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Michael D. Trager
Partner
Washington, DC
tel: +1 202.942.6976
fax: +1 202.942.5999

Michael.Trager@ aporter.com
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Practice Focus

Michael Trager is a Senior Partner in the Washington, DC, office of Arnold & Porter LLP, where he chairs the Firm's Securities Enforcement Practice and co-chairs the Firm's Securities Enforcement and Litigation Practice Group.

Mr. Trager defends investigations of all types conducted by the Securities and Exchange Commission, Department of Justice, other federal agencies, Congress, FINRA, and state regulators. He also conducts and defends internal investigations and independent reviews, defends securities litigation, and counsels on compliance, crisis management, corporate governance, and securities and market matters.

Mr. Trager's practice involves representing global institutions and senior executives in high profile matters. His clients consist of public companies, broker-dealers, banks, financial services firms, investment advisers, hedge funds, private equity firms, accounting firms, law firms, boards, and directors, officers, accountants, lawyers, and other individuals.

The matters that Mr. Trager handles for clients are often complex and involve, by way of example, issues relating to accounting, audits, books and records, broker-dealer regulations, compliance, derivatives, disclosure, executive and employee compensation, FCPA, financial and other reporting, fraud, governance, insider trading, internal controls, investments, manipulation, markets, mutual funds, ownership and control, proxies, revenue recognition, sales and trading practices, securities offerings, and supervision.

Mr. Trager has twenty-five years of experience devoted to investigations and securities matters. Prior to entering private practice, he served in the SEC's Division of Enforcement in Washington, DC, where he was responsible for conducting investigations and representing the government in litigation.

Recognitions

Mr. Trager is recognized as one of the nation's leading securities regulatory and enforcement attorneys. Over the years, Chambers USA: America's Leading Lawyers For Business has consistently ranked him as a top practitioner in his field. According to Chambers, Mr. Trager is "practical and responsive" and "has excellent analytical skills and a big-picture perspective." Chambers describes him as having "great instincts, meticulous attention to detail and client care" and "as an exceptionally talented practitioner" who is "smart and resourceful." Chambers notes that he has "incredible tenacity" and a "client-oriented approach that really makes him stand out." (One client says "I give him the highest possible marks for strategy, tactics, skills, method, preparation, and ability," another observes "I have never encountered a lawyer who seems to care about his clients as much as Mike does," and a third provides "if I personally got in trouble, he'd be my first call.")

Mr. Trager has been selected repeatedly for inclusion in The Best Lawyers in America, Washington DC's Best Lawyers, and the Legal 500 US, as one of the best lawyers in Washington, DC (Washingtonian Magazine), and as a Washington, DC Super Lawyer and Corporate Counsel Super Lawyer. He also has been consistently awarded the highest peer review rating by Martindale-Hubbell and included in the Guide to the World's Leading Corporate Governance Lawyers, Who's Who in the World, Who's Who in America, Who's Who in American Law, Who's Who in Finance and Industry, and Who's Who in the East.

Professional Activities and Memberships

Mr. Trager is the author of numerous publications on SEC enforcement and regulatory investigations, a frequent speaker at conferences and seminars, and a member of several bar associations, committees, and subcommittees. He also serves on the Board of Advisors of the Securities and Exchange Commission Historical Society and has served on Task Forces established by the American Bar Association and District of Columbia Bar to review the SEC's selective disclosure and insider trading rules, the Planning Group for Broker-Dealer Programs (Broker-Dealer Regulation Committee of the District of Columbia Bar), and The Bond Market Association's Litigation Advisory Committee.

In addition to his professional activities, Mr. Trager has served as a member of the Board of Directors of The Washington Ballet, chair of the Law Firm Sponsors of The Children's Law Center, and a member of the Economics Club of Washington, DC. He and his spouse devote time to Refugees International and other non-profit organizations.

Representative Matters

The following are recent representative matters (some of these engagements also involved parallel litigation, including governmental proceedings, shareholder class actions, and derivative actions):

  • Appointed as the Independent Consultant as part of the terms of a settlement between regulators and a global financial services firm.
  • Represented one of the country’s largest health care systems in attempting to recover a substantial investment in a money market fund that failed as a result of the financial crisis.
  • Conducted an internal review on behalf of a public financial services firm involving issues related to a research analyst’s personal trading and communications with the media, clients, and the firm’s sales force, and defended the firm in related SEC and FINRA investigations.
  • Conducted an internal review on behalf of a public financial services firm involving issues related to gifts, gratuities, and entertainment, and defended the firm in related SEC and FINRA investigations.
  • Conducted an internal review on behalf of the U.S. broker-dealer subsidiary of a foreign financial services firm involving issues related to the Chief Executive Officer of the broker-dealer, and defended the broker-dealer in a related FINRA investigation.
  • Conducted an internal review on behalf of a public financial institution involving insider trading and related issues.
  • Conducted an internal review on behalf of a public internet services company involving financial reporting and related issues, and defended the company in related SEC and DOJ investigations.
  • Conducted an internal review on behalf of a public medical device company involving financial reporting and related issues, and defended the company in a related SEC investigation.
  • Conducted an internal review on behalf of a public defense technology company involving issues related to trading in the stock of the company.
  • Conducted an internal review on behalf of a public electronics solutions company involving issues related to campaign finance law matters.
  • Conducted an internal review on behalf of a public consumer products company involving the Foreign Corrupt Practices Act.
  • Conducted an internal review on behalf of an international law firm involving banking issues, and defended the firm in related Comptroller of the Currency, SEC, Congressional, and foreign governmental investigations.
  • Defended a public multinational conglomerate and its broker-dealer subsidiary in an SEC investigation involving issues related to guaranteed investment contracts and broker-dealer regulations.
  • Defended a public financial services firm in SEC and DOJ investigations involving issues related to derivative financial products.
  • Defended the broker-dealer subsidiary of a public financial services firm in an SEC investigation involving insider trading and related issues.
  • Defended the U.S. broker-dealer subsidiary of a foreign financial services firm in a NFA inquiry involving employees of an entity accused of engaging in conduct similar to a Ponzi scheme.
  • Defended a public bank holding company in SEC and FINRA investigations involving insider trading.
  • Defended a hedge fund in an SEC investigation involving insider trading, broker-dealer regulations, and related issues.
  • Defended a hedge fund in an SEC investigation involving short sales and related trading issues.
  • Defended a private equity firm in an SEC investigation involving insider trading.
  • Defended a private equity firm in connection with an SEC examination of an unrelated investment adviser.
  • Defended an investment services firm in connection with an ongoing SEC action involving insider trading.
  • Defended a public medical device company in SEC, DOJ, and internal investigations involving stock option dating, financial reporting, disclosure, and related issues.
  • Defended the Chairman and Chief Executive Officer of a financial services firm in a FINRA investigation involving securities offerings.
  • Defended the Director of Compliance of a public financial services firm in SEC, DOJ, and FINRA investigations involving compliance, insider trading, and related issues.
  • Defended a former Board Director of a public financial services firm in SEC and FINRA investigations involving insider trading issues.
  • Defended a research analyst employed by a hedge fund in an SEC investigation involving insider trading issues.
  • Defended a senior risk management officer of a public financial services company in an SEC investigation involving financial reporting and accounting issues.
  • Defended the former General Counsel of a public medical device company in an SEC investigation involving financial reporting, accounting, disclosure, and related issues.
  • Defended a Board Director of a public biopharmaceutical company in SEC, DOJ, and internal investigations involving stock option dating, financial reporting, and related issues.
  • Defended the former Chief Financial Officer of a public senior living services company in SEC, DOJ, and internal investigations involving financial reporting, accounting, disclosure, insider trading, and related issues.
  • Defended a former senior executive officer of a public governmental national mortgage association in SEC, DOJ, Office of Federal Housing Enterprise Oversight, and internal investigations involving financial reporting, accounting, disclosure, and related issues.
  • Defended the former Chairman and Chief Executive Officer of a public information security company in an SEC investigation involving stock option dating, financial reporting, and related issues.
  • Defended a former officer and director of a public restoration and construction company in SEC, DOJ, and internal investigations involving financial reporting, accounting, disclosure, and related issues.
  • Defended the Chairman of a public equipment leasing company in an SEC investigation involving insider trading.
  • Defended a former senior in-house attorney of a public energy company in an SEC investigation involving financial reporting and related issues.
  • Defended the Chairman and Chief Executive Officer of a public technology and software development company in SEC, DOJ, and internal investigations involving financial reporting and related issues.
  • Defended the Chief Executive Officer and the General Counsel of a public electronics solutions company in SEC, DOJ, and internal investigations involving stock option dating, financial reporting, and related issues.
  • Defended a former senior executive of a public telecommunications company in SEC, DOJ, Congressional, and internal investigations involving financial reporting, insider trading, and related issues.
  • Defended a former senior legal officer of a public energy services company in SEC, DOJ, and internal investigations involving the Foreign Corrupt Practices Act.
  • Defended the President of a subsidiary of a public healthcare company in an SEC investigation involving financial reporting and related issues.
  • Defended a senior partner of a national law firm in FINRA and internal investigations involving insider trading issues.
  • Defended a former senior audit partner of a big four accounting firm in an SEC investigation involving the audit of a public health club company and related underlying accounting issues.
Practice Areas
Securities Enforcement and Litigation » (practice chair)
Corporate Governance, SEC Reporting and Compliance »
Corporate and Securities »
White Collar Criminal Defense »
Financial Services »
Congressional Investigations »
Derivatives and Commodities »
Education
JD, Boston University School of Law, 1985
BA, Wesleyan University, 1981
Admissions
Connecticut
District of Columbia
Florida
Massachusetts