Biography
For over 30 years, Chicago-based attorney Doug Hyman has represented investors, financial advisors, broker-dealers and registered investment advisors (RIAs) nationwide in various types of FINRA- and SEC-related securities law matters in the context of arbitrations, state/federal courts and regulatory inquires, as well as general counseling on matters impacting the financial services and wealth management industries.
His practice focuses on representing clients in the following types of matters:
- Arbitrations before FINRA, AAA, JAMS, other forums and in courts nationwide.
- Claims of misconduct by financial firms and professionals resulting in investment losses or other harm. These claims typically stem from allegations that the investment recommendations were unsuitable or that there was a breach of fiduciary duty, but they can also be the result of alleged churning, unauthorized trading, fraud, elder abuse, overconcentration, the use of complex products such as annuities, and failure to supervise.
- Claims of fraud relating to private placements or other investments, which in many cases are the result of Ponzi schemes.
- Advise clients on SEC examinations and responding to deficiency letters, and on SEC investigations related to the financial services industry.
- Employment matters specific to the financial services industry, including defamation, wrongful termination, and other claims relating to Form U4/U5 disclosures.
- Expungement of CRD, Form U4/U5 and BrokerCheck disclosures relating to customer complaints and terminations.
- Transitioning from one firm to another (both protocol and non-protocol).
- FINRA, SEC, state and other types of regulatory and enforcement matters.
- CFP Board enforcement matters.
- Complex investment products such as variable annuities, leveraged ETFs and structured products.
- Post-employment matters including obligations relating to non competes, nonsolicits, and promissory notes
Doug’s experience is derived from a wide variety of past experiences:
- As a senior attorney in the SEC’s Division of Enforcement, he led investigations involving insider trading, market manipulation, procedural and supervisory deficiencies in broker-dealers, disclosure issues, Ponzi schemes and prime bank frauds, and other matters relating to the securities laws.
- As a vice president in the Wealth Management Division of Morgan Stanley’s Legal and Compliance Division, he represented the firm and its registered representatives in claims/arbitrations filed by clients alleging investment losses; claims/arbitrations relating to employment matters such as promissory notes and Form U4/U5 disclosures; internal investigations of registered representatives for potential violations of firm policies and industry rules; advising on complex investment products such as annuities and structured products, and responding to customer complaints.
- As a financial advisor at UBS Financial Services, he held the Series 7 and 66 licenses and gained valuable business experience in the financial services industry advising high net worth individuals, corporations, trusts and fiduciaries.
- As a special assistant U.S. attorney, he assisted in the prosecution of the largest insider trading case in the history of the District of Minnesota.
- While at the global law firm DLA Piper, he focused on representing brokerage firms, corporate clients and individuals on SEC and FINRA investigations and enforcement matters, civil litigation and FINRA arbitration proceedings.
Doug is also committed to serving his profession and community. In addition to his previous role as Treasurer, Doug has served for many years on the Board of Directors for the Association of Securities and Exchange Commission Alumni Association, a non-profit headquartered in Washington D.C. that provides scholarships to law students and SEC staff.
He has also supported non-profits in his home of Oak Park, Illinois. For many years, he served as Treasurer for Oak Park’s children’s museum, known locally as Wonder Works, and as a Board member for the Oak Park Education Foundation.
