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Susan Light

Partner
susan.light@kattenlaw.com
New York Office
p+1.212.940.8599
f+1.212.940.8776
Overview

Susan Light focuses her practice on financial services regulatory matters. She counsels broker-dealers, hedge funds, investment banks and financial services clients on enforcement issues involving the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), other self-regulatory organizations (SROs) and state and federal regulatory authorities. She has particular experience related to sales practice issues, financial and operational issues, anti-money laundering, crowdfunding, cybersecurity, and cryptocurrencies.

Previously, Sue was a senior vice president and chief counsel of Enforcement for FINRA, where she supervised all aspects of regulatory investigations, negotiations, settlements and disciplinary hearings concerning a wide variety of FINRA rules and federal securities laws. Prior to its merger with FINRA, she served in a similar role with NYSE Regulation, Inc. and helped lead the integration of the two enforcement departments. Earlier, Sue was a trial attorney in the Office of the District Attorney for Bronx County, New York.

Sue is a frequent speaker on regulatory and compliance topics for broker-dealer and securities conferences. She also advises several professional journals on securities industry topics.

Shown below is a selection of Susan’s engagements.

Experience
  • While at FINRA:
    • Partner with SEC Enforcement on dozens of global settlements involving microcap fraud, subprime, mutual fund revenue sharing, fee-based compensation, prearranged trading, and reverse convertibles.
    • Partner with US Attorneys’ offices on investigations and prosecutions involving subprime fraud, specialist interpositioning and Ponzi schemes.
    • Partner with state financial regulators such as New York, New Jersey, Massachusetts, Connecticut, Arizona, Alabama, North Carolina, Kentucky and NASAA on investigations into sales practice abuses, after-hours trading and mutual fund market timing.
    • Partner with the Municipal Securities Rulemaking Board (MSRB) on investigations involving minimum denomination transactions, political contributions, bribery and municipal short positions.
    • Partner with the IRS on investigations into improper tax dividends granted to offshore clients through complex stock loan and swap transactions, inaccurate allocation of partnership profits, and issuance of false W-2s.
    • Lead FINRA enforcement actions in large fine settlements and high-profile disciplinary actions concerning net capital, customer protection and financial reporting; fraud, anti-money laundering and the Bank Secrecy Act; prospectus delivery and reporting; subprime assets; complex products such as leveraged ETFs, reverse convertibles and Puerto Rico bonds; trading-ahead violations; supervision of consolidated reports; and minimum contingency offerings, private placements and research reports.
    • Management of FINRA Enforcement sales practice investigations, litigations and appeals performed under contract for NYSE, Nasdaq, Cboe and other Exchanges.
    • Partner with foreign regulators on cross-national Ponzi schemes and instructed other foreign regulators on implementing a securities regulation enforcement program.

Recognition

Department of Justice Recognition of Appreciation

Department of Justice Recognition of Appreciation, 2015

US Department of Defense Patriot Award

US Department of Defense Patriot Award, 2003

YWCA Women of the Year Award

YWCA Women of the Year Award, 2002
Articles
2017
Editor, Assessing Cybersecurity Risks and Practices in the Broker-Dealer Industry
2017
Editor, Distributed Ledger Technology: Implications of Blockchain for the Securities Industry
2008
Co-author, Dirty Money and Bad Luck: Money Laundering in the Brokerage Context, University of Virginia Law Review
Presentations
2018
Westchester NY Bar Association
2017
American Bar Association
2017
American Conference Institute
2017
RegEd Risk & Compliance Conference
2016
ACA Compliance Conference
2016
Broker Dealer Compliance Roundtable
2016
RegEd Risk & Compliance Conference
2015
SIFMA Conference on FINRA Hearings
2015
New York Certified Fraud Examiners Conference
2015
RegEd Risk & Compliance Conference
2015
Institutional Investors Roundtable
2015
FINRA Fixed Income Industry Conference
2014
RegEd Risk & Compliance Conference
2013
Pan- American Securities Finance Forum
2013
ALI ABA Independent Broker Dealer Legal & Compliance Forum
2013
Beneficial Owners International Securities Lending Conference
2012
ALI ABA Independent Broker Dealer Legal & Compliance Forum
2012
Beneficial Owners International Securities Lending Conference
2012
FINRA Advertising Regulation Industry Conference
2011
Beneficial Owners International Securities Lending Conference
2011
PLI Broker Dealer Regulation
Susan  Light

Education

  • JD, Boston University School of Law
  • LLM, New York University School of Law
  • BA, University of Michigan, with high honors

Bar Admissions

  • New York

Court Admissions

  • US Supreme Court
  • US District Court, Southern District of New York
  • US District Court, Eastern District of New York

Recognition

Department of Justice Recognition of Appreciation

2015

US Department of Defense Patriot Award

2003

YWCA Women of the Year Award

2002
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Memberships

  • Journal of Securities Operations & Custody, Advisory Board Member
  • Journal of Financial Compliance, Editorial Board
  • Securities Industry and Financial Markets Association
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