Management for the Securities Industry
- Member, Editorial Board, Journal of Investment Compliance
- Former Member, Board of Directors, Kids Enjoy Exercise Now (K.E.E.N.) Foundation, Inc., a nonprofit organization with branches in the United States and England that provides free recreation opportunities to children with severe and profound disabilities
- Former Member, Board of Directors of SEEC Corporation, a nonprofit organization that provides employment, housing, recreational and therapeutic support for adults with developmental disabilities
PUBLICATIONS AND SPEAKING ENGAGEMENTS
- Comment, "Official says to go up SRO's chain if you think 8210 demand goes too far," Broker Dealer Week (June 2013)
- Co-author, "FINRA's Disciplinary Actions in 2012: Trends and Analysis," The Investment Lawyer (June 2013)
- Co-author, “Summary of Selected Sessions from ‘The SEC Speaks in 2013,’” Journal of Investment Compliance (June 2013)
- Co-author, “FINRA Focus: 2012 Research Analyst & Research Report Cases,” Wall Street Lawyer (May 2013)
- Co-author, "Recent Court Order Reminds Firms To Review for Privilege—Or Face the Consequences,” The United States Law Week/Bloomberg BNA (January 2013)
- Co-author, “Stepping Into the Ring Against the SEC and FINRA: Sometimes It Pays to Duke It Out Against the Regulators,” Securities Regulation Law Journal (Winter 2012)
- Co-author, “Welcome to the Party? FINRA Invites Investment Advisers to Utilize its Arbitration Procedures,” Investment Adviser Association Newsletter (December 2012)
- Author, “The Girl Who Kicked The Regulator's Nest: SEC and FINRA Disciplinary Actions Against CCO's and In-House Counsel,” Practical Compliance & Risk Management for the Securities Industry (July – December 2012)
- Co-author, “The Girl Who Played with SEC and FINRA Fire: SEC and FINRA Disciplinary Actions Against In-House Counsel and Chief Compliance Officers (June 2011-June 2012)” Practical Compliance & Risk Management for the Securities Industry (September–October 2012)
- Co-author, “FINRA’s 2011 enforcement record, priorities, and trends,” Journal of Investment Compliance (September 10, 2012)
- Co-author, “Understanding FINRA’s Suitability Rules: Possible Enforcement Actions,” On Wall Street (July 11, 2012)
- Co-author, “Understanding FINRA’s New Rules: Knowing-Your-Customer and Practical Considerations on Suitability,” On Wall Street (July 10, 2012)
- Co-author, “Ready or Not, Here Comes FINRA’s New Rules on Suitability,” On Wall Street (July 9, 2012)
- Co-author, “Resolved: FINRA Should Review These 10 Outdated Rules,” AdvisorOne (July 2012)
- Co-author, “‘Like’ It Or Not: Broker-Dealers And Social Media Access,” Law360 (June 28, 2012)
- Author, “An Analysis of Current Laws and Regulations Affecting the Securities and Futures Industries,” Securities & Commodities Regulation (April 11, 2012)
- Co-author, “Getting to Know You: Getting to Know All about FINRA’s New Suitability & Know-Your-Customer Rules,” The Wall Street Lawyer (April 2012)
- Co-author, “SEC and FINRA: Priorities and Enforcement Trends,” Securities & Commodities Regulation (April 2012)
- Author, “The Girl with the SEC/FINRA Tattoo: Disciplinary Actions Taken Against Chief Compliance Officers,” Practical Compliance & Risk Management for the Securities Industry (July – December 2011)
- Author, “Who’s Calling the Plays? Liability of BD and RIA Presidents and CEOs in 2011 SEC Actions,” Wall Street Lawyer (November 2011)
- Co-author, “Ask An Attorney: Enforcement Cooperation,” Compliance Reporter (November 3, 2011)
- Co-author, “Brokerage CEOs in the Crosshairs,” Securities Technology Monitor (August 31, 2011)
- Co-author, “Revisiting FINRA’s Class Waiver Policy Post-AT&T,” Law360 (August 31, 2011)
- Co-author, “The Buck Stops . . . Where? Liability of Presidents And Chief Executive Officers in SEC and FINRA Enforcement Actions,” Securities Regulation & Law Report (August 8, 2011)
- Co-author, “Swinging for the Fences: An Analysis of Whether Broker-Dealers and Registered Representatives Should Litigate Against the SEC or FINRA,” The Investment Lawyer (August 2011)
- Co-author, "FINRA Enforcement – Analysis and Trends," Practical Compliance & Risk Management for the Securities Industry (May–June 2011)
- Co-author, "Does FINRA Accurately Seed Enforcement Issues?," Securities Law360 (May 17, 2011)
- Co-author, “Sometimes It Pays for Broker-Dealers and Registered Reps to Take on Regulators, Study Shows,” Wall Street Lawyer (April 2011)
- Co-author, “Supervising Reps’ Outside Activities,” Compliance Reporter (February 7, 2011)
- Co-author, “While You Were Complying: SEC and FINRA Disciplinary Actions Taken Against Chief Compliance Officers (Again),” Practical Compliance & Risk Management for the Securities Industry (January-February 2011)
- Co-author, “FINRA’s Sanctions in 2009: A Sign of Things to Come?” 11 Journal of Investment Compliance 4 (November 2010)
- Co-author, “FINRA Restricts Internal Use Only Rules Through Enforcement Actions,” Market Solutions, Financial Markets Association (October 2010)
- Co-author, "While You Were Complying: SEC and FINRA Disciplinary Actions Taken Against Chief Compliance Officers," Practical Compliance & Risk Management for the Securities Industry (September-October 2010)
- Co-author, “Annual Review of FINRA Sanctions Finds Disciplinary Slowdown Began to Reverse in 2009,” Wall Street Lawyer, Copyright © 2010 Thomson Reuters (August 2010)
- Co-author, "Should Broker-Dealers Self Report?" Securities Law360 (May 19, 2010)
- Co-author, “The Evolution Of FINRA E-Mail Disciplinary Cases,” Law360 (April 19, 2010)
- Co-author, “FINRA’s Take On Internal Communications,” Securities Law360 (February 18, 2010)
- Co-author, “FINRA 2008: An Oscar Winning Year?” Securities Regulation Law Journal (Fall 2009)
- Co-author, “Litigating Disciplinary Proceedings Against the SEC and FINRA: It Sometimes Pays,” Journal of Investment Compliance (2009)
- Co-author, “Post-Madoff: What to Expect from the Regulators,” On Wall Street (May 1, 2009)
- Co-author, “Here Comes the Sun[dstrand]: The ‘Good Faith’ Defense in Securities Fraud Cases,” Securities Litigation Report (February 2009)
- Co-author, “What It Takes To Receive Credit from FINRA for Extraordinary Cooperation,” Wall Street Lawyer (February 2009)
- Co-author, “For The New Year, Proposed Resolutions For FINRA,” Investment News (January 11, 2009)
- Commented, "FINRA Fines, Actions Sped Up In 2009: Report," Law360 (July 2010)
- Speaker, “FINRA Arbitration and Enforcement Actions,” IRI Litigation Summit 2013 (June 18, 2013)
- Speaker, “SEC and FINRA Enforcement Actions: Where Have We Been and Where Are We Going?” IPA Spring 2013 Conference (May 13, 2013)
- Speaker, “‘Express Seminar’: 2012 FINRA Disciplinary Actions: Update and Analysis,” Sutherland Quick Call (May 2, 2013)
- Speaker, “Top 10 Things CCOs May Want to Keep in Mind” and “2012 FINRA Disciplinary Actions: Update and Analysis,” Compliance Forum (April 22, 2013)
- Speaker, “Crisis Management – Best practices and practical advice for handling material compliance violations, including a discussion of the pros and cons of self-reporting and the personal liability to CCOs,” ACA Spring Compliance Conference, (April 10, 2013)
- Speaker, “Highlights from FINRA Enforcement Actions Study,” SIFMA Compliance & Regulatory Committee Meeting (March 25, 2013)
- Speaker, “Supervision of Remote Branch Offices – Challenges Faced by the Independent BD,” FSI OneVoice Conference (January 29, 2013)
- Speaker, “Responding Effectively to Regulatory Exams and Investigations,” In-House Webinar for Client (December 2012)
- Speaker, “Responding Effectively to Regulatory Exams and Investigations,” “Insights from FINRA,” and “‘Hot’ Enforcement Issues,” Tampa Bay Area Sutherland Securities Symposium (December 2012)
- Speaker, “Current Regulatory Issues in Atlanta,” ACA: Atlanta Compliance Roundtable Meeting (October 2, 2012)
- Speaker, “FINRA Disciplinary Actions: Update and Analysis,” Atlanta BD/IA Compliance Roundtable (October 2012)
- Speaker, “How to Negotiate a Settlement with the SEC,” Association of Corporate Counsel’s 2012 Annual Meeting (October 2012)
- Speaker, “Unless They Make You an Offer You Can’t Refuse: Litigating Against FINRA and the SEC,” and “SEC and FINRA Enforcement Actions,” The Network of Trial Law Firms, FINRA CLE SuperCourse (September 2012)
- Speaker, “FINRA Disciplinary Actions: Update and Analysis,” In-House Program for Client (September 2012)
- Speaker, “FINRA Disciplinary Actions: Update and Analysis,” In-House Webinar for Client (September 2012)
- Speaker, “Legal Project Management,” In-House Program for Client (August 2012)
- Speaker, “Privacy Risk Management: Information Security,” The Ascendant Compliance Conference (March 2012)
- Speaker, “Top 10 for 2012: 10 Pending Developments All Wealth Management/Compliance Lawyers Should Be Watching,” “Hot Topics in Compliance,” and “Hot Topics in Litigation,” In-House Program for Client (March 2012)
- Speaker, “OSJ Call: How to Handle Regulators,” In-House Webinar for Client (March 2012)
- Speaker, “Legislative and Regulatory Update, including Dodd-Frank, FINRA Financial Rules Updates and Suitability,” “Update on How to Handle Regulators,” and “Hot Enforcement Issues,” St. Louis Sutherland Securities Symposium (February 2012)
- Speaker, “Risk: How to Serve the Growing Needs of Clients and Advisors While Managing Organizational Risk,” One Voice 2012: FSI Annual Broker-Dealer Conference (January 2012)
- Speaker, Webinar: Credit for Extraordinary Cooperation and Good Behavior? Dealing with Enforcement When a Sanction Looms (December 7, 2011)
- Speaker, “Balancing the Job of CEO and CCO,” NAIBD 2011 Fall Symposium (November 14, 2011)
- Moderator, “OCIE in the Post-Madoff Environment: Examiners With Attitude,” The Sixth Annual National Institute on Securities Fraud (November 3-4, 2011)
- Speaker, Atlanta Broker-Dealer/Investment Adviser Compliance Roundtable Meeting (October 26, 2011)
- Speaker, “Compliance Innovation to Manage Risk,” Pittsburgh Financial Services Symposium (October 14, 2011)
- Speaker, Seventh Annual Advanced ALI-ABA Course of Study: “The Financial Services Regulatory Revolution: Navigating the New World of Broker-Dealer and Investment Adviser Regulation” (September 23, 2011)
- Panelist, “CCO Liability,” ACA Compliance Group Fall 2011 Compliance Conference (September 12–14, 2011)
- Speaker, FSI Webinar: “Liability of Compliance and Legal Officers: Who’s Minding the Store?” (July 18, 2011)
- Speaker, Webinar: “CLO/CCO Liability as Supervisors” (July 7, 2011)
- Moderator, “State and Federal Examination Update and Best Practices,” IRI 2011 Government, Legal & Regulatory Conference (June 28, 2011)
- Speaker, “State and Federal Examination Updates and Best Practices,” Insured Retirement Institute (June 26-28, 2011)
- Speaker, “CLO/CCO Liability as Supervisors” Seminar (June 10, 2011)
- Speaker, “Getting the Jump on Sweeping Changes to FINRA’s Complaint and Violation Reporting Rules” and “FINRA Examination Priorities,” National Regulatory Services (NRS) Education 26th Annual Spring Investment Adviser and Broker-Dealer Compliance Conference (May 16–19, 2011)
- Speaker, “Legal Quick Hit: General Counsel and Chief Compliance Officer Supervisory Liability,” Association of Corporate Counsel Financial Services Committee’s Monthly Call (April 27, 2011)
- Speaker, “General Counsel and Compliance Officer Liability,” Tampa Bay Broker-Dealer Compliance Group Meeting (April 26, 2011)
- Speaker, Sutherland Securities Symposium (April 12, 2011)
- Speaker, “Surviving the New and Improved SEC Examination Program for 2011,” ACA Compliance Group & ACA Insight Spring 2011 Compliance Conference (March 2–4, 2011)
- Panelist, “Setting RIA Firms Up For Success in a Fiduciary World,” OneVoice 2011: FSI Broker-Dealer Conference (January 31–February 2, 2011)
- Speaker, “Transitioning Representatives: Legal and Compliance Issues When Representatives Jump Firms,” ALI-ABA The Financial Services Regulatory Revolution: Navigating the New World of Broker-Dealer and Investment Adviser Regulation, Supervision, and Sales Practices Program (October 21–22, 2010)
- Panelist, "Regulatory Panel Discussion," NAIBD 2010 Fall Symposium: Providing Business and Development Tools for Independent Broker-Dealers (October 19, 2010)
- Panelist, “Data & Information Safeguarding,” ACA Compliance Group 2010 Compliance Conference (September 22–24, 2010)
- Speaker, “Enforcement and Regulatory Update,” Tampa Bay Broker-Dealer Compliance Group Meeting (August 18, 2010)
- Speaker, SEC Examinations of Investment Advisers – Are You Ready? Seminar (July 13, 2010)
- Panelist, “Setting Your Expectations for the FINRA & SEC Exam Priorities: How Ready Are You?” Complinet Risk & Compliance Forum (June 10, 2010)
- Speaker, “Developments in Broker-Dealer Advertising” and “Changing Landscape of Broker-Dealer Branch Office Audits,” NRS Annual Spring Conference, Ft. Lauderdale, Florida (April 19–22, 2010)
- Speaker, Webinar: “Real Estate Funds and Alternative Investments: Impact of Recent FINRA Developments” (March 25, 2010)
- Speaker, ACA Compliance Group Webinar: “Privacy Safeguards” (February 18, 2010)
- Speaker, “A Look into the 2010 Regulatory Environment,” Financial Planning Association (December 3, 2009)
- Speaker, Webinar: "Insider Trading and Informational Barriers" (November 17, 2009)
- Speaker, “Compliance & Regulation: Do YOU comply?” Financial Behavior in Retirement Summit (November 16, 2009)
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