GARY A. CARLETON, PRINCIPAL
Getting a call from FINRA or SEC Enforcement telling you that your work as a securities broker is under investigation could be the worst day of your life. You have worked hard for years building your business. Now, with one wrongful allegation you can see it all swept away. But with expert counsel, it does not have to end that way.
For more than 30 years, Gary Carleton was the one conducting those investigations at FINRA and SEC and now his firm, Carleton Law PLLC, brings all that experience to bear to defend brokers and FINRA firms who find themselves in that dreaded position. With all that experience advocating for your side, you will be much better prepared to take on the regulators.
Since Gary has been working in securities regulation for more than 30 years, he will quickly assess the seriousness of the matter and begin to develop a plan to address a resolution with FINRA or the SEC. He will lay out that strategy in straightforward, understandable terms. For a detailed description of Gary’s background and qualifications, see below.
Contact Gary’s office at info@carletonlaw.net to set up an appointment. Please be sure to leave your contact information for a return call or message within 48 hours.
DETAILED BACKGROUND/PRIOR EXPERIENCE
Gary is a skilled defender of stockbrokers and brokerage firms being investigated or accused of misconduct by FINRA or the Securities and Exchange Commission. Gary’s more than 25 years as an Enforcement Senior Counsel at FINRA and his additional years as a Senior Counsel for SEC’s Division of Enforcement provides him with the insight needed to effectively defend stockbrokers and FINRA members. Gary knows from his own experience that it is critical to engage with the regulator at the earliest stages of an investigation to help avoid potentially larger consequences later.
In addition to being one of FINRA Enforcement’s most experienced former Senior Counsel, Gary also served as a FINRA Hearing Officer, presiding over many disciplinary hearings. In the process, Gary learned what is effective and what is not in defending FINRA disciplinary cases. Through his extensive discussions with hearing panelists, he realized what matters to disciplinary hearing panels in deciding cases. Gary uses that extensive experience in fervently defending his clients.
Gary began honing his negotiating and advocacy skills even before he worked at the SEC or FINRA when he served as a Senior Trial Assistant District Attorney in Brooklyn, NY. Over the years, Gary has not only prosecuted and defended cases, but has also served as a fact witness in federal and state court and served as a juror in criminal and civil cases. He personally understands trials from every perspective in the courtroom.
While at FINRA, Gary investigated and prosecuted many complex cases including some of the most significant cases brought by FINRA. These included manipulation of the Nasdaq market, trading abuses, sales practice abuses, anti-money laundering (AML), fabrication and falsification of documents, net capital violations, reporting and disclosure violations. One of the most well-known cases Gary prosecuted was of Stratton Oakmont, which led to the firm’s expulsion from the securities industry. At the SEC, he conducted investigations that led to some of the most notorious insider-trading cases, including Dennis Levine, Michael Milken, and Drexel Burnham Lambert.
Gary is admitted to the bar in New York and in Washington, DC.
Senior Counsel, Department of Enforcement
Financial Industry Regulatory Authority (FINRA) 2001 – April 2018
* Lead counsel in complex investigations, settlements and litigated cases. Gary often led investigative and litigation teams that included attorneys, investigators, paralegals, and technology experts.
* Effectively and strategically employed the latest technology in presentation of evidence at hearings.
* Mentored junior attorneys and provided instruction on trial and investigative techniques.
* Examples of cases settled or hearings conducted include: market manipulation, fraudulent trading schemes, schemes to defraud customer of funds, market timing, auction-rate securities, variable annuities, municipal trade reporting, and material omissions and misstatements in public filings.
Hearing Officer, Office of Hearing Officers
NASD Regulation, Inc. (now FINRA) 1997 – 2001
* Served as Hearing Officer for NASD formal disciplinary proceedings. Duties included managing a judicial caseload, including complex cases, from complaints through hearing and preparing the written decision.
* Mediated settlements prior to hearing.
Counsel, Department of Enforcement
NASD Regulation, Inc. (now FINRA) 1989 – 1997
* Developed and litigated complex securities fraud cases.
* Examples of cases include: market manipulation, unregistered securities, markups, penny stock abuses, net capital deficiency, parking stock, anti-money laundering (AML), and fraud in the offering.
* Represented NASD on Securities and Commodities Fraud Working Group. Also provided training on litigation skills. Cases included: Stratton Oakmont and other penny stock firms.
Senior Counsel
U.S. Securities and Exchange Commission
Division of Enforcement, Washington, DC 1986 – 1989
Developed and managed complex investigations involving potential violations of Federal securities laws. Worked extensively on cases involving insider trading, manipulation, parking stock, and books and records violations. Cases included: Dennis Levine, Michael Milken, Drexel Burnham Lambert, and Alfred Elliott.
Senior Trial Assistant District Attorney
Kings County District Attorney’s Office, Brooklyn, New York 1982 – 1986
Responsible for felony caseload from Grand Jury presentation through trial or negotiated plea. Also served as a Supervisor of Early Case Assessment Bureau. First-chaired numerous felony and misdemeanor jury trials.
Legal Intern
U.S. Department of Justice
Organized Crime and Racketeering section, Buffalo, New York 1981
Conducted legal research and assisted attorneys as needed.
EDUCATION
State University of New York at Buffalo
Buffalo Law School, Buffalo, New York
Juris Doctor (JD) 1982
Buffalo Law Review, Note and Comment Editor
Liability for Injuries to Offenders Sentenced to Community Service,
Buffalo Law Review, Vol. 30, pp. 387-404
Indiana University
College of Arts and Sciences, Bloomington, Indiana
A.B. Political Science 1979
ADMITTED TO PRACTICE
District of Columbia, 2019
New York State, 1983
U.S. District Court, S.D.N.Y, E.D.N.Y., 1983