Eversheds Sutherland is pleased to announce that the firm successfully defended registered representative David Tysk in an appeal to the US Securities and Exchange Commission (SEC) of a disciplinary proceeding brought by Financial Industry Regulatory Authority (FINRA).
In 2013, the firm was hired to defend Mr. Tysk against FINRA’s charges that he acted unethically and violated arbitration procedures. Before this successful appeal, FINRA had ordered him to pay a $50,000 fine and suspended him from the securities industry for one-year, essentially ending his career in the securities industry.
After several years of appeals, including two appeals to the SEC, the SEC found in favour of Mr. Tysk, overturning FINRA’s findings.
Eversheds Sutherland Partner Brian Rubin led the team with support from Litigation Partner Lee Peifer.
Mr. Rubin said, “This is the first time in at least five years that the SEC has completely ruled against FINRA in an appeal of a disciplinary hearing. This case is a great example of how and when to push back against regulators.”
The SEC’s decision can be found here.
About Eversheds Sutherland’s Securities and Enforcement Litigation team
Eversheds Sutherland defends broker-dealers, investment advisers, public companies, accounting firms and individuals in securities exams, investigations, enforcement actions, arbitrations and related securities litigation, including class actions. With a comprehensive understanding of the financial regulatory landscape and an appreciation of our clients’ business needs, we know what it takes to make cases go away—whether that means shutting cases down early, negotiating reasonable settlements or litigating.
About Eversheds Sutherland
As a global top 10 law practice, Eversheds Sutherland provides legal services to a global client base ranging from small and mid-sized businesses to the largest multinationals, acting for 70 of the Fortune 100, 61 of the FTSE 100 and 128 of the Fortune 200.
With more than 3,000 lawyers, Eversheds Sutherland operates in 68 offices in 32 jurisdictions across Africa, Asia, Europe, the Middle East and the United States. In addition, a network of more than 200 related law firms, including formalised alliances in Latin America, Asia Pacific and Africa, provide support around the globe.
Eversheds Sutherland provides the full range of legal services, including corporate and M&A; dispute resolution and litigation; energy and infrastructure; finance; human capital and labor law; intellectual property; real estate and construction; and tax.
Eversheds Sutherland is a global legal practice and comprises two separate legal entities: Eversheds Sutherland (International) LLP (headquartered in the UK) and Eversheds Sutherland (US) LLP (headquartered in the US), and their respective controlled, managed, affiliated and member firms. The use of the name Eversheds Sutherland is for description purposes only and does not imply that the member firms or their controlled, managed or affiliated entities are in a partnership or are part of a global LLP. For more information, visit eversheds-sutherland.com.