For over 20 years Douglas Hyman has been representing investors, brokerage firms, registered representatives, investment advisor representatives and RIAs in various types of matters relevant to the financial services industry, both in the context of general counseling and in connection with representing clients nationwide in arbitrations and in state/federal courts. His practice focuses on representing clients in the following types of matters:
- Claims of misconduct by financial firms and professionals resulting in investment losses or other harm. These claims typically stem from allegations that the investment recommendations were unsuitable or that there was a breach of fiduciary duty, but can also be the result of alleged churning, unauthorized trading, fraud, elder abuse, overconcentration, the use of complex products such as annuities, and failure to supervise.
- Claims of fraud relating to private placements or other investments, which in many cases are the result of ponzi schemes and other types of fraud.
- Employment matters specific to the financial services industry, including defamation and other claims relating to Form U4/U5 disclosures which can impact a registered representative’s/investment advisor representative’s future employability.
- Expungement of CRD, U4/U5 and BrokerCheck disclosures relating to customer complaints and the circumstances relating to a termination.
- Transitioning from one firm to another (both Protocol and Non-Protocol).
- FINRA, SEC and State regulatory and enforcement matters.
- CFP Board enforcement matters.
- Post-employment matters including obligations relating to non-competes, non-solicits, and promissory notes.
Douglas Hyman’s experience is derived from a wide variety of past experiences:
- As a Senior Attorney in the SEC’s Division of Enforcement he led investigations involving insider trading, market manipulation, procedural and supervisory deficiencies in broker-dealers, disclosure issues, Ponzi schemes and prime bank frauds, and other matters relating to the securities laws.
- As a Vice President in the Wealth Management Division of Morgan Stanley’s Legal and Compliance Division he represented the firm and its registered representatives in claims/arbitrations filed by clients alleging investment losses; claims/arbitrations relating to employment matters such as promissory notes and Form U4/U5 disclosures; internal investigations of registered representatives for potential violations of firm policies and industry rules; advising on complex investment products such as annuities and structured products, and responding to customer complaints.
- As a Financial Advisor at UBS Financial Services he held the Series 7 and 66 licenses and gained valuable business experience in the financial services industry advising high net-worth individuals, corporations, trusts and fiduciaries.
- While at the global law firm DLA Piper, Doug focused on representing brokerage firms, corporate clients and individuals on SEC and FINRA investigations and enforcement matters, civil litigation and FINRA arbitration proceedings.
Douglas Hyman is also committed to serving his profession and community. For many years he has served as Treasurer for the Association of Securities and Exchange Commission Alumni Association, a non-profit headquartered in Washington D.C. that provides scholarships to law students and SEC staff. He also currently serves as Treasurer for Wonder Works Children’s Museum, located in his current home of Oak Park, Illinois.
- Represented broker-dealers, registered representatives, investment advisers, and individual investors in over 100 FINRA customer and industry arbitrations, many of which involved contested hearings.
- Routinely represent registered representatives in FINRA enforcement matters, most of which stem from customer and/or employment related CRD disclosures.
- Defended numerous RIAs and associated registered representatives in FINRA arbitrations involving allegations of raiding and breaches of restrictive covenants.
- Routinely provide counsel to registered representatives on firm transition matters, including counseling on the Protocol for Broker Recruiting (the “Protocol”) and on transitioning to/from firms that are not Protocol members.
- Routinely provide counsel to financial services firms and registered representatives relating to Form U4/U5 disclosures.
- Represented CEOs, CFOs and other employees of public companies in numerous SEC investigations involving allegations of false and misleading disclosures and press releases.
- Obtained six figure settlement for individual investor in securities fraud claim against a publically traded company based on alleged false and misleading press releases.
- Obtained six figure Award in CBOT arbitration on behalf of a partner in a CBOT member trading firm based on breaches of his partnership agreement.
- Represented professionals holding the Certified Financial Planner certification in disciplinary matters pending before the CFP Board.
- Routinely advise on legal risks associated with complex investment products such as variable annuities, leveraged ETFs and structured products.
- Prosecuted the largest insider trading case in the history of the District of Minnesota as a Special Assistant United States Attorney.
- Represented the Kansas Public Employees Retirement System in high profile litigation resulting in the collection of over $62 million from its investment advisors and other professionals.
- Represented national broker-dealer in numerous employment and promissory note FINRA arbitration hearings.
- Served as counsel to numerous privately held companies on various corporate governance, shareholder and employment matters.
- Represented numerous registered representatives in FINRA investigations into alleged market manipulation.