David M. Rosenfield concentrates his practice in white collar criminal defense, corporate internal investigations, securities regulation and litigation, bank regulation, and food and drug industry investigations.
David represents and defends individuals and corporations before federal agencies such as the Department of Justice, U.S. Attorneys' Offices, the SEC, FDIC, FDA, and the Department of Health and Human Services; state agencies, such as the New York State Attorney General's Office and the New Jersey Division of Criminal Justice; and self-regulatory agencies, such as the Financial Industry Regulatory Authority.
David is a former prosecutor in the Frauds Division of the U.S. Attorney's Office for the District of New Jersey in Newark. David also has prior experience as an attorney in the Division of Enforcement of the Securities and Exchange Commission in Washington, D.C. David is also a past chairperson of the White Collar Crime Committee of the American Bar Association's Business Law Section.
Prior to joining Herrick, David was senior counsel and manager of legal process at The Bank of New York, where he advised the bank's Anti-Money Laundering Committee. He also conducted internal investigations, coordinated the bank's responses to inquiries from federal and state bank regulators, and supervised the bank's 15-person legal process department, which processed and responded to legal papers served on the bank.
Government Prosecutorial Experience
While serving as a prosecutor in the Frauds Division of the U.S. Attorney's Office for the District of New Jersey, David prosecuted white collar criminal cases, supervised lengthy investigations and coordinated the activities of Assistant U.S. Attorneys, federal law enforcement agents and investigators from regulatory agencies.
One of David's cases, which involved a $100 million fraud against customers of a boiler-room brokerage firm, resulted in 14 guilty pleas and two convictions following a jury trial. David also was involved in two securities market manipulation cases, in which there were lengthy jury trials that resulted in convictions. David received letters of commendation from the Attorney General of the United States and the Director of the FBI for his successful prosecution of one of those manipulation cases, U.S. v. Eric Wynn, et al. (D.N.J.).
When David was an attorney in the Division of Enforcement of the SEC, he co-authored a paper entitled "An Overview of Market Manipulation: Legal and Practical Aspects."
Recent Matters of Note:
Securities Trader - Federal Criminal and SEC Civil Insider Trading Charges
Representing a securities trader in a Department of Justice criminal action and a related SEC civil action where our client is charged with participating in an insider trading scheme in which the securities of public companies were sold short in advance of secondary offerings, allegedly based upon material, non-public information.
Former Chairman Board of Directors - SEC Administrative Proceeding
Represented the former chairman of the board of directors of a start-up sports and entertainment company, and a company consultant, in an SEC administrative proceeding alleging violations of the anti-fraud, control person, broker registration and securities registration provisions of the federal securities laws.
Former President of Guatemala - Department of Justice Criminal Action
Herrick represented former Guatemalan President Alfonso Portillo in defense of a federal money laundering conspiracy charge following his extradition to the United States. President Portillo pled guilty to a reduced charge following successful negotiations with the U.S. Attorney's Office, Southern District of New York. Herrick then successfully argued to the U.S. Bureau of Prisons that it apply time already served by President Portillo - including time served in Guatemala while awaiting extradition - to his sentence, greatly reducing the period of incarceration ultimately served.
NYC Attorney - Joint US Attorney and SEC Investigations into Alleged Misappropriation of Funds and Market Manipulation
Represented a prominent former New York City attorney in a joint federal criminal investigation, conducted by the U.S. Attorney's Office, District of Columbia and the SEC, into alleged misappropriation of funds of a large foreign public company and market manipulation of the securities of several small U.S. public companies. Herrick was able to resolve the federal criminal charges against our client through a guilty plea to a single count of obstruction of justice, resulting in a far lower sentencing guidelines range than would have resulted had the client pled to multiple securities fraud charges, as the Department of Justice was initially contemplating. The client was sentenced to two years of probation, later reduced to one year. Notwithstanding the criminal charges involving the sale of securities, the SEC did not bring charges.
Former Teammates of Lance Armstrong – Department of Justice and USADA Investigation
Herrick represented a professional cycling team, and three of its cyclists, in a criminal investigation by the U.S. Department of Justice, and a related investigation by the United States Anti-Doping Agency (USADA), concerning the use of performance enhancing drugs by the riders' former teammate Lance Armstrong. Leveraging our clients' early cooperation in the investigation, we were able to avoid any charges against the cycling team and enter into very favorable settlements with USADA for our individual clients.
Investment Adviser - Successful Conclusion to Internal Investigation
Conducted an internal investigation for a nationally recognized investment adviser to a series of hedge funds following a whistleblower's complaint concerning SEC compliance and operational issues. Upon submission of a report of our investigation, which determined that the whistleblower's allegations had no merit, the SEC never brought charges.
Hedge Fund - SEC Investigation
Successful defense of a prominent hedge fund in connection with an SEC investigation of alleged misrepresentations and the alleged failure to disclose material facts to investors. We prepared a Wells Submission which resulted in decision by the SEC to drop the investigation.
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Canadian Investor - SEC Insider Trading Action Settled with No Admission of Wrongdoing
Herrick represented a Canadian investor in an SEC insider trading lawsuit filed in the Southern District of New York alleging that our client received stock tips from a business associate with access to insider information on upcoming mergers and acquisitions. After intensive negotiations involving individuals from the top echelon of the SEC's Division of Enforcement in Washington, we were able to reach a settlement resolving the charges against our client without any admissions of wrongdoing. No criminal charges were ever brought.