WINNERS LISTED ALPHABETICALLY
TOP LITIGATION AT TORNEYS
SCOTT M. ANDERSEN
S
cott Andersen is principal at
Andersen, P.C., a securities
regulatory defense law firm.
Andersen was formerly deputy
regional chief counsel at FINRA,
where
he
oversaw
FINRA
enforcement cases prosecuted in the Western United States. He
has broad experience with regulatory investigations and
enforcement actions as a former 19-year plus securities
regulator. He has led complex criminal and civil prosecutions for
the N.Y. State Attorney General's office’s Investor Protection
Bureau, the NYSE and FINRA. He has represented EB-5
participants including a regional center, EB-5 issuer and a market
intermediary in investigations conducted by the SEC and FINRA.
WHAT NEW TRENDS ARE YOU SEEING
WHEN IT COMES TO EB-5
LITIGATION?
While 2020, with COVID, led to a slowing of EB-5 regulatory
actions, this may also reflect an increased awareness by industry
participants to the requirements of the securities laws. Notably,
EB-5 matters were not expressly identified in the 2020 SEC
Enforcement Annual Report, nor included as SEC or FINRA 2021
obert V. Cornish, Jr. is a
securities litigation attorney
serving EB-5 investors and market
participants who applies his front-
line perspectives as a compliance
officer and counsel for funds,
broker-dealers and investment managers.
Cornish has
experience in litigating in state courts, federal courts and
arbitration forums such as FINRA and AAA. In addition, Cornish
is a certified mediator who can propose and navigate alternative
paths to costly litigation. He is a graduate of Davidson College
and the Cumberland School of Law of Samford University, a
member of the EB-5 Securities Attorney Roundtable and is
frequent speaker and commentator on securities and litigation
matters.
WHAT NEW TRENDS ARE YOU SEEING
WHEN IT COMES TO EB-5
LITIGATION?
The pandemic has rocked the real estate and construction
sectors over the past 12 months, causing concern for developers
and investors alike. When compounded with recent disfavor
EB5 INVESTORS MAGAZINE
examination priorities. Yet regulators will continue to monitor
EB-5 offerings to ensure compliance with all legal requirements.
The SEC has sued a number of regional centers and others for
fraud relating to an EB-5 capital raise, often for misappropriating
investor funds. FINRA is also involved in monitoring broker-
dealer compliance, including the new Reg BI, suitability, AML,
advertising, due diligence and supervision.
WHAT HAS BEEN YOUR MOST
IMPACTFUL LITIGATION CASE, AND
WHY?
My practice focuses on representing clients in regulatory
investigations before the SEC and FINRA. Yet the most impactful
cases are those where compliance advice in advance has
eliminated large risks of enforcement and litigation. Historically,
EB-5 securities matters involved immigration, real estate and
other professionals who have not had extensive experience with
the requirements of the U.S. securities laws and made mistakes
as a result. Addressing errors in advance to bring a securities
offering into compliance with legal requirements is a win both
for the client and the industry.
ROBERT V. CORNISH, JR.
R
LITIGATION ATTORNEYS
LITIGATION ATTORNEYS
EB5 INVESTORS MAGAZINE
expressed in U.S. immigration policy, investors who were once
comfortable with the U.S. markets not only wish to limit their
market exposure but forego immigration completely. On the
other hand, loan payments based on commercial rent and other
revenue flows have slowed or even ceased, thus placing
developers and regional centers in classic “Hobson’s Choices”
of either angering investors or creating default risks. Litigation
seems to be dealing with this dynamic more and more.
WHAT HAS BEEN YOUR MOST
IMPACTFUL LITIGATION CASE, AND
WHY?
Some of the first cases I ever worked on in a substantive manner
involved the sale of toxic U.S. mortgage-backed securities by a
large broker-dealer to what was perceived to be a financial
backwater in its advisor network – its Hong Kong office. These
cases enabled me for the first time to work with investors from
abroad and learn more about how common business conduct
abroad may not be appropriate for those dealing with entities
subject to U.S. regulation. All parties to financial transactions in
U.S. securities markets have very strong expectations of what
the rule of law in the US provides.
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