Terence Healy

Terence Healy represents clients in their most sensitive matters before the United States government.  He is the Chair of the Securities Enforcement Practice and Co-Chair of the Private Funds Practice at the firm.  Terence regularly defends public companies, hedge funds, private fund advisers, and individual officers and directors in matters against the Securities and Exchange Commission (SEC), Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC), and other regulators.  He has represented some of the leading figures in industry—including Tesla founder Elon Musk and Papa John’s founder John Schnatter, and Nikola founder Trevor Milton—in matters gaining national media attention. His practice focuses on three primary areas: White Collar and Securities Enforcement, Internal Investigations and Corporate Governance, and Complex Litigation.

White Collar and Securities Enforcement

Terence routinely represents financial institutions and individuals in both civil and criminal enforcement proceedings. He personally represented Tesla founder Elon Musk before the SEC in its “taking private” investigation and is currently defending Nikola founder Trevor Milton in parallel criminal and civil actions alleging securities and wire fraud in the Southern District of New York. Terence has successfully defended companies and individuals in formal investigations and litigated proceedings, often securing favorable resolutions without charges being brought—even after the issuance of a formal Wells notice or its equivalent.  He has a detailed understanding of the challenges facing public companies and financial firms in a changing regulatory environment and has extensive experience in the areas of financial reporting and in issues affecting the private funds industry.

Prior to re-entering private practice, Terence was Senior Assistant Chief Litigation Counsel for the SEC Division of Enforcement. In that role, he oversaw SEC investigations and prosecuted violations of federal securities laws in cases related to financial fraud, insider trading, the Foreign Corrupt Practices Act (FCPA), structured products, and other issues. He also supervised a team of seven first-chair SEC trial lawyers. Prior to re-entering private practice, Terence was Senior Assistant Chief Litigation Counsel for the SEC Division of Enforcement. In that role, he oversaw SEC investigations and prosecuted violations of federal securities laws in cases related to financial fraud, insider trading, structured products, and other issues. He also supervised a team of seven first-chair SEC trial lawyers.

Securities Enforcement Docket named Terence to its “Enforcement 40” as one of the country’s top attorneys in the field.  

Internal Investigations and Corporate Governance

Terence has led internal investigations on behalf of public companies, audit committees, special committees, private fund managers, family offices, and financial institutions.  He has extensive experience in managing large investigative teams, securing and gathering relevant information, and leading clients through the challenges that flow from the discovery of institutional misconduct.  He believes effective internal investigations should have a clearly defined scope with agreed to procedures, anticipated timeline, and budget. Terence counsels clients on issues such as fiduciary duties in conducting investigations, public disclosure and financial reporting obligations, and communicating with various outside interested parties.

Complex Litigation

For more than two decades, Terence has represented clients in complex disputes before trial and appellate courts throughout the country. He is a seasoned trial lawyer and has been lead counsel in numerous complex matters tried to verdict, including multidistrict proceedings.  Some of his notable results include securing dismissal of claims against numerous officers and directors in securities class actions; obtaining summary dismissal of claims against a private fund manager and its principal following a two month trial of an SEC enforcement proceeding; securing a defense verdict for the lead defendant in a four month federal trial concerning a mass tort; securing a favorable verdict on all claims following a three month federal trial alleging financial fraud at a public company; and briefing and arguing a certified appeal to a state supreme court, leading to the dismissal of a $500 million claim against his client and the issuance of a precedential decision from a federal court of appeals which was later cited by the Supreme Court of United States.  In each of these matters, Terence was the first-chair lead trial attorney.

Private Funds Practice

Terence is the co-head of the Private Funds Practice at the firm and has extensive experience counseling investment advisers and private fund managers in regulatory and enforcement matters affecting their firms.  Our Private Funds Practice brings together subject matter experts in the areas of fund formation, compliance, tax, structuring, and securities.  Our attorneys have more than 30 years of experience working with the asset management industry and help fund managers work through both the regulatory and business issues they face. The strength of our practice lies in our judgment and in a knowledge of the private funds industry gained over decades of experience.

• Representation of Nikola founder Trevor Milton as trial counsel in parallel criminal and civil actions alleging wire fraud and securities fraud in the Southern District of New York
• Representation of Tesla founder Elon Musk in SEC investigation into public statements concerning taking the company private
• Representation of a global medical device manufacturer in DOJ investigation into alleged violations of the Anti-Kickback Statute
• Representation of a large institutional broker in NYSE investigation into alleged manipulative options trading
• Representation of the audit committee of a public company in an internal investigation into alleged dissipation of corporate assets
• Representation of a major financial institution in a CFTC investigation into alleged manipulation of a benchmark financial index
• Representation of a special committee of the board of directors of a public company in an internal investigation into material misstatements in the company's public filings
• Representation of a private fund advisor and its principal in an SEC investigation into alleged offering fraud and misappropriation of investor funds
• Representation of a large foreign bank in an internal investigation and multiple domestic and foreign regulatory investigations into alleged manipulative options trading across various exchanges
• Representation of the audit committee of an insurance company in an internal investigation into alleged misuse and conversion of the company’s reserve base capital
• Representation of a major audit firm in an SEC investigation into alleged aiding and abetting of an offering fraud involving municipal securities
• Representation of the CFO of a public company in an SEC investigation alleging fraud in the company’s public statements and public filings
• Representation of a public company in an SEC investigation into alleged financial fraud and fraud in its material public statements
• Representation of an officer of a public company in a DOJ investigation into alleged anti-money laundering violations
• Representation of an independent director of a public company in an SEC investigation into possible insider trading in advance of a merger
• Representation of a public company in multiple FINRA investigations into possible manipulation and insider trading in advance of material public announcements
• Representation of a registered investment advisor in an SEC investigation into an alleged pay-for-play scheme involving municipal pension funds
• Representation of a registered investment advisor in SEC and private litigation alleging conversion of investor funds
• Representation of a public company in an internal investigation into a "distort and short" scheme affecting the value of the company’s securities
• Representation of a hedge fund and its adviser in an SEC investigation arising out of the Enforcement Division's Aberrational Performance Initiative
• Representation of a large family office in an internal investigation into potential insider trading in the options markets
• Representation of a major financial institution in an SEC enforcement proceeding related to the marketing and sale of a residential mortgage-backed securitization
• Representation of a major financial institution in an  SEC enforcement proceeding against the trustee of a collateralized debt obligation