Ida Wurczinger Draim

Practice Areas

Regulatory compliance counseling and representation of securities industry and corporate clients—including institutional and retail brokerage firms and their registered representatives, prime brokers and clearing firms; hedge funds and their managers; investment advisors; and public and private companies and their officers and directors—in regulatory investigations and proceedings, litigation and arbitration. Creation, implementation and auditing of compliance policies, procedures and systems. Conducting of internal investigations.

Education

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)

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

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