The Securities and Exchange Commission on March 8, 2018 voluntarily dismissed its civil fraud suit against Tianyi Wei, a client of the firm and the sister of high-profile private equity executive and financier, Benjamin Wey.
Mr. Wey was indicted and sued by the SEC in 2015 for alleged securities fraud and related charges. His sister was named as a defendant in the SEC’s civil suit.“The SEC’s dismissal fully ends the government’s case against Benjamin Wey and his family,” said Haynes and Boone, LLP Partner David Siegal, counsel to the Wey family members. “We’re thrilled the Wey family has finally been cleared of all charges.”
Benjamin Wey commented: “My family appreciates the extraordinarily capable Haynes and Boone legal team led by David Siegal for their tenacity, intellect and sound leadership. We are grateful to the SEC and the Court for having heard our voice. Justice prevailed.”
Benjamin Wey won a landmark ruling last year in the criminal case when U.S. District Judge Alison Nathan suppressed all evidence obtained by the government during searches of Wey’s home and office in January 2012. David Siegal successfully argued that the government’s search warrants were unconstitutionally drafted and that the FBI agents executing the searches indiscriminately seized virtually every scrap of paper and electronic device in Mr. Wey’s home and office. In a 93-page detailed ruling, Judge Nathan agreed that the government’s searches violated Mr. Wey’s Fourth Amendment right against unreasonable searches and seizures.
Judge Nathan’s ruling paved the way for the government’s voluntary dismissal of the criminal and civil matters against Mr. Wey. Subsequently, Siegal began discussions with senior SEC officials to drop the related civil charges against Mr. Wey’s sister, which culminated in the agency’s March 8 filing of a notice of voluntary dismissal.
In recognition of the Wey victory, The American Lawyer Litigation Daily last year selected Siegal as a “Litigator of the Week” and Law360 chose Siegal as one of its 2017 MVPs in the white collar practice; Siegal was one of only six lawyers nationwide to receive the Law360 honor.
Siegal is co-chair of Haynes and Boone’s Government Enforcement and Litigation Practice Group. His practice focuses on government enforcement defense and internal investigations, as well as sophisticated securities and bank fraud, complex commercial litigation, and cybercrime, data security, and BSA/AML compliance.
Several news outlets reported the dismissal, including the following:
New York Law Journal (Subscription required)
Wall Street Journal (Subscription required)