FINRA Chief Counsel Joins Washington Office of Law Firm Foley & Lardner LLP

Richard Wallace Brings Veteran Securities Enforcement and Broker-Dealer Regulation Experience

Washington, D.C. (LAWFUEL) — Foley & Lardner LLP today announced that Richard G. Wallace has joined the firm as a partner in the Washington, D.C. office, working with the Securities Enforcement & Litigation and Securities, Commodities & Exchange Regulation Practices. Prior to joining Foley, Wallace was Vice President and Chief Counsel in the Financial Industry Regulatory Authority’s (FINRA) Market Regulation Department.

While at FINRA, Wallace headed the Legal Section of FINRA’s Market Regulation Department and managed more than 20 attorneys as well the department’s two special investigative units. In this role, he oversaw thousands of disciplinary actions as well as the litigation of matters arising from FINRA’s surveillance for violations of FINRA’s rules, the federal securities laws and regulations, and the rules of the Municipal Securities Rule Making Board.

“I look forward to adding my experience to Foley’s renowned securities enforcement practice,” explained Wallace. “The current financial turmoil will no doubt lead to new regulations and many investigations of violations of the federal securities laws and the rules of self-regulatory organizations. The clients and the outstanding attorneys at Foley provide me with the opportunity to counsel a broad range of clients on these matters.”

Prior to joining FINRA, Wallace served as branch chief and attorney with the Securities and Exchange Commission’s Division of Enforcement, handling investigations and litigation for a variety of high-profile cases involving complex accounting issues, insider trading, and securities fraud.

“Richard is an exceptional professional with more than 18 years of experience with FINRA and the SEC,” said Phillip Goldberg, chair of Foley’s Securities Enforcement & Litigation Practice. “He is one of a select group of attorneys in the securities regulation field who has extensive knowledge and experience leading securities enforcement and litigation, while also advising broker-dealers on regulatory issues.”

“Adding such a recognized leader in securities enforcement and regulation will be of immediate value to our clients during these tumultuous economic times,” added Jon Wilson, chair of Foley’s national Litigation Department.

“Having led high-profile investigations and litigation matters for the SEC and FINRA, one of the most prominent self-regulatory organizations in the country, Richard brings a unique combination of experience that will further strengthen our defense capabilities in securities litigation and regulatory investigations,” explained Samuel J. Winer, a partner in Foley’s Securities Enforcement & Litigation practice in Washington, D.C. who formerly served as special counsel with the SEC.

Foley is nationally recognized for its extensive experience handling securities enforcement matters and advising securities and commodities firms in all phases of their business. Members of the firm’s Securities Enforcement & Litigation Practice have many years of experience as government attorneys who investigated and prosecuted a broad range of securities activities. Foley’s Securities, Commodities & Exchange Regulation Practice is comprised of highly dedicated, experienced, and knowledgeable attorneys who have extensive experience as regulators or self-regulators.

Foley’s Litigation practice is one of the largest in the country, including more than 450 attorneys nationwide with extensive experience in all aspects of complex litigation, arbitration, mediation and alternative dispute resolution. Foley represents corporations in nearly every industry, handling some of the largest and most sophisticated commercial lawsuits for major domestic and international clients.

Foley & Lardner LLP continually evolves to meet the changing legal needs of our clients. Our team-based approach, proprietary client service technology, and practice depth enhance client relationships while seeing clients through their most complex legal challenges. The BTI Consulting Group (Wellesley, Massachusetts) recently recognized Foley as one of the top four law firms shaping the U.S. legal market, while CIO magazine has named Foley to its CIO 100 list six times for our client-focused technology. With more than 1,000 attorneys in 22 offices and more than 50 practices, count on Foley for high-caliber business and legal insight. Learn more at

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