• Negotiated favorable settlements for Cantor Fitzgerald of SEC and CFTC sweeps of Wall Street firms concerning “off channel” business communications by employees. Cantor paid by far the lowest penalties of the eleven firms in the sweeps.
• Successfully defended a Wall Street swaps trader in a four-year, career-threatening CFTC investigation. After the CFTC staff threatened to issue a Wells notice on potential market manipulation and tipping claims, David persuaded the CFTC staff to close the investigation without issuing a Wells notice or taking any enforcement action against David’s client.
• Representing a Wall Street firm in an SEC investigation concerning public statements by Special Purpose Acquisition Companies (SPACs).
• Representing a technology company in an SEC investigation concerning trading in digital assets.

Prior to joining Dentons in 2021, David represented a diverse array of clients in numerous high-stakes proceedings, including:

• Persuaded the SEC to drop an intensive investigation of a public company’s revenue recognition practices.
• Represented a large regional bank in an SEC inquiry concerning its mortgage loan repurchase reserve. The SEC took no action against David’s client.
• Represented a global technology company in an SEC investigation of its revenue recognition practices. The SEC took no action against David’s client.
• Negotiated a global settlement terminating five separate SEC investigations of the New York Stock Exchange. No individuals were charged, and no intentional wrongdoing was alleged.
• Achieved favorable settlements with the SEC for two broker-dealers limited to alleged books-and-records violations.
• Defended a board member, a senior executive and a senior portfolio manager of a large hedge fund in separate SEC insider trading investigations. No charges were brought against any of Mr. Kornblau’s clients.
• Handled a novel and cost-effective settlement of an emergency SEC administrative action against a public company to deregister its stock based on its failure to file quarterly and annual reports. The settlement, achieved in eight days, allowed trading of the company’s stock to resume immediately and relieved the company of any obligation to cure its past filing deficiencies.
• Achieved a favorable settlement for the New York Stock Exchange in a widely reported SEC action involving the exchange’s dissemination of market data. No fraud or intentional wrongdoing was alleged, and no individuals were charged.
• Significantly reduced the severity of SEC sanctions against two asset managers accused of breaching their fiduciary duties.
• Defended swaps traders in a CFTC investigation of potential manipulation of an interest-rate benchmark. No charges filed.
• Represented FX traders in the global investigations of possible manipulation of foreign currency exchange markets. No charges filed.
• Represented a major investment bank in CFTC, SEC, and CBOE inquiries arising from the "flash crash" on May 6, 2010. The SEC took no action against our client.
• Conducted an internal investigation on behalf of a financial services firm into an alleged retaliatory discharge by its chief compliance officer.
• Represented a head subprime mortgage trader and other mortgage trading desk employees of several major investment banks in investigations by the SEC, the U.S. Attorney’s Office for the Northern District of California, the New York Attorney General’s Office, and the Nevada Attorney General’s Office. No charges brought.
• Defended Merrill Lynch in dozens of investigations concerning, for example, subprime mortgage securities, auction rate securities, information barriers, institutional sales and trading, retail brokerage, pension consulting services, research analysts, mutual funds, municipal securities, and Treasury securities.