In the News

David Siegal on Bloomberg Law Radio: Siegal on Immunity in Bridge Scandal

Former federal prosecutor David Siegal, a partner at Haynes and Boone, LLP, discusses the hard choices federal prosecutors will have to make in deciding whether to grant immunity in the investigation into the George Washington Bridge lane closings last September. Siegal talks with June Grasso and Mark Mills on Bloomberg Radio’s “Bloomberg Law.” >>

David Siegal in Bloomberg Businessweek: Christie Bridge Prosecutors Face Hard Immunity Decisions

U.S. prosecutors and New Jersey legislators face hard choices about whether to give immunity to former loyalists to Governor Chris Christie to get them to say what they know about the George Washington Bridge lane closings. >>

David Siegal in Law360: 2nd Circ. Could Curtail Insider Trading Prosecutions

An impending Second Circuit ruling on whether the government should have to prove that recipients of insider trading tips knew their source stood to benefit from the disclosure could drastically limit prosecutors' ability to pursue charges against those further down the "daisy chain" from an illegal tip, experts say. >>



Recent Publications

Key Developments in Privacy and Data Security

Cyber threats are inarguably on the rise, and regulators and law enforcement are stepping up their efforts to ensure that companies are managing personal data responsibly, creating a perfect storm of risk. More and more, our clients are asking, “What can we do to protect ourselves?” The answer? Be aware of the risks, understand the legal implications, and prepare for the inevitable. >>

Bloomberg BNA Criminal Law Reporter Guest Article: Judge’s Refusal to Enforce Broad Subpoenas in ‘BridgeGate’ Case

On April 9, a New Jersey Superior Court declined to compel compliance with subpoenas issued by a committee of the New Jersey Legislature investigating the so-called ‘‘BridgeGate’’ controversy surrounding the September 2013 closing of George Washington Bridge traffic access lanes in Fort Lee, N.J. >>



David Siegal

Partner

New York


30 Rockefeller Plaza
26th Floor
New York, 10112
T +1 212.659.4995
F +1 212.884.8230

Áreas de Practica

Educación

  • J.D., Stanford Law School, 1992, with distinction; Stanford Law Review, Notes Editor
  • B.A., Government, Cornell University, 1989, Phi Beta Kappa

Bar Admissions

  • New York, 1993

Court Admissions

  • U.S. District Court for the Southern District of New York
  • U.S. Court of Appeals for the Second Circuit
  • U.S. Court of Appeals for the Fifth Circuit
David Siegal

David Siegal is a Partner in the New York office of Haynes and Boone, and co-chair of the firm’s White Collar Criminal Defense Practice Group. His practice focuses on government enforcement defense and internal investigations, as well as sophisticated securities fraud, complex commercial litigation, and cybercrime and data security.

David's enforcement defense and investigation experience includes:

  • Representing a Chief Executive Officer and Director of several related foreign investment companies and financial institutions in connection with the Department of Justice's Tax Division investigation into an alleged multi-million dollar corporate tax fraud.
  • Representing a national investment advisory firm in connection with a Securities and Exchange Commission "pay to play" investigation.
  • Representing a financial advisor at a Fortune 100 Wall Street financial institution in connection with a Department of Justice cross-border insider trading investigation.
  • Representing an executive of a Fortune 100 Wall Street financial institution in RMBS investigations by the Department of Justice, the Securities and Exchange Commission and state regulatory authorities.
  • Representing a foreign corporation in a Bitcoin exchange related federal grand jury investigation.
  • Representing an internet technology executive in connection with a Computer Fraud and Abuse Act (CFAA) investigation.
  • Representing a hedge fund analyst in connection with a Department of Justice expert network insider trading investigation.
  • Representing a Managing Director of an offshore equities trading subsidiary of a major Wall Street financial institution in connection with Department of Justice and Securities and Exchange Commission investigations into alleged trading improprieties.
  • Advising a cash handling and processing company concerning shifting state and federal law and policy regarding medical marijuana distribution and decriminalization initiatives.
  • Advising a service technology company in connection with an investigation into a rogue employee’s data intrusion and theft of trade secrets.
  • Representing a trading desk executive at a Fortune 100 Wall Street financial institution in Securities and Exchange Commission and FINRA investigations relating to market access regulations.
  • Representing several former credit-derivatives traders of a Fortune 100 Wall Street financial institution in connection with a FINRA investigation concerning complex financial instrument trading practices and procedures.
  • Representing a former investment banking division chief of a Fortune 100 Wall Street financial institution in connection with a Securities and Exchange Commission FCPA investigation into alleged improper payments to government officials in Asia.
  • Representing an investment advisor who testified in the trial of a criminal insider trading case in the Southern District of New York.

David's practice also focuses on complex commercial litigation and courtroom practice:

  • He successfully obtained summary judgment dismissing a federal civil case that sought $30 million on business tort claims against the chief operating officer of major multinational financial conglomerate; he also won a highly unusual motion to invade the privilege, obtaining plaintiff’s attorney-client communications based on the "offensive use" doctrine.
  • He represented a group of companies in the business of securitizing and servicing real estate backed loans in a $100 million breach of contract action in New York federal court.
  • He successfully obtained dismissal on personal jurisdiction grounds of multimillion dollar fraud and contract cases brought by investors in New York Supreme Court, Commercial Division, against international oil and gas magnate.
  • At New York State's highest court - the Court of Appeals - and below, he represented the bar associations of each of the five counties in New York in a pro bono litigation against the City and Mayor Bloomberg, challenging the constitutionality of the City's efforts to change the system of assignment of counsel to indigent criminal defendants.
  • He successfully obtained preliminary injunctive relief in federal district court in New York on behalf of Krispy Kreme Doughnuts against a franchisee for Lanham Act trademark and trade secret claims.

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. And between 2002 and 2005, as a member of that office's Major Crimes Unit and a Computer Hacking and Intellectual Property (CHIPs) prosecutor, David handled complex fraud prosecutions involving computer technology attacks, data security and intellectual property theft, as well as crimes involving corporate insurance, bank, tax and investment fraud.

David spent the first seven years of his career as a litigator with Paul, Weiss, Rifkind, Wharton & Garrison LLP and then Kronish Lieb Weiner & Hellman LLP (now Cooley Godward Kronish LLP).

David has been a guest-lecturer on insider trading law to MBA students at New York University's Stern School of Business.

David has been recognized as a Super Lawyer - Criminal Defense: White Collar, Business Litigation, 2011-2014. He was also recognized as one of The Best Lawyers in America® in Criminal Defense: White Collar, 2013-2015.

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 (later convicted at trial) on securities and wire fraud charges for $4 billion accounting fraud scheme.
  • Successfully prosecuted several computer “hacker” cases under the CFAA for denial of service and data intrusion/intellectual property attacks on technology companies.
  • Successfully brought felony charges for theft and pre-release web publication of studio cut of Universal Studios’ motion picture "The Hulk."
  • Successfully brought precedent-setting criminal SPAM and intellectual property theft case in connection with stolen account list of 93 million America Online subscribers.
  • 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 (later convicted at trial) 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.
  • 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. 

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. 
     

Selected Representative Experience


Equity Rollover Transaction
Represent U.S. sellers in an equity rollover transaction in which a U.S. private equity firm acquired a controlling interest in the target U.S. and Canadian businesses.

Memberships

  • Federal Bar Council, Program Committee 
  • American Bar Association: Litigation Section and Criminal Justice Section
  • New York State Bar Association, White Collar Crime Committee 

Online Publications

10/24/2014 - Key Developments in Privacy and Data Security
Cyber threats are inarguably on the rise, and regulators and law enforcement are stepping up their efforts to ensure that companies are managing personal data responsibly, creating a perfect storm of risk. More and more, our clients are asking, “What can we do to protect ourselves?” The answer? Be aware of the risks, understand the legal implications, and prepare for the inevitable.

05/08/2014 - A Desk Guide to Data Protection and Breach Response - Special Series
If your business is connected to the Internet, it is vulnerable to attack, either by willful perpetrators intent on exfiltrating your proprietary or sensitive data for their own personal gain, or by casual hackers or hacktivists intending to cause damage to your business.

04/23/2014 - Bloomberg BNA Criminal Law Reporter Guest Article: Judge’s Refusal to Enforce Broad Subpoenas in ‘BridgeGate’ Case
On April 9, a New Jersey Superior Court declined to compel compliance with subpoenas issued by a committee of the New Jersey Legislature investigating the so-called ‘‘BridgeGate’’ controversy surrounding the September 2013 closing of George Washington Bridge traffic access lanes in Fort Lee, N.J.

03/21/2014 - A Desk Guide to Data Protection and Breach Response - Part 6
In this installment of our special series, A Desk Guide to Data Protection and Breach Response, we highlight three relevant federal criminal laws, and outline some practical considerations for making such a referral.

11/20/2012 - DOJ and SEC Release Long-Awaited FCPA Resource Guide
On November 14, 2012, the Department of Justice and the Securities and Exchange Commission released the much-anticipated Resource Guide to the U.S. Foreign Corrupt Practices Act (the “Guide”).

04/29/2011 - Charging Expert Network Participants With Wire Fraud
The U.S. Attorney for the Southern District of New York last fall described insider trading on Wall Street as "rampant and [perhaps] on the rise," and more recently, announced that his office is "far from finished" with its ongoing investigation into alleged illicit interrelationships between so-called "expert network" referral companies and hedge funds.

04/12/2011 - SEC to Consider Extension of Registration Deadlines Applicable to Investment Advisers
In a letter dated April 8, 2011, to the President of the North American Securities Administrators Association (“NASAA”), Robert Plaze, Associate Director of the Division of Investment Management of the Securities and Exchange Commission (the “SEC”), stated that the SEC is expecting to adopt final rules implementing various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) applicable to investment advisers by July 21, 2011.

04/06/2011 - The Feds Are on It, and Big Banks Need to Shore Up Compliance Programs
In the past year the government has moved aggressively to prosecute insider trading cases - from the Justice Department’s wide-sweeping wire-tap investigations of Raj Rajaratnam and the Galleon hedge fund, and of so-called “expert network” participants, to the Securities and Exchange Commission’s civil enforcement action last week against a chemist at the Food and Drug Administration for trading on confidential information concerning drug approvals.

02/24/2011 - SEC Proposes Private Fund Systemic Risk Reporting on New Form PF
On January 25, 2011, the Securities and Exchange Commission (the “SEC”) proposed new Rule 204(b)-1 (the “Proposed Rule”) under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that would implement various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).

02/02/2011 - New FINRA Rule 5131 to Address Abuses in the Allocation and Distribution of IPOs
On November 29, 2010, the Financial Industry Regulatory Authority, Inc. (“FINRA”) announced that FINRA Rule 5131 will take effect on May 27, 2011. FINRA Rule 5131 is intended to sustain public confidence in the initial public offering (“IPO”) process by regulating the allocation, pricing and trading of IPOs of equity securities (“New Issues”).

01/27/2011 - Exemptions From Investment Adviser Registration: The SEC’s Proposed New Rules
Effective as of July 21, 2011, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) repeals a key exemption from investment adviser registration currently relied upon by many private fund managers and replaces it with several much more limited exemptions from registration.

12/28/2010 - SEC Proposes New Disclosure and Reporting Requirements for Investment Advisers
On November 19, 2010, the Securities and Exchange Commission (the “SEC”) proposed new rules and amendments to existing rules and Form ADV under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), that would implement various amendments to the Advisers Act contained as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).

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.