Craig S. Warkol is co-chair of the Broker-Dealer Regulatory & Enforcement Group. His practice focuses on enforcement and regulatory matters for broker-dealers, private funds, financial institutions and individuals. Drawing on his experience both as a former enforcement attorney with the U.S. Securities and Exchange Commission and as a Special Assistant U.S. Attorney, Craig advises clients on securities trading matters and, when necessary, represents them in regulatory investigations and enforcement actions by the SEC, DOJ, FINRA, CFTC and other self-regulatory organizations and state regulators. Craig leads training sessions on complying with insider trading and market manipulation laws and assists hedge funds and private equity funds in connection with SEC examinations. He also has experience representing entities and individuals under investigation for, or charged with, securities fraud, mail/wire fraud, accounting fraud, money laundering, Foreign Corrupt Practices Act (FCPA) violations and tax offenses. In his previous roles in the U.S. Attorney’s Office for the Eastern District of New York and the SEC, Craig prosecuted numerous complex and high-profile securities fraud, accounting fraud and insider trading cases.
Craig is recognized as a leading litigation lawyer in Benchmark Litigation: The Definitive Guide to America’s Leading Litigation Firms and Attorneys, The Legal 500 US and New York Super Lawyers. He is a former law clerk to the Hon. Lawrence M. McKenna of the U.S. District Court for the Southern District of New York. Craig has written and spoken about enforcement trends in the private fund space and other industry-related topics. He was interviewed for the article “Execution Enforcement Actions Escalate,” published in The Hedge Fund Journal. Craig earned his J.D., cum laude, from the Benjamin N. Cardozo School of Law and his B.A. from the University of Michigan.
Routinely represents and advises a multinational financial services firm concerning issues arising under the federal securities and commodities laws.
Represented a multinational financial services company in parallel investigations by the DOJ and SEC regarding trading practices and disclosure issues.
Represented a broker-dealer in connection with parallel SEC and DOJ investigations regarding disclosures and valuation issues.
Represented the chief financial officer of a public company under investigation for accounting fraud and manipulation of financial statements and SEC filings.
Represented several hedge fund managers in connection with criminal and SEC insider-trading investigations.
Represented a Fortune 500 company under investigation by the DOJ and SEC for improperly backdating stock option grants to executives and employees.
Conducted an independent internal investigation at a billion-dollar public company into allegations of corporate malfeasance by the chief executive officer and global head of procurement.
Represented a major energy company in New York State Attorney General’s investigation of public disclosures regarding climate change.
Represented a significant hedge fund in connection with the New York State Attorney General’s “pay-to-play” investigations and prosecutions.
Represented the chief financial officer of a Fortune 500 company under investigation for backdating stock options.
Represented an attorney under investigation by the DOJ for engaging in securities fraud.
Represented an individual under investigation by the SEC concerning penny stock transactions and corporate identity theft.
Represented a principal investor in connection with criminal inquiry for orchestrating a fraudulent initial public offering.
“Political Insider Trading — Mitigating a Risk,” The Hedge Fund Journal, May 2020
“Some Investors Are Inquiring About the Health of Key Persons,” Regulatory Compliance Watch, April 3, 2020 (quoted)
“White Collar Enforcement During the Coronavirus Crisis,” SRZ Alert, March 27, 2020
“Enforcement Update: Insider Trading and COVID-19 Political Intelligence,” SRZ Alert, March 25, 2020; republished in Law360, April 15, 2020
“Broker-Dealers: B-D Guidance on Business Continuity Planning During the COVID-19 Pandemic — Considerations for an Evolving Emergency,” SRZ Alert, March 20, 2020
“Broker-Dealers: B-D Guidance on Increased Cybersecurity Risks Due to the COVID-19 Pandemic,” SRZ Alert, March 20, 2020
“Broker-Dealers: B-Ds Receive Consolidated Audit Trail (“CAT”) Relief Due to COVID-19 Pandemic,” SRZ Alert, March 18, 2020
“Broker-Dealers — Coronavirus Update for Broker-Dealers — BC/DR Implications and FINRA Regulatory Relief,” SRZ Alert, March 16, 2020
“Insider Trading Law in Flux — What Advisers Need to Know,” SRZ Alert, Jan. 29, 2020
“Private Investments in Public Equity (PIPEs),” Insider Trading Law and Compliance Answer Book (Practising Law Institute), 2019-2020
“CFTC 2019 Enforcement Report — Lessons for Private Fund Managers,” SRZ Alert, Dec. 4, 2019; republished in The Hedge Fund Journal, February 2020
“SEC’s Disgorgement Authority Under Review,” SRZ Alert, Nov. 22, 2019
“SEC Enforcement Priorities as a Guide for Investment Adviser Policies and Procedures,” Hedge Funds: A Practical Global Handbook to the Law and Regulation, Second Edition (Globe Law and Business Ltd.), August 2019 (co-author)
“SEC Charges Fund Manager for Improper Cross Trades,” SRZ Alert, April 8, 2019 (co-author)
“SEC Charges Hedge Fund Manager with Short-and-Distort Scheme,” SRZ Alert, Sept. 14, 2018 (co-author); republished in The Hedge Fund Journal, November 2018
“Execution Enforcement Actions Escalate,” The Hedge Fund Journal, July/August 2016 (quoted)
“Government Investigations Initiated by the Financial Crisis,” Aspatore Special Report: Assisting Clients in Government Investigations During a Financial Crisis, 2008
“Why ISPS Are Not an Appropriate Target in the Battle Against Child Pornography,” Internet Newsletter, February 2002 (available on Westlaw at 6 No. 11 Internews 1)
“Resolving the Paradox Between Legal Theory and Legal Fact: The Judicial Rejection of Efficient Breach,” 20 Cardozo Law Review 321, 1998
“Regulatory,” SRZ 29th Annual Private Investment Funds Seminar, New York, January 2020
“Common Brokerage and Trading Issues,” SRZ 29th Annual Private Investment Funds Seminar, New York, January 2020
“Consultant Engagements and Attorney-Client Privilege Update,” SRZ Webinar, May 2019
“Blockchain and Digital Assets,” SRZ 28th Annual Private Investment Funds Seminar, New York, January 2019
“Enforcement” and “Regulatory Outlook,” SRZ 27th Annual Private Investment Funds Seminar, New York, January 2018
“Investment Management Regulatory & Compliance Update — Texts, Chats and Other Electronic Messaging,” SRZ Webinar, July 2017
SRZ Insider’s Guide to Government Investigations: Winning Strategies for Investment Funds, June 2017
“The Crisis Playbook,” MFA Legal & Compliance Conference, May 2017
SRZ Insider’s Guide to Government Investigations: Winning Strategies for Investment Funds, April 2017
“SEC Regulatory Examinations – In the Trenches,” UBS Premier Hedge Fund Conference, April 2017
“Regulatory Outlook,” SRZ 26th Annual Private Investment Funds Seminar, January 2017
SRZ Managing Attorney-Client Privilege: A Workshop for Private Fund GCs and CCOs, July 2016
- Recognized as a leading litigation attorney in:
- Benchmark Litigation: The Definitive Guide to America’s Leading Litigation Firms and Attorneys
- The Legal 500 US
- New York Super Lawyers
- Chairman’s Award for Excellence, U.S. Securities and Exchange Commission, 2002