Brian Rubin, a member of Sutherland’s Litigation Practice Group, 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 variable product and mutual fund transactions, advertising, e-mail retention, markups/markdowns, fee-in-lieu of commission accounts, market timing, late trading, 529 Plan sales 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, trial 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 area of securities law (2008–2011)
- 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
RECENT PUBLICATIONS AND SPEAKING ENGAGEMENTS
- 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)
- Co-author, “’Without Admitting or Denying’—and Then What?” FSI Voice (December 28, 2008)
- Co-author, “Still Blinded by Sundstrand: The Applicability of the ‘Good Faith’ Defense in Securities Fraud Cases,” The Judicial View (December 23, 2008)
- Co-author, “Getting Credit from FINRA for Extraordinary Cooperation: What Does It All Mean?” Complinet (December 17, 2008)
- Co-author, “Money: Investment Scams and What Firms May Be Able To Do About Them,” Practical Compliance & Risk Management for the Securities Industry (September/October 2008)
- Co-author, “Sometimes It Pays to Litigate Against FINRA, Study Says,” Wall Street Lawyer (June 2008)
- Co-author, “It Sometimes Pays to Litigate Against FINRA,” InSights: The Corporate & Securities Law Advisor (May 2008)
- Co-author, “Blinded By Sundstrand: The ‘Good Faith’ Defense,” Securities Law360 (April 28, 2008)
- Co-author, “Study Finds That It Sometimes Pays to Litigate Against FINRA,” Securities Litigation Report (November 2007)
- Commented, "FINRA Fines, Actions Sped Up In 2009: Report," Law360 (July 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,” National Regulatory Services (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)
- Speaker, “Scared Straight—Understanding Your Risks as Registered Representatives,” Woodbury Financial’s 11th Annual Sales Conference (August 6, 2009)
- Speaker, “The View from Washington: Understanding the Impact of Regulatory Change,” Woodbury Financial’s 11th Annual Sales Conference (August 6, 2009)
- Speaker, Webinar: "A New Foundation: The Obama Regulatory Plan—What will it mean for broker/dealers and registered investment advisors?" (June 24, 2009)
- Speaker, BD Week Webinar: "New Trends in Regulatory Exams and Best Practices for Dealing With Regulators" (June 9, 2009)
- Speaker, “How to Prepare and Manage an SEC Examination,” National Regulatory Services Annual Spring Compliance Conference, Orlando, Florida (April 26–29, 2009)
- Speaker, “How to Prepare and Manage an SEC Examination,” ACA Spring 2009 Compliance Conference, Las Vegas, Nevada (April 22–24, 2009)
- Speaker, Sutherland's Securities Symposium (April 21, 2009)
- Speaker, “The New Regulation S-P—Safeguarding Provisions Enhanced,” Ascendant Compliance Management Conference, New Orleans (March 18–20, 2009)
- Speaker, Webinar: "FINRA Sweep of Broker-Dealer Referrals of Investment Advisory Services" (January 29, 2009)
- Speaker, “Regulatory and Legislative Hot Topics for RIAs,” OneVoice 2009: FSI Broker-Dealer Conference (January 28, 2009)
- Speaker, “Rule 3100: Opening the Gates for Optimal Corporate Performance,” The Knowledge Congress, CLE (January 27, 2009)
- Speaker, “2009 Industry and Regulatory Outlook,” Sutherland Investment Adviser Roundtable (January 14, 2009)
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