Joseph Dever

Chair, Securities Litigation & SEC Enforcement

Joe is chair of the firm’s Securities Litigation & SEC Enforcement Practice. He is a former SEC enforcement attorney and has over 25 years of experience in private practice and government service. 

Joe defends clients in white collar government and enforcement investigations by the U.S. Securities and Exchange Commission (SEC), U.S. Department of Justice (DOJ), Financial Industry Regulatory Authority (FINRA), and state securities regulators. His clients include public companies, officers and directors, investment banks, broker-dealers, investment advisers, and securities industry professionals.  

An experienced litigator with first-chair trial experience, Joe defends clients in securities fraud cases and complex business disputes. He has tried cases in both state and federal court, including a seven-day jury trial against the SEC. He regularly defends brokerage firms and investment banks in FINRA arbitrations.

Joe’s practice also includes conducting internal investigations for public company boards, audit committees, and special committees. He has led several internal investigations involving NASDAQ public company disclosure, financial reporting, and internal controls issues. 

Prior to joining the firm, Joe spent nine years with the SEC’s division of enforcement in the New York Regional Office (2003-2012), where he held several leadership positions, including assistant regional director, branch chief, and senior counsel. Joe oversaw a wide variety of investigations involving public company accounting fraud, insider trading, market manipulation, micro-cap and penny stock fraud, Ponzi schemes, and FCPA bribery violations. He worked closely with other law enforcement agencies, including the U.S. Attorney’s Offices for the SDNY, EDNY and DNJ, the FBI, the CFTC, the NYAG’s Office, and the Manhattan DA’s Office. 

Joe earned his undergraduate degree from Georgetown University in 1990 and his law degree from Temple University Beasley School of Law, cum laude, in 1995, where he was an articles editor on the Temple Law Review. Following law school, Joe served a two-year federal clerkship with the Hon. Raymond J. Broderick, U.S. District Court for the Eastern District of Pennsylvania.

Joe has passed the FINRA Series 7 General Securities Exam and is a contributing co-author for PLI’s SEC Compliance and Enforcement Answer Book.

Experience

Government and Regulatory Investigations

  • Represented managing director of Wall Street investment bank in SEC market manipulation investigation for $1 billion convertible note offering. Filed Wells Submission that convinced SEC to drop threatened charges against client.  

  • Represented managing principal of venture capital fund in SEC investigation for alleged Investment Advisers Act pay-to-play rule violations. Filed Wells Submission that convinced SEC to drop threatened charges against client. 

  • Represented OTC public company and its CEO and CFO in SEC investigation for alleged disclosure violations in registration statement and 10-K filings. Filed Wells Submission that convinced SEC to drop threatened fraud charges and officer/director bars against clients resulting in favorable settlement for non-fraud charges. 

  • Represented principals of broker-dealer in FINRA investigation for alleged unauthorized outside business activities (OBA), private securities transactions, and “selling away” violations. Convinced FINRA to close the investigation without formal disciplinary charges resulting in informal cautionary letters.

Trials, Arbitrations and Litigation

  • Represented OTC public company and its CEO in seven-day securities fraud trial against the SEC in federal court (D. Conn.). Obtained mixed jury verdict resulting in more favorable outcome than SEC’s pretrial settlement offers.
  • Represented investment bank and its principal officer in two-week FINRA arbitration for alleged disclosure failures in private placement securities offering to high net-worth investors.  Obtained complete defense victory.
  • Represented former president and board member of OTC public company in securities fraud case in federal district court (S.D.N.Y.). Obtained dismissal of all claims at motion to dismiss stage.
  • Represented biotech hedge fund in federal district court (E.D. Pa.) shareholder derivative action alleging breach of fiduciary duty and corporate waste under Delaware law. Obtained dismissal of all claims at motion to dismiss stage.

Internal Investigations

  • Led independent internal investigation for special committee of NASDAQ medical device company resulting in findings and recommendations concerning restatement of financial results, internal controls deficiencies, and whistleblower allegations of false press releases and earnings calls.
  • Led independent internal investigation for audit committee of NASDAQ biopharma company resulting in findings and recommendations concerning restatement of financial results and internal controls deficiencies for revenue recognition of certain royalty payments.

Regulatory Inspections, Examinations and Audits

  • Represented registered broker-dealer in SEC and FINRA examinations, and prepared written responses to exam findings.

  • Represented registered investment adviser/private equity firm in SEC examinations, and prepared written responses to exam findings

Other Representative Matters

  • Represented municipal bond dealer and underwriter firm in SEC’s industry-wide municipal bond “flippers” investigation. Negotiated favorable settlement for firm and two bond traders for non-fraud charges.
  • Represented two managing directors of international investment bank in FCPA investigation by SEC and DOJ involving “sons and daughters” referral hiring practices in China and Hong Kong. No charges filed.
  • Represented micro-cap stock research firm and its analyst in SEC investigation into “scalping” and “touting” trading activity. Filed Wells Submission that convinced SEC to drop scienter fraud charges and officer/director bars resulting in favorable settlement for negligence violations.
  • Represented NASDAQ medical device company in SEC whistleblower investigation. No charges filed.
  • Represented former CFO of China subsidiary of Fortune 100 public company in FCPA investigation by SEC and DOJ. No charges filed.
  • Represented retired Big Four audit partner in SEC investigation for Reg. S-X auditor independence compliance. No charges filed.
  • Represented CEO of NASDAQ energy company in SEC revenue recognition accounting fraud investigation. No charges filed.
  • Represented managing director of Wall Street firm in SEC investigation involving 12b-1 fees and mutual fund share class practices. No charges filed.
  • Represented several former employees of Wall Street investment bank in NYAG investigation into Residential Mortgage Backed Securities (RMBS) practices. No charges filed.
  • Represented managing director of Wall Street investment bank in FINRA investigation into micro-cap stock sales and AML compliance.  No charges filed.
  • Represented municipal advisor firm in SEC investigation involving pooled municipal financing deals. No charges filed.
  • Represented bond counsel in SEC and DOJ investigation into municipal bond offerings. No charges filed.
  • Represented several municipal securities issuers in connection with SEC’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative. No charges filed.
  • Represented hedge fund and its principal in New Jersey State Bureau of Securities investigation involving misappropriation of customer funds.
  • Represented broker-dealer in FINRA arbitration involving claims for unsuitability and misrepresentation in sale of interests in business development companies (BDCs) alternative investment products. Negotiated favorable settlement where client paid no money, received full release of all claims filed against it, and recovered portion of its attorney’s fees.
  • Represented broker-dealer in two-week FINRA arbitration for unsuitability, breach of fiduciary duty, and misrepresentation in sale of private placement variable annuity products. Obtained complete defense victory and expungement of broker CRD records.
     

News

Bankman-Fried’s Legal Woes Extend Far Beyond Criminal Trial

October 10, 2023

Sarah Krissoff, a member of the firm’s White Collar Defense & Investigations group, and Joseph Dever, a member of the White Collar Defense & Investigations and Securities Litigation & SEC Enforcement groups, spoke with Bloomberg Law about the many civil and regulatory lawsuits crypto mogul Sam Bankman-Fried (SBF), who is accused of running a multibillion-dollar fraud at cryptocurrency exchange FTX, may be facing even if he beats the criminal charges.

Super Lawyers Recognizes 27 Cozen O’Connor Attorneys in New York

September 22, 2023

Thirteen attorneys were recognized as Super Lawyers and 14 were named “Rising Stars.”

21 Cozen O’Connor Attorneys Recognized as New York Super Lawyers and Rising Stars

October 03, 2022

Super Lawyers has named 21 Cozen O'Connor attorneys to its 2022 New York Metro Super Lawyers and Rising Stars lists.

Cozen O’Connor Secures FINRA Arbitration Win for Investment Bank

March 30, 2022

Cozen O’Connor securities litigators Joe Dever, Calli Padilla, and Harper Seldin recently obtained a complete defense victory in a $2.4 million FINRA securities arbitration.

In Corporate Crackdown, U.S. SEC Takes Aim at Executive Pay

October 22, 2021

Joseph Dever was quoted in an article published by Reuters that discusses how the SEC said it would revive a rule left unfinished from the 2007-09 financial crisis that would require U.S. listed companies to implement a plan to recoup executive compensation in the event they have to correct financial statements due to compliance failures.

Super Lawyers Recognizes 17 Cozen O’Connor Attorneys in New York

October 04, 2021

Super Lawyers has named 17 Cozen O’Connor attorneys to its 2021 New York Super Lawyers and Rising Stars list.

Ripple XRP is ‘unregistered security’ and here’s our suit: SEC

December 23, 2020

Joseph Dever was quoted in an article published by CoinGeek titled, "Ripple XRP is ‘unregistered security’ and here’s our suit: SEC."

Super Lawyers Recognizes 21 Cozen O’Connor Attorneys in New York

September 29, 2020

Super Lawyers has named 21 Cozen O’Connor attorneys to its 2020 New York Super Lawyers and Rising Stars list.

Joseph Dever Discusses the SEC's Policing of the Municipal Debt Market in The Wall Street Journal

December 19, 2014

In an article titled “SEC Tightens Policing of Municipal Debt Market,” Joseph Dever, a member of Cozen O’Connor’s Commercial Litigation Department, discusses the Securities and Exchange Commission’s oversight of the municipal debt market and its new initiative that encourages municipalities as well as their bankers to come forward with instances in which they included misleading information in their bond-offering documents. The terms of the program entail favorable settlements for the municipalities and banks, but not for individuals who may be banned from the market for their involvement in the alleged fraud.

Cozen O’Connor Team Secures FINRA Arbitration Win

May 12, 2014

Cozen O’Connor litigators Fred Jacoby and Joseph Dever recently obtained a complete victory in a $2 million FINRA securities arbitration in New York.

Publications

Supreme Court Declares Unconstitutional SEC’s Admin Courts Hearing of Fraud Cases When Seeking Civil Penalties [Alert]

July 02, 2024

Joe Dever and Alex Cohen discuss the U.S. Supreme Court's recent decision in SEC v. Jarkesy, which declared the SEC’s use of in-house administrative courts for seeking civil penalties against securities fraud defendants unconstitutional, limiting the SEC’s enforcement powers and raising questions about other agencies' authority.

A Helpful Reminder for Broker-Dealers Subject to Examination by the SEC [Alert]

July 02, 2024

Joe Dever and Alex Cohen discuss the SEC’s Division of Examinations' recently released risk alert, which highlights the examination process for broker-dealers, outlines risk-based factors for selecting firms and determining review scope, and provides a Sample Initial Information Request List targeting regulatory requirements and key risk areas.

Asserting 'Presence-Of-Counsel' Defense In Securities Trials [Law360]

December 01, 2023

Joseph Dever and Matthew Elkin contributed an article to Law360 discussing the presence-of-counsel defense, which was raised and limited in scope in the criminal trial of FTX founder Sam Bankman-Fried.

SEC Compliance and Enforcement Answer Book, Practising Law Institute (2023 ed.)

July 24, 2023

Joseph Dever, chair of the firm’s Securities Litigation and SEC Enforcement Group, co-authored Chapter 16: “SEC Market Manipulation Investigations” in the 2023 edition of SEC Compliance and Enforcement Answer Book, published by the Practising Law Institute and edited by Cravath, Swaine & Moore LLP.

SEC Finds 10b5-1 Trading Plan was Misused, Charges Tech Company Executives with Insider Trading [Alert]

September 29, 2022

The SEC found that tech company executives' 10b5-1 plan did not shield them from insider trading liability.

SEC Suspends Trading in 15 Public Companies for Suspicious Social Media & Trading Activity [Alert]

March 04, 2021

Joe Dever and Luke La Rocca discuss the SEC's February 26, 2021 order that suspended the trading of securities in 15 OTC public companies due to questionable trading activity and social media promotions that the SEC suspects to have been part of a coordinated attempt to artificially inflate stock prices.

SEC Proposed Exemption Provides Regulatory Clarity For Unregistered Finders

January 25, 2021

Joe Dever, Seth Popick, and Lindsey Stillwell contributed an article to Temple's Business Law Magazine discussing the SEC's decision to provide much-needed clarity to the regulatory status of so-called "finders" who assist small businesses in raising capital.

SEC Compliance and Enforcement Answer Book, Practicing Law Institute (2021 ed.)

January 15, 2021

Joe Dever, a member of Cozen O'Connor's Securities Litigation & SEC Enforcement practice groups, co-authored Chapter 16: “SEC Market Manipulation Investigations” of the 2021 edition of SEC Compliance and Enforcement Answer Book, published by Practicing Law Institute and edited by Cravath, Swaine & Moore LLP.

SEC Proposed Exemption Offers Regulatory Clarity For Unregistered Finders [Alert]

October 13, 2020

Seth Popick, Lindsey Stillwell, and Joe Dever discuss the SEC's proposed exemption to allow unregistered natural persons, referred to as finders, to engage in certain limited activities to assist issuers in raising capital from accredited investors.

Public Company COVID-19 Disclosures and Mitigating Securities Litigation Risks [Alert]

March 16, 2020

Joseph Dever, Linda Regis-Hallinan, and Andrew Punzo discuss the SEC's announcement regarding public disclosures in a company's periodic report in light of COVID-19.

Supreme Court Appears Unlikely to Further Curtail SEC Disgorgement Authority

March 06, 2020

Linda Regis-Hallinan and Joseph Dever discuss the Supreme Court case Liu v. SEC and the questions that the Justices asked that may point to which way the Court will rule.

SEC Quietly Seeks Industry Bars Against Muni Officials [The Bond Buyer]

December 17, 2014

In an article titled “SEC Quietly Seeks Industry Bars Against Muni Officials,” Joseph Dever, a member of Cozen O’Connor’s Commercial Litigation Department, reviews several recent Securities and Exchange Commission muni enforcement cases and explains that the agency is quietly seeking a new sanction: "industry bars" against municipal officials. Industry bars are court orders that prohibit municipal officials from participating in future offerings of municipal securities. The significance of this new SEC enforcement strategy should not be overlooked, as an industry bar can essentially serve as a career-ending sanction for an individual working in the municipal finance sector.

Education

  • Temple University School of Law, J.D., cum laude, 1995
  • Georgetown University, B.A., 1990

Awards & Honors

SEC Chairman’s Supervisory Excellence Award (2009)

SEC Enforcement Division Director’s Award (2007 & 2009) 

Future Star, Benchmark Litigation

New York Super Lawyer 2019-2023. This award is conferred by Super Lawyers. A description of the selection methodology can be found here. No aspect of this advertisement has been approved by the Supreme Court of New Jersey.

  • New Jersey
  • New York
  • Pennsylvania
  • U.S. District Court -- Southern District of New York
  • U.S. District Court -- Eastern District of New York
  • U.S. District Court -- Eastern District of Pennsylvania
  • U.S. District Court -- New Jersey
  • U.S. District Court -- Western District of Michigan
  • U.S. Court of Appeals for the Third Circuit
  • U.S. Court of Appeals for the Second Circuit
  • U.S. Court of Appeals for the Fourth Circuit

Honorable Raymond J. Broderick, U.S. District Court -- Eastern District of Pennsylvania (1995-1997) 

Member, SIFMA Compliance & Legal Society

Member, Assoc. of SEC Alumni (ASECA)

Member, Irish American Bar Assoc. of New York (IABANY)