Ida Wurczinger Draim

Ida Wurczinger Draim is a partner in the Washington, D.C. office. Her practice focuses on securities and commodities compliance counseling and the representation of securities industry and corporate clients in regulatory investigations and proceedings. With more than 25 years of experience, Ida is well known for her expertise in investment adviser and broker-dealer compliance and her highly effective representation of industry clients before the SEC, NYSE, FINRA, CFTC, NFA and other regulatory authorities. Some of the areas that Ida regularly addresses on behalf of our investment adviser clients include conflicts of interest, Form ADV disclosure, third-party marketing arrangements, soft dollar practices, personal trading compliance, principal and agency trades, advertising, valuation, best execution, custody, trading restrictions and prohibitions, and commodity pool operator registration and regulatory issues. In the broker-dealer context, Ida regularly deals with Regulations NMS and SHO, best execution, dark pools, prime brokerage functions, institutional and retail sales practices, insider trading and rumors, marketing materials, research, short sale restrictions, supervisory structure, trade surveillance and monitoring, and statutory disqualifications. In addition to compliance counseling and regulatory representation, Ida routinely supervises mock audits, advises clients undergoing regulatory examinations and inspections, provides compliance training and develops supervisory and compliance policies and procedures.

One of Ida’s strengths is that she has experienced securities regulation from both sides of the aisle. After several years as a securities litigation associate with a Wall Street law firm, Ida joined the SEC, first serving as staff attorney in the Division of Enforcement, where she earned a Special Achievement award, then as Special Counsel to SEC Chairman John Shad. Ida is a member of the FINRA (formerly NASD) Board of Arbitrators and Board of Mediators and, for 10 years (ending January 2009), served as a member of the Nasdaq Listing Qualifications Panel. She is also a panelist and member of the Securities Industry and Financial Markets Association (SIFMA) Legal and Compliance Division and a former Chair of the Corporation, Finance and Securities Law Section of the District of Columbia Bar. Ida received her J.D. from Harvard Law School and her B.A., cum laude, from Rutgers University. She has been recognized by The Best Lawyers in America (2008 and 2009) in the area of securities law.

Selected Representations

Successfully represented a West Coast-based clearing firm in an NASD (now FINRA) arbitration brought by a bio-venture capital firm from which $15 million worth of securities on deposit with the clearing firm had allegedly been converted by a foreign business partner. The case raised novel issues regarding the application of the “safe harbor” under U.C.C. § 8-115. (Medical Assets, LLC v. Emmet A. Larkin Co., Inc.)

Successfully represented National Discount Brokers, a former division of Deutsche Bank, in an NASD arbitration proceeding against it involving more than $12 million in losses resulting from a correspondent firm’s failure to cover a large short position in a highly volatile stock. The case raised significant issues regarding the responsibility of clearing firms and Nasdaq market makers with respect to monitoring the risk exposure of correspondent firms. (Weiss, Peck & Greer, L.L.C. v. National Discount Brokers)

Represented SIFMA (formerly SIA), as amicus curiae on behalf of the successful appellees, in the first federal case in which a pre-dispute arbitration agreement was held enforceable against the receiver for the institutional customers who executed the agreement. (Javitch v. First Union Securities, Inc.)

Successfully litigated the first case on whether viatical settlements constitute “securities” within the federal securities laws. (SEC v. Life Partners, Inc.)

Represented former CEO of Drexel Burnham Lambert, Inc. in key SEC and NYSE cases on broker-dealer supervision. (In the Matter of Frederick H. Joseph)

Obtained seminal SEC no-action letter on securities/insurance networking arrangements. (The Wolper Ross Corporation)

Selected Speaking Engagements

Memberships

FINRA Board of Arbitrators
FINRA Board of Mediators
Nasdaq Listing Qualifications Panelist
SIFMA, Legal and Compliance Division, panelist and member
DC Bar Corporation, Finance and Securities Law Section, former Chair

Other Distinctions

Recognized in The Best Lawyers in America (2008, 2009) in the area of securities law, SEC Special Achievement Award

Bar Admissions

• District of Columbia
• New York

Court Admissions

• U.S. Court of Appeals, Sixth Circuit 1997
• U.S. Court of Appeals, District of Columbia 1997
• U.S. District Court, District of Columbia 1991
• U.S. District Court, Eastern District of New York 1982
• U.S. District Court, Southern District of New York 1982

Education

Prior Experience

Partner, Dickstein Shapiro LLP
Partner, Wiley, Rein & Fielding LLP
Associate, Sullivan & Cromwell
U.S. Securities & Exchange Commission
   Staff Attorney, Division of Enforcement
   Special Counsel to Chairman John Shad