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Am Law 100 firm with practices in Business, Digital Assets and Data Management, Intellectual Property, Labor & Employment, Litigation and Tax.

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Whether Buyer or Seller: Heed This WARNing

Certain New York Retailers Must Now Establish Workplace Violence Prevention Programs

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Trusted Advisor. Over the years, Jonno has worked with hedge fund and private equity fund managers, investment advisers, multifamily offices, broker-dealers, banks, trust companies, insurance companies, money services businesses (MSB), payment processors and other financial services, financial technology (fintech) and emerging technology companies, helping to address their most sensitive issues. From scoping out compliance programs and helping structure products and business lines to responding to regulatory examinations and government investigations, as well as resolving complex disputes, Jonno acts as a trusted advisor with a practical mindset. Jonno has successfully guided companies and individuals through investigations by the Securities and Exchange Commission (SEC), the Department of Justice (DOJ), the Financial Industry Regulatory Authority (FINRA), the New York State Department of Financial Services (DFS) and various state attorneys general offices and financial regulators, resolving many without charges ever being brought against them.

Compliance Authority. Jonno also routinely advises clients with respect to their regulatory compliance programs and transactional due diligence relating to litigation, bribery, money laundering, market manipulation, data privacy, information security, cybersecurity, business continuity and other legal and reputational risks, including compliance with DFS’s Bitlicense and Cybersecurity Regulations, the Bank Secrecy Act (BSA), FinCEN’s anti-money laundering (AML) regulations and OFAC's sanctions programs.

Thought Leader. Jonno writes and speaks on the topic of securities and financial regulation and enforcement, highlighting significant developments for legal and compliance personnel, including insider trading, data privacy, information security, cybersecurity, big data, artificial intelligence, blockchain applications, virtual currency and other regulatory priorities and trends. He is the author of the data privacy chapters of the Practising Law Institute’s investment adviser and fintech treatises, and also has been published and/or quoted by:
<ul>
 	<li>American Bar Association's Business Law Today</li>
 	<li>BlockTribune</li>
 	<li>Bloomberg BNA's Privacy &amp; Data Security Resource Center</li>
 	<li>Bloomberg BNA's Securities Regulation &amp; Law Report</li>
 	<li>Bloomberg Law</li>
 	<li>Columbia Law School's Blue Sky blog</li>
 	<li>Compliance Reporter</li>
 	<li>Corporate Counsel</li>
 	<li>Corporate Governance Advisor</li>
 	<li>FT Ignites</li>
 	<li>Georgetown University's Advanced eDiscovery Institute</li>
 	<li>Global Banking &amp; Finance Review</li>
 	<li>Global Data Review</li>
 	<li>Hedge Fund Legal &amp; Compliance Digest</li>
 	<li>HFM Global</li>
 	<li>HFM Week</li>
 	<li>The Hedge Fund Law Report</li>
 	<li>Law360</li>
 	<li>Legaltech News</li>
 	<li>New York Law Journal</li>
 	<li>NSCP Currents</li>
 	<li>The Practising Law Institute</li>
 	<li>ThinkAdvisor</li>
 	<li>Wall Street Lawyer</li>
 	<li>Wolters Kluwer Federal Securities Law Reports</li>
 	<li>Wolters Kluwer Insights</li>
 	<li>Wolters Kluwer Securities Regulation Daily</li>
</ul>

core/freeform

J.D., American University Washington College of Law, 2006, 

B.A., Emory University, 2003, 

<ul>
<li>New York Metro Super Lawyers &#8220;Rising Star&#8221; (2014 to 2017)</li>
</ul>

New York

Jonathan Forman Participates in Webinar on Navigating the FTC’s Amendment Safeguards Rule

Jonathan Forman Serves as Instructor for Seminar on Designing and Implementing an Information Security Program

Daniel Kaufman, Jonno Forman Quoted in Regulatory Compliance Watch

Bulls, Bears, and Blockchain – March 26, 2024

Treasury Revisits Past Rulemaking to Bring Investment Advisers Under AML Oversight

SEC’s Scrutiny of AI Expands to Marketing Disclosures and Adviser Exams

Blockchain Monitor

Non-Fungible Tokens (NFTs): Overview

New cybersecurity rules for nonbank firms raise ‘potential litigation and regulatory exposure’

FTC Amends Safeguards Rule to Require Notification of Unauthorized Data Acquisitions to the Agency

Get the details: SEC risk alert tells broker-dealers to improve anti-money laundering efforts

The SEC proposes expansive new rules to govern use of AI in the securities industry

Warning: SEC Exams and Enforcement Targeting Broker-Dealer AML Compliance

SEC Proposes AI Rules for Broker-Dealers and Advisers After Chair’s Warnings

The SEC’s Proposed Cybersecurity Rules: Regulatory Delay Does Not Bless Standing By

Ripple Decision Makes Waves Finding Some XRP Sales Not Securities

The SEC Provides 4 Million Reasons to Ensure Required Records Are Maintained

NYS DFS Focuses on Cybersecurity Violations and Increasing Crypto Resources

Supreme Court Limits Criminal Fraud to Deprivation of ‘Traditional Property Interests’

U.S. Treasury Dept. Publishes Risk Assessment Addressing Illicit Finance Risks of DeFi

Jonathan Forman Addresses Trading Compliance Challenges

Second Circuit Vacates Insider Trading Convictions, Narrowing the Scope of Future Prosecutions 

US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

Jonno Forman, Patrick Campbell and Krista Fuller Author Article on SEC Consent Order

Does the Supreme Court Argument in Ciminelli Foreshadow Further Narrowing of Federal Fraud Statutes?

Top 10 Compliance Points for New FTC Safeguards Rule

SEC Finds Investment Adviser CEO Liable for Failing to Supervise High-Risk Representative

Jonno Forman, Adam Gale and Krista Fuller Author Article About Compliance in Third-Party Marketing

Top Ten List for Complying with the SEC’s New Investment Adviser Marketing Rule

Jonathan Forman and Melinda McLellan Author Chapters for Two Financial Services Industry Publications

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations

Jonno Forman Quoted About Health Insurer Cybersecurity Penalty Settlement

Treasury Plans Significant Actions to Curb Illicit Digital Asset Financing

FinCEN Requires Wide Array of Companies To Report Beneficial Ownership Information To Strengthen Transparency of US Financial System

White House Outlines Key Action Items Based on EO Reports Addressing Digital Assets

SEC Chair Stands Firm: ‘Vast Majority’ of Cryptocurrency Tokens Are Securities

Jonathan Forman Discusses New Cybersecurity Rule for IAs and PFs

SEC and DOJ Bring Parallel Crypto Insider Trading Cases; SEC Alleges Nine Tokens Are Securities

Introduction to Non-Fungible Tokens

SEC Signals Ramp-Up in Crypto Enforcement by Nearly Doubling Its Crypto Assets Cyber Unit Staff

Executive Order Launches Comprehensive US Policy and Action Plan for Digital Assets

Melinda McLellan, Jonathan Forman Author Chapter on Privacy of Consumer Financial Information

SEC Brings First Ever Securities Fraud Charges Against Alternative Data Provider

SEC Cybersecurity Actions Against Registered Firms for Business Email Compromises Emphasize Importance of MFA

SEC Scrutinizes Use of Fintech by Broker-Dealers and Investment Advisers

SEC Doubles Down on Crypto Enforcement

SEC Fines Broker-Dealer for Inconsistent Policies that Allegedly Could Stifle Whistleblowers

2017 Year-End Securities Litigation and Enforcement Highlights

150 BakerHostetler Attorneys Named 2016 Super Lawyers; 91 Named Rising Stars

Bloomberg’s article “Madoff Victims to Get $322 Million in Trustee Payout” acknowledges BakerHostetler attorneys at announcement of fifth distribution plans

The Associated Press reports on BakerHostetler and the Madoff Recovery Initiative recoveries of $10.5 billion

CNBC reports on BakerHostetler and the Madoff Recovery Initiative in article Madoff Recoveries Top $10 Billion With New Settlement, “… an amount virtually no one thought possible”

BakerHostetler talks with USA Today about the SIPA Trustee’s fourth pro rata interim distribution; states Madoff Recovery Initiative nears $6 billion in distributions to allowed claimants

BakerHostetler’s settlement with JPMorgan Chase and the ongoing Madoff Recovery Initiative Discussed on National Public Radio’s All Things Considered

Digital Assets and Data Management

Compliance

Blockchain Technologies and Digital Assets

Digital Assets Executive Order Resource Center

Privacy Governance and Technology Transactions

Digital Risk Advisory and Cybersecurity

Emerging Technology

Advertising, Marketing and Digital Media

White Collar, Investigations and Securities Enforcement and Litigation

Securities and Governance Litigation

Litigation

Artificial Intelligence (AI)

Industries

Financial Services: Investment Funds

Financial Services: Regulatory and Compliance

Foreign Corrupt Practices Act (FCPA)

Government Investigations and Enforcement Proceedings
<ul>
<li>Represents court-appointed SEC receiver to investigate and institute legal proceedings on behalf of investors and creditors of certain cryptocurrency investment funds.</li>
<li>Represents SEC registered investment adviser in SEC investigation of fee and expense disclosures.</li>
<li>Represents emerging technology company and its senior management in responding to government investigation relating to relationship to and marketing of other emerging technology company.</li>
<li>Represented full-service investment banking and asset management firm in government investigation relating to multiple business email compromises and fraudulent wire transfers resulting from phishing attacks and advised on remediation steps and regulatory compliance obligations.</li>
<li>Represented payment processing company in government investigation relating to merchant agreements.</li>
<li>Guided a global pharmaceutical company through an SEC investigation of alleged insider trading.</li>
<li>Achieved a no-admission settlement of an SEC municipal bond disclosure investigation of a state issuer involving extensive Wells process. No civil penalty or independent compliance consultant was imposed.</li>
<li>Obtained a no-admission settlement for a registered investment adviser in connection with an SEC enforcement action brought in federal court.</li>
<li>Obtained a favorable FINRA settlement for a broker-dealer and its executives relating to its private-offering disclosures, sales practices and supervisory systems. No charges were brought against the senior management.</li>
<li>Obtained a favorable SEC settlement for a foreign individual to resolve a microcap stock market manipulation investigation involving a Wells submission and expedited settlement negotiations.</li>
<li>Guided individuals, including a hedge fund CEO, through various DOJ and SEC investigations of alleged insider trading. The investigations were terminated favorably for all clients.</li>
<li>Guided a global investment bank through a DOJ investigation of a private equity investment. The investigation was terminated favorably for the client.</li>
<li>Part of defense team that represented sitting Congressman in parallel criminal and civil proceedings involving insider trading and false statement charges.</li>
<li>Represented prominent individual in parallel DOJ and SEC investigations of suspected market manipulation scheme.</li>
</ul>
Regulatory Counseling and Transactions
<ul>
<li>Represents emerging technology company on blockchain governance, including structuring and forming DAO wrapped in an offshore entity.</li>
<li>Seconded to investment management client as in-house counsel working directly with General Counsel, Chief Operating Officer and Chief Compliance Officer on structuring foreign and domestic investment offerings, negotiating proprietary investments and seeding of emerging third-party hedge fund managers, and advising on various litigation and regulatory issues.</li>
<li>Advises private equity fund and other sophisticated investors on debt and equity investments in venture capital firm, emerging broker-dealer and franchises.</li>
<li>Advises on the structuring and formation of private equity and hedge funds for emerging managers.</li>
<li>Advised fintech company on equity transaction, including appropriate representations and warranties relating to regulatory compliance with payment processing regulations.</li>
<li>Advised fintech company on equity transaction, including appropriate representations and warranties relating to regulatory compliance with payment processing regulations.</li>
<li>Advise global consumer products manufacturer and retailer on payment processor regulations relating to its operations between affiliates.</li>
<li>Advises quantitative investment research firm on corporate governance, data privacy and securities law compliance.</li>
<li>Advised on Regulation Systems Compliance and Integrity (“Regulation SCI”) compliance for vendors to SCI entities.</li>
<li>Counseled registered investment advisers and broker-dealers in connection with SEC examinations – focusing on valuation, trade execution, marketing disclosures and compliance with data privacy and security, Regulation S-P, Regulation S-ID and the Business Continuity and Custody Rules – by preparing executives for and representing them during regulatory interviews, supervising document collection and production and guiding clients’ responses to the questions and concerns of the SEC’s Division of Examinations. None of the examinations were referred to the Division of Enforcement.</li>
<li>Counsels investment advisers on Form ADV and Form CRS disclosures.</li>
<li>Advised a global investment bank in connection with an SEC examination of its municipal securities business relating to parallel investigations conducted by various federal and state regulators.</li>
<li>Represented a global investment bank in connection with various FINRA irregular trading inquiries.</li>
<li>Advises financial services firms on federal and state data privacy and cybersecurity regulations, including revising policies and procedures, drafting incident response plans, conducting tabletop exercises and training, negotiating agreements with service providers and updating disclosures relating to risks and incidents.</li>
<li>Advised Fortune 50 company on data privacy and cybersecurity compliance in connection with acquisition of regulated business.</li>
<li>Advises Fortune 50 company on application of late fees to consumer bills.</li>
<li>Advises insurance companies and other DFS licensees on whether certain incidents constitute Cybersecurity Events for purposes of notifying the Superintendent.</li>
<li>Obtained expungement of reference to FINRA arbitration proceeding from Central Registration Depository (CRD) records of broker-dealer’s top-performing financial advisors involving successful motion to confirm arbitration award in state court and negotiations with state financial regulator.</li>
<li>Drafted policies and procedures for registered investment advisers, including with respect to whistleblowers, personal devices (BYOD) and personal trading.</li>
<li>Advises several prominent global institutions on the minting, distribution and transaction of NFTs, both on exchange platforms and within virtual worlds and metaverses.</li>
<li>Advises emerging technology businesses on application of federal securities laws, BSA, AML regulations and Financial Action Task Force (FATF) guidance with respect to DApps, smart contracts, counterparty transactions and token creation and distributions.</li>
<li>Tailors AML programs for emerging technology businesses relating to their use of smart contracts and token generation and distribution.</li>
<li>Drafted AML policies for cryptocurrency funds and advised on compliance with BSA and AML regulations.</li>
<li>Drafted political contribution policy for asset manager to comply with federal and state pay-to-play rules.</li>
</ul>
Internal Investigations
<ul>
<li>Conducts incident responses for investment advisers, broker-dealers, public companies and other regulated businesses that are victims of cyberattacks, including DDoS, phishing and ransomware attacks, by advising them of their reporting and notification obligations and appropriate remediation steps.</li>
<li>Conducted an expedited internal investigation of a registered investment adviser involving coordination with law enforcement personnel, its auditor and the SEC, and devising and overseeing the implementation of remedial measures. No investigation was initiated by the SEC, and no charges were brought against the adviser or its senior management.</li>
<li>Conducted an internal investigation of a global investment bank relating to a private equity offering.</li>
<li>Advised registered investment adviser conducting internal investigation of a third-party complaint of the conduct of one of its principals and portfolio managers.</li>
<li>Conducted an internal investigation of a global investment bank relating to alleged misappropriation of trade secrets.</li>
</ul>
Securities and Commercial Litigation
<ul>
<li>Represents directors and senior management defending securities class action and derivative claims brought in federal and state court.</li>
<li>Obtained an arbitration award for a real estate investment and finance company granting specific performance of a disputed joint venture agreement relating to a portfolio of Manhattan properties with an approximate value of $500 million. After significant motion practice and hearings before the Commercial Division of the Supreme Court of the State of New York and Judicial Arbitration and Mediation Services (JAMS), including temporary restraining order (TRO) proceedings and a five-day trial before JAMS.</li>
<li>Won summary judgment for a real estate merchant bank dismissing claims relating to a joint venture investment in a Chicago skyscraper. The representation involved significant motion practice and hearings, including TRO proceedings, before the Commercial and Appellate Divisions of the Supreme Court of the State of New York.</li>
<li>Represented private equity fund in third-party discovery in patent litigation involving one of its cybersecurity portfolio companies.</li>
<li>Represented private equity fund in stockholder dispute with portfolio company.</li>
<li>Represented SEC registered investment adviser in third-party discovery relating to high-profile securities class action lawsuit.</li>
<li>Represented emerging technology company in third-party discovery in copyright infringement lawsuit.</li>
<li>Achieved settlement of parallel proceedings before the U.S. District Court for the Southern District of New York and the Commercial Division of the Supreme Court of the State of New York involving more than $30 million in creditor claims.</li>
<li>Achieved settlement of misappropriation of trade secrets and other commercial claims against an investment management firm and its principal in the Commercial Division of the Supreme Court of the State of New York for a fraction of the demand amount after winning dismissal of most of the claims, barring most of the damages and staying discovery for over one year.</li>
</ul>

Jonathan A. Forman

Jonathan A. Forman

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