David has a rare talent for distilling complex legal issues down into a clear and calming strategy. He is a brilliant advocate.
—CEO and CCO of SEC-regulated entity

David Oliwenstein, formerly with the SEC’s Division of Enforcement, leads Pillsbury’s Securities Enforcement practice. David advises clients on complex investigations, regulatory and criminal enforcement of the securities laws, and securities litigation.

Both in private practice and during his tenure at the SEC, David has handled matters involving insider trading, cybersecurity, digital assets, accounting misconduct, market manipulation, algorithmic trading, disclosure issues, ESG, recordkeeping requirements and offering frauds. In his final role at the SEC, David served as senior counsel in the Market Abuse Unit, the inaugural unit responsible for investigating cyber- and digital-asset-related misconduct. David’s broad client base includes public companies, broker-dealers, investment advisers, digital asset issuers and exchanges, as well as corporate executives and other individuals.

David handles securities matters at all phases. In addition to representing clients in investigations, as well as criminal and civil litigation, David works proactively with companies to design compliance programs and to develop and implement policies, procedures and controls, all with an eye toward preventing potential violations of law.

Representative Experience

  • Represents public companies, broker-dealers, investment advisers, as well as other entities and individuals in government investigations regarding insider trading, digital asset matters, cybersecurity, accounting issues, and other securities and regulatory matters. 
  • As senior counsel in the SEC’s Enforcement Division, investigated sophisticated insider trading schemes, complex market manipulation cases and market structure violations, and litigated accounting cases, insider trading actions and broker-dealer matters in federal district court, and SEC administrative proceedings.
  • Advises public companies and regulated entities regarding the development and implementation of policies, procedures and compliance programs designed to ensure compliance with the securities laws.

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  • Private Practice Experience
    • Represented executive in SEC investigation of digital asset platform; convinced SEC leadership to decline to bring enforcement action.
    • Represented various issuers in connection with SEC’s “SolarWinds” sweep regarding potential cybersecurity violations.
    • Represented educational institution and senior executives in CFTC investigation regarding alleged insider trading in connection with COVID-19 pandemic.
    • Led internal investigation for SEC regulated entity in response to approximately 50 distinct allegations of fraud and related misconduct; represented Special Litigation Committee in related derivative action.
    • Represented individual in parallel DOJ and SEC investigations regarding insider trading; obtained non-custodial sentence for client significantly below guidelines range.
    • Represented entity in connection with government investigations regarding alleged insider trading by members of the U.S. Congress.
    • Represented a global financial institution in cross-border sanctions investigation conducted by DOJ, OFAC, Federal Reserve, and state criminal and regulatory authorities.
    • Represented hedge fund and its founder in SEC investigation regarding insider trading.
    • Defended public company against shareholder securities fraud claims relating to alleged accounting fraud and represented the company and senior executives in parallel SEC investigation; SEC declined to bring enforcement action.
    • Represented publicly traded environmental company in SEC and DOJ investigations regarding accounting issues; enforcement authorities declined to charge client.
    • Represented chief medical officer of publicly traded pharmaceutical company in SEC investigation concerning disclosures regarding clinical trials.
    • Represented public company CFO in SEC investigation, securities class action and derivative litigation regarding alleged disclosure failures.
    • Represented publicly traded entertainment company in SEC investigation regarding revenue recognition practices.
    • Represented publicly traded cybersecurity company in SEC investigation regarding revenue recognition practices and internal accounting controls.
    • Represented founder and CEO of tech company in connection with SEC investigation of alleged offering fraud; SEC declined to charge client.
    • Conducted internal investigation on behalf of international payment processing company in response to allegations of insider trading, money laundering and bribery.
    • Provided guidance to the Japanese Financial Services Agency (FSA) regarding how to appropriately regulate the trading of stablecoins under Japan’s amended Payment Services Act.
    • Advise publicly traded technology company (focused on artificial intelligence) regarding market manipulation considerations.
    • Represent the New York Stock Exchange in appellate litigation concerning the SEC’s Consolidated Audit Trail.
    • Represented securities self-regulatory organizations in SEC administrative proceedings.
    • Conducted internal investigation for SEC regulated entity concerning recordkeeping practices.
    • Assists investment advisers and broker-dealers with developing compliance programs and developing policies, procedures, systems and controls to ensure compliance with the securities laws.
    • Regularly advise broker-dealers and registered investment advisers in connection with SEC and FINRA examinations.
    • Conduct trainings for public companies and SEC regulated entities regarding insider trading, anti-money laundering, recordkeeping requirements, and other compliance matters.
    • Assists various trade associations and their constituent public company members in connection with SEC cybersecurity rules.
    • Advises issuers in connection with FCPA and anti-corruption compliance programs.
    • Represents public companies in connection with SEC FOIA proceedings.
    • Advises public companies regarding disclosures concerning SEC enforcement priorities, including cybersecurity and ESG matters.
    • Advocates to SEC staff on behalf of various digital asset market participants and advises digital asset platforms and issuers regarding securities law matters.
    • Represented issuer in FINRA arbitration alleging breach of contract and various commercial tort claims.
    • Advises companies regarding contractual limitations of liability for damages resulting from cyber breaches.
    • Represented trade association in connection with litigation matters concerning consumer legal funding.
    • Regularly handles contract and commercial tort claims on behalf of financial institutions, public companies and regulated entities.
  • Government Experience
    • Led investigation of major broker-dealer’s market making desk regarding algorithmic order routing, dark pool liquidity, and misrepresentations and omissions.
    • Brought insider trading enforcement action against former director of major accounting and auditing firm.
    • Investigated potential cybersecurity violations at various issuers and regulated entities.
    • Investigated and led litigation against biopharmaceutical executives for insider trading.
    • Investigated broker-dealer for antifraud and supervisory violations relating to customer sales practices, resulting in enforcement actions against the broker-dealer and five individuals.
    • Investigation of accounting issues at major defense contractor, which led to enforcement actions against the company and two executives.
    • Extensive experience collaborating with federal and state criminal and regulatory authorities including DOJ, FBI, DHS, CFTC, the New York Attorney General’s Office and FINRA.

Professional Highlights

  • Recognized by Best Lawyers: Ones to Watch (published by BL Rankings LLC) for Criminal Defense: White-Collar (2023 – 2025)
  • Received Directors’ Awards from co-directors of SEC Enforcement Division (2017 and 2018)
  • Awarded the Legal Aid Society’s Pro Bono Publico Award (2010 and 2015)
  • Finalist for the Chairman’s Award for Serving the Interests of Main Street Investors (2019)

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  • Federal Bar Council (Secretary of the Public Service Committee, 2012 – 2014; Program Coordinator, Annual Trial Advocacy Training for Pro Bono Counsel, 2014; Co-chair, Annual Judges Reception, 2014)
  • Berkshire Hills Eisenberg Camp (Board of Directors, 2012 – 2017, 2024 – Present)
  • Blog Posts
  • Speaking Engagements
    • “In the ‘Shadow’ of Panuwat: SEC Insider Trading Unit Alumni Discuss Compliance Considerations Following Successful Shadow Trading Enforcement Action,” Practicing Law Institute webinar, June 11, 2024. Panelist.
    • “Implications of New Securities and Exchange Cybersecurity Reporting Requirements, and What That May Mean for the CIO/CISO," Edison Electric Institute Security & Technology EAC Meeting, November 30, 2023. Panelist.
    • “How Not to Get Run over by New Security Regulations,” Cybersecurity for Broadcasters Retreat, October 26, 2023. Panelist.
    • “Government Enforcement Defense Coordination in Relation to Cryptocurrency Investigations,” ABA International Law Section Asia/Pacific Conference, Seoul, South Korea, October 12, 2023. Panelist.
    • “Applying a Compliance Framework: New York DFS Cyber Requirements and How It Relates to Other Industries,” Ankura and the Johns Hopkins University Information Security Institute 9th Annual Cybersecurity Conference for Executives, Baltimore, MD, April 18, 2023. Panelist.
    • ESG Frameworks,” IIB Bank Talk Podcast, March 16, 2023. Panelist.
    • SEC as Cyber Cop,” Practicing Law Institute webinar, March 16, 2023. Panelist.
    • The SEC from A to Z,” Pillsbury webinar, December 14, 2021. Panelist.
    • Basics of Accounting for Lawyers: Update on Regulatory and Enforcement Trends,” Practicing Law Institute webinar, May 13, 2021. Panelist.
    • “Anti-Corruption and Anti-Money Laundering in the Time of COVID-19,” Pillsbury webinar, May 21, 2020. Panelist.
  • External Publications

    • Navigating the SEC’s New Cybersecurity Disclosure Regime,” The Review of Securities & Commodities Regulation, Authors: Brian Finch, David Oliwenstein and Sarah Madigan, 02/21/2024
    • Despite Recent Adverse Rulings, Shareholder Activism Continues,” Daily Journal, Authors: Kimberly Jaimez, David Oliwenstein and Jordan Rhodes, 05/27/2022
    • Prudent M&A Due Diligence Includes Political Law Compliance, Law360 Expert Analysis, Authors: Emily B. Erlingsson, Nicole Steinberg, David Oliwenstein, 11/02/2022
    • Data as Sword and Shield: Big Data in Consumer Finance & Securities, Henry Stewart Production, Authors: David Oliwenstein, Brian H. Montgomery, 09/12/2022
  • Firm Publications
    • The SEC’s Fast-Approaching Cybersecurity Overhaul for Public Companies and Regulated Entities, Authors: Brian E. Finch, David Oliwenstein, Sarah M. Madigan, 02/03/2023
    • SEC Enforcement: 2022 Year in Review, Authors: Bruce A. Ericson, Lee Brand, Ari M. Berman, David Oliwenstein, Eugenie Dubin, 01/27/2023
    • How Are Digital Assets Regulated in the United States and Elsewhere?, Authors: David Oliwenstein, Richard P. Donoghue, Eleanor Furlong, Adam Goldberg, 01/17/2023
    • SEC Adopts Broad Amendments to Rule 10b5-1 Protections and Section 16(a) Reporting, Authors: Robert B. Robbins, Daniel N. Budofsky, Stephen B. Amdur, David Oliwenstein, Charlie Guinn, Eugenie Dubin, 01/04/2023
    • SEC’s Heightened Scrutiny of Rule 10b5-1 Plans and Final Rulemaking Focus Is on Insiders Rather than Issuers, Authors: Robert B. Robbins, Daniel N. Budofsky, Stephen B. Amdur, David Oliwenstein, Charlie Guinn, Eugenie Dubin, Adam Goldberg, 01/04/2023
    • Congressional and Government Investigations in 2023: What to Expect from the New Congress, Authors: Elizabeth Vella Moeller, David Oliwenstein, Patrick Hovakimian, Lauren N. Smith, Johnna Purcell, Richard P. Donoghue, 11/18/2022
    • SEC Releases Proposed Rules Targeting SPACs, Shell Companies and De-SPAC Transactions, Authors: Bruce A. Ericson, Robert B. Robbins, Stephen B. Amdur, David Oliwenstein, Stephen C. Ashley, Charlie Guinn, Mackenzie Pantoja, Eugenie Dubin, 04/15/2022
    • Twelve Hours to Get It Right: The SEC Intensifies Its Focus on Cybersecurity, Authors: Brian E. Finch, Ari M. Berman, David Oliwenstein, Eremi M. Amabebe, 03/29/2022
    • SEC Proposes Broad Amendments to Longstanding Rule 10b5-1 Protections, Authors: Bruce A. Ericson, Robert B. Robbins, David Oliwenstein, Eugenie Dubin, 12/28/2021
    • Unpacking the Government’s Cryptocurrency Regulatory and Enforcement Agenda, Authors: Daniel N. Budofsky, Ari M. Berman, David Oliwenstein, Max A. Winograd, Kimberly D. Jaimez, Rebecca A. Friedemann, 11/30/2021
    • Navigating the Landscape of ESG-Related Shareholder Litigation, Authors: Bruce A. Ericson, Ari M. Berman, Roland C. Reimers, David Oliwenstein, Kimberly D. Jaimez, 10/29/2021
    • Gensler SEC Expands Scope of Insider Trading Enforcement, Authors: Bruce A. Ericson, Ari M. Berman, David Oliwenstein, David E. Taylor, 08/26/2021
    • The Beginning of the SPAC Enforcement Wave: SEC Makes Example of SPAC for Spacing Out on Diligence, Authors: Bruce A. Ericson, Stephen B. Amdur, Lee Brand, Ari M. Berman, David Oliwenstein, 07/16/2021
    • DOJ Continues Targeting of Corruption Through AML Laws and Alternate Statutes – Lessons for Compliance and Due Diligence, Authors: Aaron R. Hutman, Roya Motazedi, David Oliwenstein, Toochi L. Ngwangwa, David C. Grossman, 07/13/2021
    • Navigating Uncertain ESG-Related Risks at the SEC, Authors: Ari M. Berman, Roland C. Reimers, David Oliwenstein, 07/06/2021
    • SEC Takes Aim at SPACs, Authors: Bruce A. Ericson, Stephen B. Amdur, Ari M. Berman, David Oliwenstein, 04/16/2021
    • Congressional and Government Investigations in 2021: What to Expect from the Biden-Harris Administration and How to Prepare, Authors: Elizabeth Vella Moeller, Craig J. Saperstein, Katherine T. Danial, Nicole Steinberg, David Oliwenstein, 01/27/2021
    • Biden Administration Faces Last-Ditch Efforts by the Trump Administration to Curb the Digital Assets Industry, Authors: Daniel N. Budofsky, David Oliwenstein, Cassie Lentchner, Stephanie T. Rosenberg, 01/22/2021
    • Financial Services Regulation in a Biden Administration: Personnel Is Policy, Authors: Craig J. Saperstein, David Oliwenstein, Cassie Lentchner, 12/09/2020
    • SEC Enforcement Priorities: COVID-19 and Beyond, Authors: Ari M. Berman, David Oliwenstein, Daryl Lian Kleiman, 10/27/2020
    • Cybersecurity Preparedness and the Growing Importance of Operational Resiliency, Authors: Brian E. Finch, David Oliwenstein, Cassie Lentchner, 08/17/2020
    • The Supreme Court’s Decision in Liu and Insider Trading Enforcement, Authors: Mark R. Hellerer, Ari M. Berman, David Oliwenstein, 07/09/2020
    • COVID-19, Corruption and Money Laundering – Managing Risk and Avoiding the Coming Wave of Enforcement, Authors: Aaron R. Hutman, Jenny (Jia) Sheng, David Oliwenstein, 05/11/2020
    • SEC Enforcement and COVID-19, Authors: Mark R. Hellerer, Ari M. Berman, David Oliwenstein, 04/01/2020
    • Private Funds Litigation/Regulatory Year in Review and 2020 Outlook, Authors: Stephen B. Amdur, Ari M. Berman, David Oliwenstein, 02/18/2020

Education

  • J.D., Harvard Law School, 2008
    Executive Editor, Civil Rights-Civil Liberties Law Review, Ames Moot Court Competition Winner and Co-Author, Best Brief

    B.S., Cornell University, 2005
    with distinction

Admissions

  • New York

Courts

  • U.S. District Court for the Southern District of New York

    U.S. District Court for the Eastern District of New York

    U.S. District Court for the District of Colorado

    U.S. Court of Appeals for the Second Circuit

    U.S. Court of Appeals for the Eleventh Circuit