David Oliwenstein

• Led investigation of major broker-dealer’s market making desk regarding algorithmic order routing, dark pool liquidity and misrepresentations and omissions.
• Brought insider trading enforcement action against former director of major accounting and auditing firm.
• Investigated potential cybersecurity violations at various issuers and regulated entities.
• Investigated and led litigation against biopharmaceutical executives for insider trading.
• Investigated broker-dealer for antifraud and supervisory violations relating to customer sales practices, resulting in enforcement actions against the broker-dealer and five individuals.
• Investigation of accounting issues at major defense contractor, which led to enforcement actions against the company and two executives.
• Extensive experience collaborating with federal and state criminal and regulatory authorities including DOJ, FBI, DHS, CFTC, the New York Attorney General’s Office and FINRA.

• Represented hedge fund and its founder in SEC investigation regarding insider trading.
• Represented entity in connection with government investigations regarding alleged insider trading by members of the U.S. Congress.
• Represented executive in SEC investigation of digital currency platform.
• Represented a global financial institution in cross-border sanctions investigation conducted by DOJ, OFAC, Federal Reserve and state criminal and regulatory authorities.
• Defended major corporation against shareholder securities fraud claims relating to alleged accounting fraud and represented the company and senior executives in parallel SEC investigation; SEC declined to bring enforcement action.
• Represented major corporation in SEC and DOJ investigation regarding accounting issues; enforcement authorities declined to charge client.
• Represented founder and CEO of tech company in connection with SEC investigation of alleged offering fraud.
• Provided guidance, in conjunction with Tokyo-based law firm, City-Yuwa, to the Japanese Financial Services Agency (FSA) regarding how to appropriately regulate the trading of stablecoins, a digital currency attached to a stable reserve asset, in Japan under the country’s amended Payment Services Act.
• Represented securities self-regulatory organizations in SEC administrative proceedings.
• Assists investment advisers and broker-dealers with developing compliance programs and developing policies, procedures, systems and controls to ensure compliance with the securities laws.
• Advises broker-dealers and registered investment advisers in connection with SEC and FINRA examinations.
• Conducts trainings for public companies and SEC regulated entities regarding insider trading and other compliance matters.
• Assists various trade associations and their constituent public company members in connection with SEC proposed rules regarding cybersecurity.
• Advises issuers in connection with FCPA and anti-corruption compliance programs.
• Represents public companies in connection with SEC FOIA proceedings.
• Represents various issuers in connection with SEC sweep regarding potential cybersecurity violations.
• Represents individual in parallel DOJ prosecution and SEC enforcement action regarding insider trading.
• Advises public companies regarding disclosures concerning SEC enforcement priorities, including cybersecurity and ESG matters.
• Advocates to SEC staff on behalf of various digital asset market participants and advises digital asset platforms and issuers regarding securities law matters.
• Represented trade association in connection with litigation matters concerning consumer legal funding.
• Represented issuer in FINRA arbitration alleging breach of contract and various commercial tort claims.
• Advises companies regarding contractual limitations of liability for damages resulting from cyber breaches.
• Regularly handles contract and commercial tort claims on behalf of financial institutions, public companies and regulated entities.
• Advised a paper manufacturer and one of the largest automotive group retailers in the United States in reviewing issuer disclosures on ESG matters to ensure compliance with the securities laws.

• “Proactive and Realistic: Anticipating ESG-Related SEC Scrutiny,” Pillsbury’s Gravel2Gavel, April 29, 2022

• “Implications of New Securities and Exchange Cybersecurity Reporting Requirements, and what that may mean for the CIO/CISO," Edison Electric Institute Security & Technology EAC Meeting, November 30, 2023. Panelist.
• "How Not to Get Run over by New Security Regulations,” Cybersecurity for Broadcasters Retreat, October 26, 2023. Panelist.
• “Government Enforcement Defense Coordination in Relation to Cryptocurrency Investigations,” ABA International Law Section Asia/Pacific Conference, Seoul, South Korea, October 12, 2023. Panelist.
• “Applying a Compliance Framework: New York DFS Cyber Requirements and How It Relates to Other Industries,” Ankura and the Johns Hopkins University Information Security Institute 9th Annual Cybersecurity Conference for Executives, Baltimore, MD, April 18, 2023. Panelist.
• “ESG Frameworks,” IIB Bank Talk Podcast, March 16, 2023. Panelist.
• “SEC as Cyber Cop,” Practicing Law Institute webinar, March 16, 2023. Panelist.
• “The SEC from A to Z,” Pillsbury webinar, December 14, 2021. Panelist.
• “Basics of Accounting for Lawyers: Update on Regulatory and Enforcement Trends,” Practicing Law Institute webinar, May 13, 2021. Panelist.
• “Anti-Corruption and Anti-Money Laundering in the Time of COVID-19,” Pillsbury webinar, May 21, 2020. Panelist.

External Publications

• “Navigating the SEC’s New Cybersecurity Disclosure Regime,” The Review of Securities & Commodities Regulation, Authors: Brian Finch, David Oliwenstein and Sarah Madigan, 02/21/2024
• “Despite Recent Adverse Rulings, Shareholder Activism Continues,” Daily Journal, Authors: Kimberly Jaimez, David Oliwenstein and Jordan Rhodes, 05/27/2022
• Prudent M&A Due Diligence Includes Political Law Compliance, Law360 Expert Analysis, Authors: Emily B. Erlingsson, Nicole Steinberg, David Oliwenstein, 11/02/2022
• Data as Sword and Shield: Big Data in Consumer Finance & Securities, Henry Stewart Production, Authors: David Oliwenstein, Brian H. Montgomery, 09/12/2022

• The SEC’s Fast-Approaching Cybersecurity Overhaul for Public Companies and Regulated Entities, Authors: Brian E. Finch, David Oliwenstein, Sarah M. Madigan, 02/03/2023
• SEC Enforcement: 2022 Year in Review, Authors: Bruce A. Ericson, Lee Brand, Ari M. Berman, David Oliwenstein, Eugenie Dubin, 01/27/2023
• How Are Digital Assets Regulated in the United States and Elsewhere?, Authors: David Oliwenstein, Richard P. Donoghue, Eleanor Furlong, Adam Goldberg, 01/17/2023
• SEC Adopts Broad Amendments to Rule 10b5-1 Protections and Section 16(a) Reporting, Authors: Robert B. Robbins, Daniel N. Budofsky, Stephen B. Amdur, David Oliwenstein, Charlie Guinn, Eugenie Dubin, 01/04/2023
• SEC’s Heightened Scrutiny of Rule 10b5-1 Plans and Final Rulemaking Focus Is on Insiders Rather than Issuers, Authors: Robert B. Robbins, Daniel N. Budofsky, Stephen B. Amdur, David Oliwenstein, Charlie Guinn, Eugenie Dubin, Adam Goldberg, 01/04/2023
• Congressional and Government Investigations in 2023: What to Expect from the New Congress, Authors: Elizabeth Vella Moeller, David Oliwenstein, Patrick Hovakimian, Lauren N. Smith, Johnna Purcell, Richard P. Donoghue, 11/18/2022
• SEC Releases Proposed Rules Targeting SPACs, Shell Companies and De-SPAC Transactions, Authors: Bruce A. Ericson, Robert B. Robbins, Stephen B. Amdur, David Oliwenstein, Stephen C. Ashley, Charlie Guinn, Mackenzie Pantoja, Eugenie Dubin, 04/15/2022
• Twelve Hours to Get It Right: The SEC Intensifies Its Focus on Cybersecurity, Authors: Brian E. Finch, Ari M. Berman, David Oliwenstein, Eremi M. Amabebe, 03/29/2022
• SEC Proposes Broad Amendments to Longstanding Rule 10b5-1 Protections, Authors: Bruce A. Ericson, Robert B. Robbins, David Oliwenstein, Eugenie Dubin, 12/28/2021
• Unpacking the Government’s Cryptocurrency Regulatory and Enforcement Agenda, Authors: Daniel N. Budofsky, Ari M. Berman, David Oliwenstein, Max A. Winograd, Kimberly D. Jaimez, Rebecca A. Friedemann, 11/30/2021
• Navigating the Landscape of ESG-Related Shareholder Litigation, Authors: Bruce A. Ericson, Ari M. Berman, Roland C. Reimers, David Oliwenstein, Kimberly D. Jaimez, 10/29/2021
• Gensler SEC Expands Scope of Insider Trading Enforcement, Authors: Bruce A. Ericson, Ari M. Berman, David Oliwenstein, David E. Taylor, 08/26/2021
• The Beginning of the SPAC Enforcement Wave: SEC Makes Example of SPAC for Spacing Out on Diligence, Authors: Bruce A. Ericson, Stephen B. Amdur, Lee Brand, Ari M. Berman, David Oliwenstein, 07/16/2021
• DOJ Continues Targeting of Corruption through AML Laws and Alternate Statutes – Lessons for Compliance and Due Diligence, Authors: Aaron R. Hutman, Roya Motazedi, David Oliwenstein, Toochi L. Ngwangwa, David C. Grossman, 07/13/2021
• Navigating Uncertain ESG-Related Risks at the SEC, Authors: Ari M. Berman, Roland C. Reimers, David Oliwenstein, 07/06/2021
• SEC Takes Aim at SPACs, Authors: Bruce A. Ericson, Stephen B. Amdur, Ari M. Berman, David Oliwenstein, 04/16/2021
• Congressional and Government Investigations in 2021: What to Expect from the Biden-Harris Administration and How to Prepare, Authors: Elizabeth Vella Moeller, Craig J. Saperstein, Katherine T. Danial, Nicole Steinberg, David Oliwenstein, 01/27/2021
• Biden Administration Faces Last-Ditch Efforts by the Trump Administration to Curb the Digital Assets Industry, Authors: Daniel N. Budofsky, David Oliwenstein, Cassie Lentchner, Stephanie T. Rosenberg, 01/22/2021
• Financial Services Regulation in a Biden Administration: Personnel Is Policy, Authors: Craig J. Saperstein, David Oliwenstein, Cassie Lentchner, 12/09/2020
• SEC Enforcement Priorities: COVID-19 and Beyond, Authors: Ari M. Berman, David Oliwenstein, Daryl Lian Kleiman, 10/27/2020
• Cybersecurity Preparedness and the Growing Importance of Operational Resiliency, Authors: Brian E. Finch, David Oliwenstein, Cassie Lentchner, 08/17/2020
• The Supreme Court’s Decision in Liu and Insider Trading Enforcement, Authors: Mark R. Hellerer, Ari M. Berman, David Oliwenstein, 07/09/2020
• COVID-19, Corruption and Money Laundering – Managing Risk and Avoiding the Coming Wave of Enforcement, Authors: Aaron R. Hutman, Jenny (Jia) Sheng, David Oliwenstein, 05/11/2020
• SEC Enforcement and COVID-19, Authors: Mark R. Hellerer, Ari M. Berman, David Oliwenstein, 04/01/2020
• Private Funds Litigation/Regulatory Year in Review and 2020 Outlook, Authors: Stephen B. Amdur, Ari M. Berman, David Oliwenstein, 02/18/2020