Gary Stein focuses on white collar criminal defense and securities regulatory matters, complex commercial litigation, internal investigations, anti-money laundering issues, civil and criminal forfeiture proceedings and appellate litigation. He represents public companies, financial institutions, hedge funds, other entities and individuals as subjects, victims and witnesses in federal and state criminal investigations and regulatory investigations by the SEC, SROs and state attorneys general. He has conducted numerous internal investigations involving potential violations of the Foreign Corrupt Practices Act, financial statement fraud, money laundering and other matters, and advises companies on compliance with the FCPA and anti-money laundering and OFAC regulations. As a former Assistant U.S. Attorney and chief appellate attorney in the Southern District of New York, Gary investigated, prosecuted, tried and represented the government on appeal in numerous white-collar criminal cases involving money laundering, fraudulent investment schemes, bank fraud, insider trading, art theft, illegal kickbacks, terrorist financing and other financial crimes. His civil litigation experience includes claims of fraud and breach of contract, securities class actions and derivative actions, contests over corporate control, and disputes arising from the sale of a business. He has handled more than 150 appeals in federal and state courts involving issues of both criminal law and procedure and complex commercial law. He has successfully argued 17 appeals in the U.S. Court of Appeals for the Second Circuit.

Gary has been recognized as a leading litigation attorney by The Legal 500 US, Benchmark Litigation: The Definitive Guide to America's Leading Litigation, New York Super Lawyers, Firm & Attorneys and Who’s Who Legal: Business Crime Defence. An accomplished public speaker and writer, he has presented on FCPA, insider trading, risk management and crisis management issues at a number of conferences. Gary has been presented with Burton Awards for Distinguished Legal Writing: In 2008, he won for co-authoring “The Foreign Corrupt Practices Act: Recent Cases and Enforcement Trends,” which appeared in the Journal of Investment Compliance; and in 2015, he won for authoring “Pension Forfeiture and Prosecutorial Policy-Making,” which appeared in the N.Y.U. Journal of Legislation and Public Policy Quorum. Additionally, he co-authors the Scienter: Trading ‘On the Basis Of’ chapter in the Insider Trading Law and Compliance Answer Book. Gary serves on the Board of Editors of the Business Crimes Bulletin. 

Representations

Investigations

Representation of financial institution in connection with federal money laundering investigation.

Representation of bank AML officer in connection with federal money laundering investigation.

Representation of hedge fund trader in connection with federal insider trading investigation.

Representation relating to potential federal forfeiture proceeding involving antiquities.

Representation of private equity fund manager in connection with FCPA investigation.

Representation of company in conducting internal investigation of alleged FCPA violations.

Representation of company in connection with investigation into possible OFAC violations.

Representation of financial institution in connection with money laundering allegations regarding customer and related DOJ forfeiture proceeding.

Representation of CFO of food products company in connection with SEC stock options investigation.

Representation of hedge fund in connection with SEC and state attorney general investigations arising from collapse of fund.

Representation of public company in SEC stock options investigation and related internal investigation, shareholder litigation and NASDAQ delisting proceedings.

Representation of audit committee of supermarket chain in internal investigation into alleged accounting fraud involving promotional allowances, conducted in parallel with U.S. Attorney’s Office and SEC investigations.

Representation of public company in internal investigation and related DOJ and SEC investigations involving alleged FCPA violations.

Representation of leasing company in connection with investigation by New York State Attorney General and several other state attorneys general arising out of alleged telecommunications fraud.

Representation of chairman of audit committee of major retailer in connection with SEC investigation arising out of company's non-filing of financial statements.

Representation of hedge fund executive in connection with SEC short-selling investigation.

Representation of art collector in connection with tax fraud investigation.

Litigation

United States v. Tigano, 880 F.3d 602 (2d Cir. 2018) (obtained reversal of client's conviction based on violation of his constitutional right to a speedy trial).

Monster Beverage Corp. v. Schneiderman, 2017 WL 169106 (Sup. Ct. N.Y. Co. 2017) (motion to quash subpoena challenging investigative authority of New York Attorney General).

In re American Realty Capital Properties Inc. Litig., 2016 WL 11110435 (S.D.N.Y. 2016) (court granted motion to dismiss control person claims in federal securities class action).

Wolst v. Monster Beverage Corp., 2014 WL 4966139 (Del. Ch. Ct. 2014) (successful defense of shareholder books and records action).

Backus v. Aeroflex Holding Corp., 2014 WL 769900 (Sup. Ct. N.Y. Co. 2014) (court granted motion to dismiss claims for breach of contract and tortious interference arising out of LLC redemption dispute).

Cunha v. Hansen Natural Corp., Case No. CV-08-01249 (C.D. Cal. 2014) (denying plaintiff's motion for class certification in securities class action).

Ferreyr v. Soros, 116 A.D.3d 407 (1st Dep't 2014) (successful appeal reversing lower court decision and granting motion to dismiss tort claims).

Brasher v. Broadwind Energy, Inc., 2012 WL 1357699 (N.D. Ill. 2012) (defense of securities class action against private equity fund brought on control person theory; case dismissed on the pleadings), and Mitchell v. Reiland, 2012 WL 1755677 (N.D. Ill. 2012) (dismissing related shareholder derivative action).

In re Hansen Deriv. Shareholder Litig., Case No. CV-08-6788 (C.D. Cal. 2011) (defense of shareholder derivative action; case dismissed on the pleadings for failure to plead demand futility).

Hurrell-Harring v. New York, No. 8866-07, Order Approving Settlement (Sup. Ct. Albany County March 11, 2015) (approving and ordering settlement agreement that provides funding and state oversight to public defense providers in defendant counties); 15 N.Y.3d 8, 904 N.Y.S.2d 296, 930 N.E.2d 217 (2010) (upholding putative class action complaint alleging public defense system deprives indigent criminal defendants of constitutional right to counsel).

O'Mara v. Town of Wappinger, 485 F.3d 693 (2d Cir. 2007) (obtained reversal of judgment against municipality in Section 1983 suit arising out of land-use dispute).

In re Hansen Natural Corp. Securities Litigation, 527 F. Supp. 2d 1142 (C.D. Cal. 2007) (dismissing securities class action suit arising out of alleged stock options backdating scheme).

United States v. McClain, 377 F.3d 219 (2d Cir. 2004) (six-week jury trial resulting in convictions of architects of $16.7 million bogus investment scheme marketed over the Internet).

United States v. Schultz, 333 F.3d 393 (2d Cir. 2003) (affirming application of National Stolen Property Act to art dealer who traded in stolen Egyptian antiquities).

United States v. Hunpatin, 40 Fed. Appx. 620 (2d Cir. 2002) (prosecution of stolen-check ring, including bank insider).

United States v. Madakor, 29 Fed. Appx. 636 (2d Cir. 2002) (prosecution of bank customer who falsely claimed entitlement to funds deposited to her bank account by mistake).

United States v. Peter Berlin and Lucy Edwards (S.D.N.Y. 2000) (prosecution of bank vice president and spouse relating to illegal banking and money-laundering operation involving $7 billion in funds originating from Russia).

United States v. Ian Fulton Roberts (S.D.N.Y. 1999) (prosecution of fraudulent scheme orchestrated by president of foreign currency trading firm).

United States v. James Spelatis (S.D.N.Y. 1997) (prosecution of purchasing manager of Fortune 500 company for accepting kickbacks from vendors).

United States v. James MacCallum (S.D.N.Y. 1996) (prosecution of bank vice- president for embezzlement).

Instructional Systems, Inc. v. Computer Curriculum Corp., 35 F.3d 813 (3d Cir. 1994) (involved challenge under dormant Commerce Clause to extraterritorial application of New Jersey franchise-termination statute).

AMAX Potash Corp. v. Ideal Basic Industries, Inc. (Colo. Dist. Ct. 1991) (three-week jury trial resulting in multi-million dollar verdict in favor of client on novel “value of a chance” theory of damages in commercial breach of contract action).

Air Line Pilots Ass'n v. UAL, Inc., 897 F.2d 1324 (7th Cir. 1990) and 874 F.2d 439 (7th Cir. 1989) (successful challenge under the federal Railway Act and Delaware law to “poison pills” contained in labor contract).

Publications

“Sanctions Update: Iran, Venezuela and Russia,” SRZ Alert, Nov. 13, 2018 (co-author)

“Arrest of FinCEN Employee for Unlawful Disclosure of SARs and SAR Information,” SRZ Alert, Oct. 19, 2018 (co-author)

Sanctions Update: Iran, Global Magnitsky and Sudan,” SRZ Alert, July 24, 2018 (co-author)

Venezuela Sanctions Complicate Compliance for Companies, Law360, June 25, 2018 (co-author)

New Licenses May Ease Ukraine, Russia Business Wind-Downs, Law360, June 19, 2018 (co-author)

Sanctions Update: Venezuela and Ukraine/Russia,” SRZ Alert, June 4, 2018 (co-author)

“OFAC Focuses on Oligarchs, Adds Sanctions on Russian Persons and Entities,” SRZ Alert, April 26, 2018 (co-author)

Treasury Identifies Russian Political Figures and Oligarchs,” SRZ Alert, Feb. 1, 2018 (co-author)

“Sanctions and AML Update: North Korea and Venezuela,” SRZ Alert, Sept. 27, 2017 (co-author); republished in The Hedge Fund Journal, October 2017

“Second Circuit, in Split Decision, Overrules Limitation on Insider Trading Liability Established in U.S. v. Newman,” SRZ Alert, Aug. 28, 2017 (co-author); republished in The Hedge Fund Journal, September 2017

Sanctions Update: U.S. Imposes Immediate Restrictions Relating to Venezuelan Securities,” SRZ Alert, Aug. 28, 2017 (co-author)

‘Spoofing’ Conviction Upheld: Implications for Private Fund Managers and Algorithmic Traders,” SRZ Alert, Aug. 11, 2017 (co-author)

“Sanctions Update: Russia, Iran, North Korea and Venezuela,” SRZ Alert, Aug. 2, 2017 (co-author); republished in The Hedge Fund Journal, August 2017

FinCEN Issues Assessment Against Virtual Currency Exchange — the First Enforcement Action Against a Foreign-Located Money Services Business,” SRZ Alert, July 27, 2017 (co-author); republished in PaymentsJournal, Aug. 14, 2017

“Private Equity Guide 2017 — USA,” The International Comparative Legal Guide to: Private Equity 2017 (Global Legal Group) (contributor)

“FinCEN Renews GTOs Targeting Real Estate Transactions,” SRZ Alert, March 1, 2017 (co-author)

“New York State Industrial Board of Appeals Revokes Payroll Debit Card and Direct Deposit Regulations Set to Take Effect on March 7,” SRZ Alert, Feb. 23, 2017 (co-author)

“Conducting FCPA Due Diligence in Mergers & Acquisitions,” Lexis Practice Advisor®, January 2017 (co-author)

“FinCEN Issues Suspicious Activity Report Guidance Concerning Cybersecurity,” SRZ Alert, Nov. 1, 2016 (co-author)

“Scienter: Trading ‘On the Basis Of,’” Insider Trading Law and Compliance Answer Book (Practising Law Institute), 2011-2018 (co-author)

“DOJ and OFAC Take Enforcement Action Against Canadian Payment Processor,” SRZ Alert, Sept. 23, 2016 (co-author); republished in Payments Journal, Oct. 17, 2016

“NYDFS Issues AML/Sanctions Programs and Annual Certification Requirements for Banks, Money Transmitters and Check Cashers,” SRZ Alert, July 6, 2016 (co-author); republished in Westlaw Journal — Bank & Lender Liability, Sept. 19, 2016

“US Eases Sanctions on Burma,” SRZ Alert, May 31, 2016 (co-author)

“OFAC and BIS Amend Cuba Sanctions Regulations,” SRZ Alert, Feb. 1, 2016 (co-author)

“The Advice-of-Counsel Defense and the Corporate Employee: A Loss of Balance,” Business Crimes Bulletin, February 2016

“New AML Regulatory Initiative Targets Real Estate Industry,” SRZ Alert, Jan. 21, 2016 (co-author); republished in Westlaw Journal – White-Collar Crime, March 2016

“‘Implementation Day’ Marks Rollback of Significant Nuclear-Related Sanctions on Iran,” SRZ Alert, Jan. 20, 2016 (co-author); republished in Business Crimes Bulletin, June 2016

“Regulatory Change: 2015 Diagnosis, 2016 Prognosis — Schulte Roth & Zabel’s Leading Securities Litigation Practice,” The Hedge Fund Journal, November 2015 (profile)

“NYDFS Proposes New AML/Sanctions Programs and Annual Certification Requirements for Banks, Money Transmitters and Check Cashers,” SRZ Alert, Dec. 4, 2015 (co-author)

“The New AML Rules: Implications for Private Fund Managers,” SRZ Alert, Sept. 8, 2015 (co-author); republished in The Hedge Fund Journal, Sept. 24, 2015

“Federal and State Regulators Target Compliance Officers — Part II,” The Banking Law Journal, September 2015 (co-author)

“Federal and State Regulators Target Compliance Officers — Part I,” The Banking Law Journal, July/August 2015 (co-author)

“BHP Billiton Settles with SEC for $25 Million for Providing Foreign Officials with Luxury Travel to Olympics,” SRZ Alert, May 21, 2015 (co-author)

“PayPal Settlement Highlights OFAC Risks for Money Services Businesses,” SRZ Alert, March 27, 2015 (co-author)

“Federal and State Regulators Target Compliance Officers,” SRZ Alert, Feb. 20, 2015 (co-author)

“Sanctions Update: Crimea,” SRZ Alert, Feb. 5, 2015 (co-author); republished in Westlaw Journal – Securities Litigation & Regulation, March 5, 2015

Newman’s Aftermath: District Court Vacates Four Insider Trading Guilty Pleas; Government Seeks Rehearing in Second Circuit,” SRZ Alert, Jan. 27, 2015 (co-author); republished in The Hedge Fund Journal, February/March 2015

“Can Government Find a Way Around ‘Newman’s’ Personal Benefit Rule?,” New York Law Journal, Jan. 23, 2015

“Second Circuit Clarifies Insider Trading Liability of Tippees,” SRZ Alert, Dec. 15, 2014 (co-author); republished in The Hedge Fund Journal, January 2015

“Sanctions Update: Sectoral Sanctions Against Russia Escalate,” SRZ Alert, Sept. 18, 2014 (co-author); republished in Westlaw Journal – Securities Litigation & Regulation, Oct. 16, 2014

“Gratuities and Honest Services Fraud: Part Two,” Business Crimes Bulletin, September 2014 (co-author)

“Gratuities and Honest Services Fraud: Part One,” Business Crimes Bulletin, August 2014 (co-author)

SRZ Insider Trading Developments Newsletter, Summer 2014 (contributor)

“Threatened Sectoral Sanctions Against Russia Become Reality,” SRZ Alert, July 30, 2014 (co-author)

“Escalating U.S.–Russia Tensions Lead to New Sanctions, Heightened AML Risks,” SRZ Alert, April 4, 2014 (co-author)

“Funds Face New Sanctions, AML Risks in Wake of Escalating U.S.–Russia Tensions,” SRZ Alert, April 4, 2014 (co-author)

“An Evaluation of SDNY’s New Pension Forfeiture Policies,” Law360, March 25, 2014

“Pension Forfeiture and Prosecutorial Policy-Making,” N.Y.U. Journal of Legislation and Public Policy Quorum, March 14, 2014

“‘Obtainable Property’ and the Mail and Wire Fraud Statutes,” Business Crimes Bulletin, September 2013

“New FCPA Guidance Highlights Importance of Effective Compliance Procedures,” SRZ Alert, Nov. 19, 2012 (co-author)

“Forfeiture: A Primer on Proceeds,” Business Crimes Bulletin, September 2012

SRZ Insider Trading Developments Newsletter, Summer 2012 (co-author) 

“Recent FCPA Developments Highlight Risk of Individual Liability,” Financial Fraud Law Report, March 2012 (co-author)

“US and International Community Continue to Expand Sanctions Against Iran,” SRZ Alert, Feb. 17, 2012 (co-author)

“Keeping an Eye on the Federal Civil Money Laundering Statute,” Business Crimes Bulletin, November 2011

“Government Launches FCPA Inquiry into Investments by Sovereign Wealth Funds in U.S. Banks and Private Equity Firms,” Financial Fraud Law Report, July/August 2011 (co-author)

“Conducting the Internal Investigation: Documents and Interviews,” Internal Investigations 2011: Investigations in the Aftermath of Dodd-Frank, June 2011

“OFAC Issues General License Relating to Investment Funds with Libyan Investors,” SRZ Alert, April 12, 2011 (co-author)

“Sentencing of Individuals in FCPA Cases,” Business Crimes Bulletin, January 2011

“Money Judgments in Criminal Forfeiture,” Business Crimes Bulletin, May 2010 (co-author)

“The Foreign Corrupt Practices Act: Recent Cases and Enforcement Trends,” Journal of Investment Compliance Vol. 8, No. 3, 2007 (co-author)

“The New Era of the Federal Sentencing Guidelines,” New York Law Journal, Feb. 9, 2005

“The ‘Value of a Chance’ Theory of Damages in Commercial Cases,” 10 Commercial Damages Reporter 257, 1995

“Post-Judgment Settlement and Vacatur in New York,” New York Law Journal, June 19, 1995

Speaking Engagements

“Cryptocurrency Awareness: How to Update Your Sanctions Compliance Programs,” ACI 9th Annual New York Forum on Economic Sanctions, New York, December 2018

“Focus on Latin America: Practical Considerations for Doing Business in Venezuela, Cuba, and Colombia When Sanctions Restrictions are Expanding,” American Conference Institute 8th Annual Forum on Economic Sanctions, December 2017

“FCPA Considerations in M&A,” DealLawyers.com Webcast, July 2017

SRZ Insider's Guide to Government Investigations: Winning Strategies for Investment Funds, New York, April 2017

“Regulatory Focus: AML, Cybersecurity and FCPA,” SRZ 26th Annual Private Investment Funds Seminar, New York, January 2017

“The New Anti-Money Laundering Rule,” SRZ 25th Annual Private Investment Funds Seminar, New York, January 2016

“Trading Compliance,” SRZ 24th Annual Private Investment Funds Seminar, New York, January 2015

“FCPA, M&A and Private Equity,” SRZ Webinar, July 2014

“SEC Investigation Response for Asset Managers: How to Prepare and Mistakes to Avoid,” Willis of New York Webinar, June 2014

Herbert L. Jamison & Co. LLC SEC Investigation Response for Hedge Fund Managers: How to Prepare and Mistakes to Avoid, Chicago, May 2013

“FCPA Issues for Fund Managers,” SRZ 22nd Annual Private Investment Funds Seminar, New York, January 2013

“Insurance Implications and Considerations of an Investigation,” Herbert L. Jamison & Co. LLC SEC Investigation Response for Hedge Fund Managers: How to Prepare and Mistakes to Avoid, New York, December 2012

“The Foreign Corrupt Practice Act: How Funds Can Mitigate Risks,” SRZ Investment Management Hot Topics, New York, May 2012

“Recent Developments in US Insider Trading Law and FCPA Enforcement,” SRZ Webinar, February 2012

“Insider Trading: Latest Insights,” SRZ 21st Annual Private Investment Funds Seminar, New York, January 2012

“Gifts, Entertainment & Hospitality in High Risk Markets – A Practical Guide on What You Can and Can’t Do,” ACI 26th National Conference on the Foreign Corrupt Practices Act, Washington, DC, November 2011

“Privilege Issues and Ethical Traps in Conducting the Investigation,” Practising Law Institute Internal Investigations 2011: Investigations in the Aftermath of Dodd-Frank, New York, June 2011

“FCPA and UK Bribery Act Enforcement for Asset Managers,” New York State Bar Association Securities Regulation Committee of the Business Law Section's Private Investment Funds Subcommittee Meeting, New York, June 2011

“Fundamentals of FCPA Compliance: The Foreign Corrupt Practices Act Demystified,” ACI 25th Global Conference on the Foreign Corrupt Practices Act, New York, April 2011

“Managing Regulatory Exposure,” SRZ 20th Annual Private Investment Funds Seminar, New York, January 2011

“Fundamentals of FCPA Compliance: The Foreign Corrupt Practices Act Demystified,” ACI 24th Global Conference on the Foreign Corrupt Practices Act, Washington, D.C., November 2010

“Risk Management in a Changing Environment,” SRZ 19th Annual Private Investment Funds Seminar, New York, January 2010

“Crisis Management: Lessons Learned from 2008,” SRZ 18th Annual Private Investment Funds Seminar, New York, January 2009

“Regulatory Investigations: What You Should Know But Were Afraid to Ask,” CCO University Webinar, May 2008

“Challenges in a Down Market,” SRZ 17th Annual Private Investment Funds Seminar, New York, January 2008

“FCPA Update: The Where, the Who and the What,” SRZ Securities Enforcement Seminar, May 2006

“Renewed Focus on the Foreign Corrupt Practices Act,” SRZ Securities Enforcement Seminar, May 2005

“Steering Clear of Obstruction of Justice and Related Risks Once an Investigation Begins,” SRZ Securities Enforcement Seminar, October 2004

Memberships

  • Business Crimes Bulletin
    • Board of Editors
  • The Legal Aid Society

Distinctions

  • Listed as a leading litigation attorney in: 
    • Benchmark Litigation: The Definitive Guide to America's Leading Litigation
    • Firms & Attorneys
    • The Legal 500 US
    • New York Super Lawyers
    • Who’s Who Legal: Business Crime Defence
  • New York Law Journal’s 2015 Lawyers Who Lead by Example Award
  • Burton Award for Distinguished Legal Writing, 2008 and 2015
  • Attorney General's Award for Outstanding Achievement in Asset Forfeiture, 2003

Prior Experience

  • United States Attorney’s Office, Southern District of New York
    • Assistant U.S. Attorney, 1995–2004    
    • Chief Appellate Attorney, 2002–2004
  • Paul, Weiss, Rifkind, Wharton & Garrison, 1987–1995
  • Law Clerk to Honorable Robert N. Wilentz, Chief Justice of the Supreme Court, 1986–1987