David Siegal is a Partner in the White Collar Criminal Defense Practice Group in the New York office of Haynes and Boone. His practice focuses on white collar defense and sophisticated securities fraud litigation.
Between 1999 and 2009, David served as an Assistant United States Attorney in the criminal division of the Southern District of New York, serving as a lead prosecutor on numerous complex white collar investigations and prosecutions, federal criminal jury trials and Second Circuit appeals. As a member of that office's Securities and Commodities Fraud Task Force between 2005 and 2009, David investigated and prosecuted a wide variety of securities industry related matters, including accounting fraud schemes, market manipulation, insider trading and investment adviser fraud. Prior to that, between 2002 and 2005, as a member of that office's Major Crimes Unit, David handled complex white collar fraud prosecutions involving corporate insurance, bank, tax and investment fraud, as well as crimes involving computer technology attacks and intellectual property theft.
David spent the first seven years of his career handling complex commercial litigation and white collar defense matters with the law firms of Paul, Weiss, Rifkind, Wharton & Garrison LLP and Kronish Lieb Weiner & Hellman LLP (now Cooley Godward Kronish LLP).
Significant Government Investigations and Prosecutions
- Led prosecution of complex accounting fraud investigation relating to multi-year restatement of financials, and attendant stock price collapse, of largest home mortgage lender in Puerto Rico. Indicted bank's Treasurer on securities and wire fraud charges for $4 billion accounting fraud scheme.
- Successfully resolved long-pending $3 billion commodities-based international Ponzi scheme perpetrated by noted investment advisor.
- Successfully prosecuted business executive for $20 million corporate insurance brokerage fraud.
- Negotiated multi-million dollar forfeiture from African-based international bank in connection with resolution of obstruction of justice investigation.
- Indicted New York-based investment advisor for $11 million Ponzi scheme.
- Convicted multiple conspirators, including trader and issuer's chief executive and chief operating officer, for OTC market manipulation scheme.
- Convicted former boyfriend of law firm associate for insider trading based on stolen information about pending merger.
- Successfully brought novel criminal SPAM and intellectual property case in connection with theft of account list of 93 million America Online subscribers.
- Convicted top executive and three others of multi-million dollar government program fraud in connection with federal E-Rate school technology funding program.
- Indicted international fence for theft and sale of high-value antique bronze sculptures and Napoleonic-era artisanal pistols from France.
- Successfully prosecuted theft and pre-release publication over the Internet of studio cut of major motion picture "The Hulk."
Notable Federal Criminal Trials
- Convicted owner and chief executive of New York-based brokerage firm on securities and wire fraud charges for his scheme to defraud client investors.
- Convicted VP and New York regional manager of Fortune 500 company on conspiracy and mail fraud charges for multi-million dollar corporate billing scheme to defraud multiple banks.
- Convicted promoter of wire fraud conspiracy in connection with schemes to defraud investors in high-yield investment and prime bank note scheme.
- Convicted ringleader on conspiracy, bribery of public official, identification document fraud and illegal alien transportation charges for multi-state scheme to bribe DMV official who fraudulently issued nearly 1,000 drivers' licenses to illegal aliens.
- Extradited and convicted Thai businessman of wire fraud in connection with fraudulent negotiation of $2.5 million counterfeit United States Treasury check in Belgium as part of high-yield investment and prime bank note scheme.
- Convicted con-artist who perpetrated several month long, nationwide-roaming crime spree by stealing and adopting identities of multiple credit card-holder victims.
Online Publications
07/23/2010 -
Significant New Registration, Reporting and Regulatory Requirements Imposed on Advisers to Private Funds
On July 21, 2010, President Obama officially signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), which represents the most sweeping regulatory overhaul of the financial markets since the Great Depression. This alert addresses Title IV of the Act, codified as the Private Fund Investment Advisers Registration Act of 2010 (the “Registration Act”).
07/02/2010 -
SEC Adopts Pay-to-Play Rules
On June 30, 2010, the Securities and Exchange Commission (the “SEC”) formally adopted Rule 206(4)-5 (the “Pay-to-Play Rule”) under the Investment Advisers Act of 1940, as amended (the “Act”).
01/27/2010 -
Federal Court Issues Injunction Requiring Insurer to Advance Defense Costs to Stanford Financial Defendants for DOJ and SEC Proceedings
Yesterday, January 26, 2010, Judge David Hittner of the United States District Court for the Southern District of Texas issued an important opinion in the Stanford Financial case that paves the way for targets of criminal and civil enforcement proceedings to obtain insurance coverage for costs of defending themselves. The decision marks a significant victory for executives who have the misfortune of being caught up in a government prosecution and find themselves otherwise unable to fund their defense.
01/25/2010 -
A New Era of Cooperation at the SEC
The SEC’s Division of Enforcement is implementing a series of measures designed to enhance and encourage cooperation in its investigations and litigation and, the Division hopes, expedite the enforcement program.
05/27/2009 -
Fraud Enforcement and Recovery Act Expands Liability Under the False Claims Act and Criminal Fraud Provisions
On May 20, 2009, President Obama signed into law the Fraud Enforcement and Recovery Act (“FERA”). This comprehensive legislation expands the reach of federal law and increases funding for federal agencies to combat financial fraud. The most dramatic changes affecting government contractors and organizations participating in federally-funded programs are found in FERA’s expansion of the False Claims Act (“FCA”).
05/01/2009 -
Selection of Venue in a U.S. Swaps Litigation Governed by an ISDA
Current strains on the capital markets are causing swap counterparties to file for bankruptcy or default on their trade obligations, a trend which may lead to an increase in swaps litigation over these defaulted swaps in the near term. This article looks at a common litigation issue - forum selection - in swaps cases governed by the industry standard International Swaps and Derivatives Association, Inc. ("ISDA") documentation.
© Bloomberg Law Reports 2009. Originally published by Bloomberg Law Reports. New York Law, Vol. 1, No. 1. Reprinted by permission.