Kit Addleman

Practices

Education and Clerkships

J.D., Oklahoma City University School of Law, 1986, with distinction

B.A., American and Comparative Politics, Wake Forest University, 1983

Bar Admissions

Texas, 1990

Oklahoma, 1986

Profile

Kit Addleman is a partner in the Dallas and Fort Worth offices of Haynes and Boone, where she is a member of the White Collar Defense and Investment Funds Practice Groups. Kit is also co-head of the firm's Crisis Management Practice Group. Whether she is defending clients against charges of wrongdoing or helping clients stay off the government's radar, Kit uses the extensive experience she gleaned at the SEC to provide vigorous representation to advance her clients' interests.

Kit defends companies and their executives and directors against charges of civil and criminal misconduct, particularly investigations and litigation by the Securities and Exchange Commission and Department of Justice. Many of her experiences involve defending allegations of accounting and financial fraud, insider trading, hedge fund and advisor fraud, and Foreign Corrupt Practices Act violations.

She also counsels public companies, investment advisors, hedge funds and broker-dealers concerning compliance with the securities laws and SEC rules.

Prior to joining Haynes and Boone at the end of 2009, Kit was the regional director of the Atlanta Regional Office of the SEC. She led the enforcement, examination and bankruptcy programs for the SEC in five Southeastern states, which included directing the enforcement priorities and resolutions of investigations and litigation. Kit has more than 20 years of experience with the SEC in the Atlanta, Fort Worth, Denver and Philadelphia offices including heading the enforcement program in the SEC's Fort Worth and Atlanta offices before being named the regional director in Atlanta in 2007.

Kit is a sought-after authority for her knowledge of the SEC's enforcement and examination programs and frequently speaks at national, international and regional conferences. She has also authored and contributed to numerous articles, white papers and alerts on the subject.

Kit brings the same zeal with which she serves her clients to her firm colleagues and to her community. She co-chairs the Women's Leadership Academy at Haynes and Boone for the development of senior associate women and is a member of the firm's diversity committee. Kit serves the Girl Scouts of Northeast Texas as a member of its Board of Directors, chairwoman for the Alumnae Association, and a member of the Communications and Philanthropy Committee. She is also on the board of both the National Society of Compliance Professionals and the Consumer Credit Counseling Service, supporting the missions of financial literacy and money management, investor protection and securities compliance.

Selected Publications and Speeches

  • "4th Circ. Decision May Expand SEC's List of Defendants," co-author, Law360, June 26, 2014.
  • "An Overview of the Hot Buttons and Pitfalls for Private Funds," National Society of Compliance Professionals Southern Regional Meeting, Atlanta, Georgia, March 11, 2013.
  • Cyber Crime and Other Economic Crimes seminar sponsored by Sandpiper Partners, LLC, speaker, March 5, 2013.
  • "A Conversation between the National Exam Program and the Securities Compliance Community" at the SEC Fort Worth Regional Office, Moderator and host, February 6, 2013.
  • Cybercrime Disclosure Issues, speaker at Pricewaterhouse Cooper’s annual client update, December 7, 2012.
  • DealThink Seminar: "FINRA's Office of Fraud Detection and Market Intelligence" at Haynes and Boone, LLP, speaker, November 15, 2012.
  • "SEC Enforcement: Issues & What to Do When the SEC Calls," National Association of Corporate Directors DFW Chapter speaker, November 13, 2012.
  • "Securities Regulation and Litigation Challenges for the Investment Community," Fiduciary & Investment Risk Management Association Current Risk Issues Seminar, Dallas, November 2, 2012.
  • "Regulatory Issues for Private Funds," panel moderator with regulators, National Society of Compliance Professionals national meeting, October 22, 2012.
  • "Compliance Issues for Family Offices," roundtable panelist, National Society of Compliance Professionals national meeting, October 23, 2012.
  • "Internal Investigations Issues," speaker at the Women’s In-house Network meeting, Dallas, October 2, 2012.
  • "A View from the Bar - What Does Citibank Mean for Regulators?" panel member, 36th Annual Southwest Securities Conference, September 13, 2012.
  • SEC "Reverse Outreach Series with Texas CCOs" sponsored by the DFW, Austin, and Houston Compliance Roundtables, host and speaker, June 27, July 18, and August 15, 2012.
  • "Dealing with Ongoing Compliance Challenges," panel member, DFW Compliance Roundtable, May 9, 2012.
  • "Golden Rules of Workplace Investigations," Corporate Counsel Institute, Dallas, April 20, 2012 and Houston, May 4, 2012.
  • "Assessments, Compliance Programs, and Surviving SEC Examinations," speaker, and "Securities Regulator Panel," moderator, Fiduciary & Investment Risk Management Association National Meeting, March 26-28, 2012.
  • "SEC Exam Issues for Investment Funds," speaker, and "Dialogue with Area Regulators," panel moderator, National Society of Compliance Professionals Southern Regional Meeting, Dallas, Texas, February 27, 2012.
  • "Special Investigation: Are You Proactive or Reactive When The Phone Rings?" Texas Society of CPA's 2011 CPE Expo, Houston on December 8, 2011, Dallas on December 5, 2011 and San Antonio on December 1, 2011.
  • "Conducting Internal Investigations; Identifying Issues and Avoiding Mistakes," National Association of Women Lawyers General Counsel Institute, November 3, 2011.
  • "Private Funds: Portfolio Administration and Operational Controls," National Society of Compliance Professionals, national meeting, October 18, 2011.
  • "Investment Advisers Regulatory Issues," panel moderator, National Society of Compliance Professionals national meeting, October 17, 2011.
  • "A Year of SEC Rulemaking and Dodd-Frank Changes: Perspectives from the Boardroom," The Board Connection, October 6, 2011.
  • "Global Risk Management: Elements of an Effective, Defensible FCPA Compliance Program to Prevent Bribery and Corruption," September 28, 2011.
  • "Fiduciary Duty, Ethics and Compliance in the 'New SEC,'" Fiduciary & Investment Risk Management Association seminars, Cleveland, September 21, 2011; San Diego, October 20, 2011; New York, October 27, 2011; and San Antonio, November 4, 2011 (in conjunction with Texas Bankers Association).
  • "Emerging Issues Regarding White Collar Frauds," Association of Certified Fraud Examiners, Dallas, Texas September 15, 2011.
  • "Dialogue with Area Regulators," panel moderator, National Society of Compliance Professionals Southern Regional Meeting, Dallas, Texas, April 11, 2011.
  • "New Regulatory Reforms and the Impact on the Fund and Advisory Industry," Managed Funds Association and Texas Hedge Fund Association, Dallas, Texas, March 31, 2011.
  • "Investigate! Dealing with Crisis and Government Investigations," Internal Audit Fraud Summit, Dallas, Texas, March 25, 2011.
  • "Anti-Corruption and Bribery," Securities Industry and Financial Markets Association (SIFMA) Compliance and Legal Annual Meeting, Phoenix, Arizona, March 23, 2011.
  • "The Dodd-Frank Act & the Expansion of SEC Enforcement Powers," Minority Corporate Counsel Association event, Chicago, Illinois, March 16, 2011.
  • "SEC and State Enforcement: Current Priorities and the Impact of Dodd-Frank," 33rd Annual Conference on Securities Regulation and Business Law, Dallas, Texas, February 11, 2011.
  • "Legislative Reform and Regulatory Developments Affecting Hedge Fund Managers," National Society of Compliance Professionals Webinar, December 14, 2010.
  • Austin Compliance Roundtable, Austin, Texas, November 17, 2010.
  • "Managing the 'SEC Risk,'" Risk Issues and Compliance Seminar of the Texas Bankers Wealth Management & Trust section and the Fiduciary & Investment Risk Management Association, Houston, Texas, November 5, 2010.
  • "The Changing SEC Regulatory Environment: Taking a Closer Look," National Association of Women Lawyers General Counsel Institute, New York, New York, November 4, 2010.
  • "Legislative Reform and Regulatory Developments Affecting Hedge Fund Managers," National Society of Compliance Professionals National Meeting, Baltimore, Maryland, November 2, 2010.
  • "FCPA Enforcement Trends in 2010; And, What's on the Horizon for 2011?" North Texas District Export Counsel Conference, October 13, 2010.
  • "Financial Reforms: Overview of Legislation, Enforcement and Future Implications," American Bar Association Fifth Annual National Institute on Securities Fraud, October 8, 2010.
  • "SEC Changes and Overview: 2010 Current Risk Issues," Fiduciary & Investment Risk Management Association seminars, Chicago, September 16, 2010, and New York, October 7, 2010.
  • "Understanding How the Dodd-Frank Financial Reform Bill Impacts the 2011 Proxy Season," ExecSense Webinar, August 27, 2010.
  • "SEC's Pay-to-Play Rule: The Essentials for Investment Advisers," ACA Compliance Group Webinar, August 24, 2010.
  • DFW Compliance Roundtable with SEC 3 Compliance Consultants, August 11, 2010.
  • "Staying out of SEC Trouble: The View from a Former Regional Director" Texas Bar Advanced In-House Counsel Course, San Antonio, Texas, July 23, 2010.
  • "A Comprehensive Overview of Dodd-Frank Wall Street Reform and Consumer Protection Act," Haynes and Boone Webinar, July 21, 2010. 
  • "'The SEC is Calling on Line 2': A Discussion of Current Enforcement Initiatives Affecting Fund Managers," Alternative Asset Management General Counsel Group, New York, June 22, 2010.
  • "The Regulatory Ecosystem: Succeeding in Today's Rapid Enforcement Era," SunGard Compliance City Day Event, New York City, June 21, 2010.
  • "The SEC's Enforcement Initiatives: How Will They Impact Boards?" The Boardroom Group, Dallas, May 25, 2010.
  • "Current Issues & Trends Affecting Hedge Funds and Private Equity Firms," Haynes and Boone, Houston, May 5, 2010.
  • "How the 'New SEC' May Impact You," National Investor Relations Institute DFW, Dallas, April 30, 2010.
  • "War of the Worlds - When Attorneys and Accountants Collide," Texas General Counsel Forum, Dallas, April 28, 2010.
  • "Succeeding in an Enforcement Era: Negotiating the Examination and Enforcement Labyrinth of the SEC," Keynote speaker at SunGard Compliance Summit, Fort Lauderdale, Florida, April 21, 2010.
  • "Staying out of the crosshairs: SEC changes and overview," featured speaker in Webcast hosted by PriceWaterhouseCoopers, March 23, 2010.
  • SEC Enforcement Actions Alleging Accounting Fraud Including Cases Against Auditors, Presentations to Audit Partners at Accounting Firms, February 25, 2010 and May 12, 2010.
  • Preventing and Detecting Fraud - Tips for Investment Adviser Compliance Officers, National Society of Compliance Professionals, Atlanta, Georgia, February 22, 2010.
  • "Avoiding the Government's Hot Buttons - A Practical Guide for Public Companies and Executives," Haynes and Boone, Dallas, February 18, 2010.
  • "The Insider Trading Labyrinth: Staying Within the Lines and Avoiding Prosecution," Haynes and Boone, Dallas, February 16, 2010.
  • Initiatives and Enforcement Emphasis at the SEC, Presentation to Mutual Fund Board of Directors, Dallas-Fort Worth, February 15, 2010.
  • "Current Developments in SEC Enforcement," The University of Texas School of Law 2010 Conference on Securities Regulation and Business Law, February 2010.
  • "Managing Risk: A Guide for Investment Advisers," National Society of Compliance Professionals Southern Regional Meeting, February 2010.

Client Win

Haynes and Boone Team Breaks SEC’s Winning Streak in Administrative Proceedings

Haynes and Boone Breaks SEC Winning Streak in Litigated Administrative Proceedings

A team of Haynes and Boone lawyers have achieved a rare victory against the Securities and Exchange Commission (SEC) Division of Enforcement in a venue in which the government has lost only once over the last three years. Until the decision Wednesday, the SEC had won 22 of the last 23 litigated hearings before its administrative law judges, including every single case brought in FY 2014. 

The extraordinary victory came in the firm’s representation of Bill Yancey, the former CEO of Penson Financial and an accomplished, highly regarded brokerage executive with more than 30 years in the securities industry. When the action was first brought, the SEC’s enforcement staff publicly accused Mr. Yancey of failing to supervise two employees regarding securities trade closeout and delivery obligations.

Kit Addleman, the Dallas-based litigation partner who heads the firm’s SEC Enforcement Defense Practice, said the decision from Administrative Law Judge Jason S. Patil was a complete defense victory. As the judge stated in his opinion, the evidence and testimony presented by the Haynes and Boone team “was frankly overwhelming.”

The trial team consisted of Dallas Partners Addleman and Ron Breaux and Dallas Associates Scott Ewing and Sarah Mallett. They were aided by Houston Associate Robert Carlton and Dallas Associate Jamee Cotton


Selected Client Representations

Defense of Enforcement Investigations

  • Conducted internal investigation and defended corresponding SEC investigation of accounting treatment for non-recurring revenue transactions, disclosures, and financial statements of Fortune 200 company.
  • Defended publicly-traded natural gas and oil company in SEC investigation of reserve accounting and related public disclosures; Received termination letter indicating no action would be recommended by SEC staff.
  • In multiple investigations of potential insider trading closed without enforcement action, represented investment funds, public company, and individual traders.
  • Defended audit committee of public company board in SEC investigation of accounting misstatements.
  • Represented alternative energy company in connection with an SEC investigation of disclosures made by the company's Chinese parent.
  • Defended broker-dealer in SEC investigation of offering disclosures related to real estate tenant-in-common programs; Investigation closed without action.
  • Represented former public company and its private investor in SEC investigation of potential violations of the FCPA by a Chinese subsidiary; Received termination letter from the SEC staff.
  • Defended officers of a broker-dealer in an SEC investigation of alleged short-selling and stock lending violations.
  • Represented SEC registered investment adviser in SEC investigation of securities trading strategies involving allegations of possible front-running or insider trading; Received termination letter from the SEC staff.
  • Defended publicly traded REIT in connection with SEC investigation of valuation and disclosures.
  • Represented broker-dealer and investment fund in SEC investigation of disclosures and related party transactions in real estate fund offering.
  • Represented successfully portfolio manager in SEC investigation of valuation and disclosures by money market fund.
  • Defended successfully sales representative in SEC investigation of oil and gas offering.
  • Represented alternative energy company in SEC investigation of limited partnership offerings; Received termination letter from the SEC staff.
  • Represented public companies in internal investigations relating to requests by FINRA focused on trading by potential insiders or tippees prior to merger and acquisition announcements.
  • Represented investment adviser firm and associated individuals in FINRA investigation of securities trading.
  • Represented securities attorney in SEC investigation of unregistered securities offering and, after Wells notice had been given, persuaded SEC staff to drop the recommendation of charges.
  • Defended investment adviser in connection with cease-and-desist order from a state securities commission and obtained withdrawal of the order by the commission.
  • Represented investment advisory firms in enforcement investigations by the Texas State Securities Board.
  • Conducted various internal investigations related to potential securities law violations at public companies.

Regulated Entity Compliance and Examinations

  • Advised investment advisory firms and investment funds on SEC compliance issues; Revised compliance manuals, reviewed advisory agreements, investment management agreements, and third-party contracts; Addressed procedures and books and records requirements including those applicable to the custody rules, pay-to-play restrictions, and other recent SEC actions.
  • Counseled investment advisers and funds in preparation for compliance inspections and examinations.
  • Represented broker-dealers, investment advisers and investment funds in addressing SEC deficiency letters and concerns.
  • Counseled dually registered broker-dealer and investment adviser relating to changes in brokerage platform and advisory business; Represented firm in obtaining FINRA's approval of changes.
  • Provided annual and ad hoc training to investment advisers and funds.
  • Represented investment advisers, investment funds, and broker-dealers in various enforcement investigations (see above).

Public Company Counseling and Compliance

  • Provided training and compliance guidance to Fortune 50 company including board of directors, senior management, and financial reporting teams surrounding the SEC's disclosure requirements related to financial reporting and management's discussion and analysis.
  • Drafted and updated insider trading policies for public companies, including Fortune 500 and NYSE-listed companies, as well as investment funds and investment advisers; Provided advice to public companies, investment advisers, funds and individuals regarding trading decisions and compliance with insider trading restrictions.
  • Advised public companies in comment letter process from SEC's Division of Corporation Finance regarding responses and revisions to filings required by SEC staff.
  • Counseled public companies, including NYSE-listed and Fortune 1000 companies, regarding Regulation FD compliance including corrective disclosures and compliance procedures.
  • Drafted FCPA policies for multiple companies and provided advice regarding ethics policies to prevent.
  • Counseled publicly traded companies regarding disclosure obligations surrounding government investigations and litigation.
  • Advised public company regarding acquisition of an entity under investigation for potential FCPA violations.

Honors

DMag Best Lawyers 2015

Haynes and Boone Maintains Strong Presence on D Magazine’s Best Lawyers List

D Magazine recognizes 34 Haynes and Boone, LLP lawyers in their annual “Best Lawyers of Dallas” directory, marking the strongest showing since 2011.

News and Publications

Service

Kit Addleman

Kit Addleman Named Board Chair of Girl Scouts of Northeast Texas

Haynes and Boone, LLP Partner Kit Addleman has been appointed to serve as board chair of the Girl Scouts of Northeast Texas (GSNETX), the premier organization for female leadership across the region.

Professional Recognition

  • Recognized by D Magazine as a "Best Lawyer in Dallas" in Securities Litigation & Enforcement, 2015; White Collar Defense, 2013-2014.
  • Recognized by Chambers USA 2014 as a "recommended practitioner" in the nationwide Securities Practice.
  • Recognized as a Texas Super Lawyer in Criminal Defense: White Collar, 2014.

Professional and Community Activities

  • Board of Directors and Alumnae Association chair person, Girls Scouts of Northeast Texas 
  • Board of Directors, Consumer Credit Counseling Service 
  • Board of Directors and member, National Society of Compliance Professionals 
  • Founding Member, DFW Chapter of Women in White Collar Defense 
  • Member, The Board Connection 
  • Member, Texas Wall Street Women 
  • Member, National Association of Women Lawyers 
  • Member, Securities Industry and Financial Markets Association (SIFMA) Compliance and Legal Society
  • Co-chair of the Women’s Leadership Academy at Haynes and Boone, LLP
  • Member, Haynes and Boone, LLP Diversity Committee

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