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Financial Services Firms, Broker-Dealers and Banks

Arnold & Porter has substantial experience representing financial services firms, broker-dealers and banks in regulatory examinations, inspections, civil and criminal investigations, enforcement actions, and other proceedings involving the SEC, DOJ, Congress, CFTC, FINRA, other securities and futures self-regulatory organizations, and state regulatory agencies. Our success is based on creative thinking, diligence and an in-depth knowledge of how both "the Street" and the banking industry operate. Our enforcement attorneys regularly draw on the firm's widely recognized Financial Services practice, including when handling parallel investigations by securities, banking and other regulators. We also defend litigation, conduct internal investigations, defend customer and employee arbitrations, and provide counseling on compliance, regulatory filings, broker recruitment, and securities and market matters.

  • Investigations and Litigation: We have extensive experience representing financial services firms in investigations and litigation involving securities issues, and we draw on the broad knowledge of our colleagues in the firm's Financial Services practice to do so.

  • Issues Faced by Financial Services Firms: Our engagements have involved allegations of market manipulation, insider trading and other fraud; front-running, trade execution and other trading issues; Forms U4, U5, BD, and other disclosure issues; and failure to supervise, among many others.

  • Customer and Employee Arbitrations: We regularly defend arbitrations involving customer claims and employee disputes for broker-dealer clients and others in the securities industry, including arbitrations before FINRA, AAA and JAMS throughout the US.

Experience Highlights

  • Global investment bank in multiple SEC investigations involving the valuation of positions in financial instruments related to marketplace lending platforms and disclosures to investors in asset-backed securities deals.

  • Global financial services firm in (i) cross-border FCPA investigations, (ii) an SEC investigation involving the sale of shares in mutual funds, (iii) an SEC investigation involving potential insider trading by certain customer accounts, and (iv) various inquiries by the SEC, DOJ and FINRA concerning potential insider trading, spoofing and other market manipulation.

  • ​​​​​Global financial services firm in class actions, shareholder derivative litigation and arbitrations involving various securities, lending, trading, and other issues.

  • Broker-dealer in (i) an SEC investigation involving insider trading and related issues; (ii) a FINRA investigation involving auction rate securities; (iii) a FINRA investigation involving a former registered representative; and (iv) counseling on SEC inspections, broker-dealer regulations and related issues.

  • ​​​​​Broker-dealer in (i) SEC, FINRA and internal investigations involving a research analyst's trading; (ii) SEC, FINRA, state securities, and internal investigations involving the provision of gifts, gratuities and entertainment to customers; and (iii) SEC, DOJ and NYAG investigations involving a public company and analyst research reports.

  • ​​​​​Private national bank in multiple governmental investigations as well as state securities litigation involving various bank regulatory, securities offering, money laundering, and related issues.

  • ​​​​​​Public bank holding company in a securities class action in the Western District of North Carolina involving disclosures in a proxy statement relating to a merger with another bank.

  • Charles Schwab & Co. in a securities class action in the Northern District of California involving Schwab's disclosures relating to the routing of customer equity trades.

  • ​​​​​​Former chief executive officer of a financial services firm in separate SEC, state AG and DOJ investigations involving RMBS, CDOs and related issues.

  • Former director of compliance of a broker-dealer in SEC, DOJ and FINRA investigations involving broker-dealer regulations, insider trading and related issues.

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  • U.S. News & World Report and Best Lawyers
    “Best Law Firms” for Litigation - Securities—Washington, D.C., National (2024)
    “Best Law Firms” for Securities Regulation—Washington, D.C., National (2024)
    “Best Law Firms” for Financial Services Regulation—Washington, D.C., National (2024)
    “Best Law Firms” for Derivatives and Futures Law—Washington, D.C., National (2024)
    “Best Law Firms” for Bet-the-Company Litigation—Chicago, Colorado, San Francisco (2024)
  • Chambers Latin America
    Corporate Crime & Investigations (2024)
  • Chambers USA
    Securities: Regulation: Enforcement (Nationwide) (2024)
  • Chambers Global
    Investigations & Enforcement (International & Cross-Border) (USA) (2023)
    Corporate Crime & Investigations (USA) (2023)
  • BTI Consulting Group
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