A recap on the first year of Securities Enforcement under Trump 2.0

1. Changes in the SEC’s Enforcement Priorities and its Enforcement Results

• Explore the types of cases the Commission prioritized and de-prioritized
• Understand whether the enforcement footprint changed under the second Trump administration
• Predict what to expect in the remaining 3 years of the Trump term

2. FINRA Enforcement and Regulatory Trends.  In this segment, we will:

• Explore trends in FINRA disciplinary actions, including covering any notable settlements and litigated matters.
• Unpack the “FINRA Forward” self-improvement initiative, including a potential move toward deregulation.
• Examine FINRA’s future as a private regulator in the face of legal challenges and changing government priorities. 

3. An Update on State Securities Enforcement in 2025

 Speakers:

Emmet Ong, Partner, BCLP

Emmet Ong is an experienced trial attorney with deep expertise in government and regulatory investigations, enforcement actions, and complex litigation. He previously served as an Assistant U.S. Attorney in the Northern District of California, where he led and supervised numerous fraud investigations under the False Claims Act. During his tenure, Emmet held leadership roles as Deputy Civil Chief and Civil Health Care Fraud Coordinator, working closely with federal agencies on both civil and criminal enforcement matters.

Before joining the government, Emmet served as Principal Counsel in FINRA’s Department of Enforcement, overseeing securities investigations and enforcement actions. Earlier in his career, he spent nearly a decade at Davis Polk & Wardwell, defending major financial institutions in high-stakes disputes. Emmet’s prior experience as an investment banker at a bulge-bracket firm provides him with unique insight into securities and financial services investigations and litigation.

Josh Hess, Partner, BCLP

Josh Hess is a seasoned litigator with over 15 years of experience in SEC and government investigations, white collar criminal defense, and complex commercial litigation.

He has a wealth of experience from his six-year career as an enforcement attorney at the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). During part of his tenure with the SEC, Josh served in the Office of Chief Counsel, where he worked directly with senior leaders and enforcement staff nationwide. 

In private practice, Josh specializes in government investigations and financial services disputes including:

• SEC, CFTC, and state regulatory investigations
• Securities and shareholder litigation, including disputes in federal and state court and FINRA arbitration
• Private-fund disputes
• Complex commercial litigation
• White collar criminal defense

Josh also clerked for the Hon. Raymond Kethledge on the U.S. Sixth Circuit Court of Appeals and the Hon. Amul Thapar on the U.S. District Court for the Eastern District of Kentucky. 

Lindsay Aggarwal, Partner BCLP

Lindsay Aggarwal focuses her practice on Broker-Dealers, Investment Advisers and individual securities industry professionals. She routinely represents firms and individuals in litigation, FINRA arbitrations and in SEC, FINRA and state regulatory investigations. Lindsay has significant experience with FINRA arbitrations, including customer-initiated cases and industry proceedings. She has successfully represented Broker-Dealers in cases relating to defamation, alleged unsuitability of investments, discretionary trading without authorization and promissory note collection, among others.

Lindsay also has an extensive complex litigation practice. She regularly assists clients with property tax issues and contractual disputes. She has significant experience representing clients in the telecommunications industry relating to tax classification and treatment.

In 2024, Lindsay launched BCLP’s Parental Leave Coaching Program, a first-of-its-kind initiative in law firms that provides one-on-one coaching and support during parental leave transitions.

Please note that BCLP will seek accreditation for this masterclass; the CLE credit is pending until the relevant MCLE agency approves the course.