Loren Schechter is the head of the firm's broker-dealer practice. He concentrates his practice on securities regulatory counseling and litigation matters. He has represented broker-dealers and individuals in investigations before federal and state prosecutors as well as securities and commodity futures and insurance regulators. He has extensive litigation experience in state and federal courts as well as numerous arbitration panels. He also has broad experience in related employment law matters.
In 2013, Mr. Schechter was honored by the Compliance & Legal (C&L) Society of the Securities Industry and Financial Markets Association (SIFMA) with its Alfred J. Rauschman Memorial Award. The award is given to an individual who, over the course of his or her career, has contributed to the compliance and legal communities; fostered open communications among industry practitioners to share best practices; promoted dialogue and communications with regulators; and dedicated his or her career to the financial services industry.
Mr. Schechter's professional background extends over 45 years, from the New York Stock Exchange to deputy general counsel and general counsel of two broker-dealer and investment banking firms, including 10 years as general counsel of Prudential Securities Group, Inc.
A past president of the Compliance & Legal Division of the Securities Industry Association (now the Securities Industry and Financial Markets Association), Mr. Schechter is a 1967 graduate of the New York University School of Law.
Areas of Practice
- Broker-Dealer Representation
- Securities Regulation and Litigation
- Employment Law
- Represented numerous companies and individuals in more than 1,000 arbitrations related to alleged violations of securities laws and regulations as well as commercial disputes in a wide array of forums, including the American Arbitration Association, FINRA, the NASD, the NYSE and the International Chamber of Commerce.
- Defended companies accused of securities fraud, consumer fraud and corporate governance violations in more than 100 class actions.
- Represented numerous employers involved in disputes with current and former executives regarding various provisions of employment agreements, including non-compete and executive compensation issues.
- Represented both corporations and executives who were subject to investigation by the U.S. Attorney's Office or the Department of Justice in matters involving alleged white-collar crimes.
- Designed and implemented legal and regulatory compliance programs for broker-dealers and investment advisers.
- Provided extensive corporate legal counseling to numerous companies concerning their corporate governance and securities disclosure responsibilities, addressing '33 and '34 Act issues as well as those under Sarbanes-Oxley.
- Advised companies on crisis management issues in order to minimize negative legal and public relations consequences resulting from crisis situations. Provided day-to-day counseling for executives and guidance born from experience on how to keep an organization focused and moving forward during crisis.
- Acted as counsel for broker-dealers with respect to mergers, acquisitions and spin-offs.
- Defended numerous corporate clients in litigation involving alleged securities fraud.
- New York
- U.S. District Court for the Southern District of New York
- U.S. District Court for the Eastern District of New York
- New York University School of Law, LL.B., 1967
- City College of New York, B.A., 1962
- SIFMA (formerly the Securities Industry Association)
- Law & Compliance Division
- Bar of New York
Honors / Awards
- Awarded the Alfred J. Rauschman Memorial Award by the Compliance & Legal (C&L) Society of the Securities Industry and Financial Markets Association (SIFMA), 2013
- Co-author, "SEC Targets Investment Adviser Community," Duane Morris Alert, November 12, 2013
- Co-author, "FINRA Adopts Regulations Requiring Notice of Participation in Private Placements," Duane Morris Alert, September 19, 2012
- Co-author, "Dodd-Frank Act Update: SEC Proposes Rules Applicable to Investment Advisers," Duane Morris Alert, December 6, 2010
- Co-author, "Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010: Congress Enacts Sweeping Financial Reform," Duane Morris Alert, August 24, 2010
- Co-author, "U.S. Financial Reform: Creation of the Consumer Financial Protection Bureau," Duane Morris Alert, August 24, 2010