Matthew C. Solomon’s practice focuses on securities enforcement and litigation, white-collar criminal defense, and complex commercial litigation.
He joined the firm as a partner after serving for 15 years as a white-collar prosecutor and unit chief with the U.S. Department of Justice and as a senior enforcement official with the U.S. Securities and Exchange Commission—most recently as the SEC’s Chief Litigation Counsel.
Since joining Cleary, Matt has represented U.S. and foreign corporate, financial institution, and private fund clients, as well as individual executives, on a broad range of issues and disputes spanning from regulatory compliance and remediation advice to avoid or blunt government scrutiny to litigation against the government and private parties. Matt routinely handles civil and criminal matters before the SEC, DOJ, CFTC, and other regulatory and law enforcement authorities.
Before joining Cleary, Matt served as the SEC’s Deputy Chief Litigation Counsel for Enforcement in 2012, and was elevated to be the agency’s top litigator in 2013. As Chief Litigation Counsel, Matt led the SEC’s 150-attorney national trial unit and supervised the SEC’s litigated cases in administrative and federal court proceedings. He also worked closely with investigative staff and senior enforcement personnel throughout the SEC’s 11 regional offices in the supervision and negotiation of settled administrative and civil cases.
Prior to the SEC, Matt served in several prominent positions over a 10-year span with the DOJ, including as an Assistant U.S. Attorney and then Chief of the Fraud Unit for the 350-lawyer U.S. Attorney’s Office for the District of Columbia, a DOJ-detailed Counsel to the Chairman of the Senate Judiciary Committee, and an Honors Program trial attorney in the Criminal Division’s Public Integrity Section. In these roles, Matt tried more than 20 cases to verdict before judges and juries, including numerous complex white-collar prosecutions in federal district courts nationwide, and briefed and argued cases in the U.S. Courts of Appeal.
SEC and DOJ Highlights
Under Matt’s leadership, SEC litigators prevailed in a number of high-profile federal trials, and he personally represented the agency in some of its most sensitive cases. He also spearheaded the SEC’s litigation response to significant legal and policy issues, such as developments in insider trading law and challenges to the constitutionality of the SEC’s administrative courts.
Matt tried many significant cases at DOJ, including multi-week jury trials resulting in convictions of NASA’s former Chief of Staff on conflict of interest and false statements charges (District of Columbia); two highly placed political party operatives on conspiracy, tax, and extortion charges (District of Puerto Rico); and an IRS Special Agent on conspiracy and structuring charges (Northern District of California).
Investigations/Litigations: Select Corporate Investigations and Litigations
A global car manufacturer in connection with DOJ, SEC and CFTC investigations.
A global telecommunications company in connection with SEC investigations into potential accounting improprieties and potential violations of Regulation FD.
A global financial institution in connection with a CFTC investigation into spoofing and market manipulation.
A global financial institution in connection with a DOJ investigation into potential fraud and antitrust violations in the agency bond markets.
A private equity sponsor in connection with an SEC investigation into valuation of illiquid assets and disclosures.
A high-frequency trading and market making firm in connection with multiple SEC and NYSE investigations into various trading practices and compliance issues.
A global financial institution in connection with analysis and advocacy around collateral consequences stemming from multiple resolutions before the SEC and CFTC.
Lead U.S. counsel for Medytox Inc. in national litigation alleging misappropriation of trade secrets related to the manufacture and sale of botulinum toxins products in South Korea.
Lead U.S. counsel for OPKO Health, Inc. (NASDAQ-listed biotechnology company) in connection with an SEC investigation and litigation relating to alleged market manipulation, and follow-on class action and derivative litigation in multiple U.S. jurisdictions.
Select Individual Representations
An elected federal public official in connection with a public corruption investigation.
A former CFO of a large hedge fund in connection with an SEC investigation into potential Adviser’s Act violations.
A former senior financial analyst at a Fortune 100 company in connection with an SEC investigation into potential accounting fraud.
A testifying witness in a high-profile 2017 federal public corruption trial in the District of New Jersey (U.S. v. Menendez).
A former equity trader in a dispute with his former broker-dealer employer.
Select Compliance/Advisory Matters
A Fortune 100 company in connection with redesigning its global compliance and investigative policies and procedures in multiple jurisdictions.
A global financial institution to assess the efficacy of its information walls to guard against the improper use of material non-public information.
A major hedge fund in connection with identification and remediation of fee and expense misallocations.
A global hospitality company in connection with advice on anti-corruption policies and procedures.
An investment adviser in connection with revisions to its whistleblower policies and procedures.
A major hedge fund in connection with advice on insider trading and information walls policies and training of trading personnel nationwide regarding insider trading compliance.
A private equity sponsor in connection with a privileged review of its expense allocation practices among its managed funds.
Barrister, Edward Bennett Williams Inn of Court
“Second Circuit: Criminal Fraud Statutes Do Not Require Prosecutors to Show that Tippers in Insider-Trading Cases Received a ‘Personal Benefit,’” (co-authored with David E. Brodsky, Lev L. Dassin, Victor L. Hou, Robin M. Bergen, and Jonathan S. Kolodner) Cleary Gottlieb Alert Memorandum, January 13, 2020
“Headwinds and Shifting Priorities: Beyond the Numbers in the SEC Enforcement Division’s 2019 Annual Report,” (co-authored with Robin Bergen, Alexander Janghorbani, Jenny Paul, and Samuel H. Chang), November 11, 2019, republished by the NYU Compliance & Enforcement blog, November 12, 2019
“Proposed Bad Actor Disqualification Act of 2019 Would Severely Limit the Availability of Waivers for Institutions Entering into Settlements with the SEC and DOJ,” (co-authored with Robin Bergen, Alexander Janghorbani, and Joon Kim), July 9, 2019; republished by Harvard Law School Forum on Corporate Governance and Financial Regulation, July 20, 2019
“SEC’s Gladius Enforcement Shows That Cooperation Pays,” (co-authored with Pamela Marcogliese, Alex Janghorbani, and Jim Wintering) Law360 , March 12, 2019; republished by Harvard Law School Forum on Corporate Governance and Financial Regulation, March 14, 2019
“Retail, Remedies, Resources and Results: Observations From the SEC Enforcement Division 2018 Annual Report,” (co-authored with Robin Bergen, Alexis Collins, Anne Hilby, and Adam Motiwala), Cleary Enforcement Watch blog, November 6, 2018; republished by the Harvard Law School Forum on Corporate Governance and Financial Regulation, November 24, 2018
“The Tesla Settlement – What It Means for Other Companies,” (co-authored with Nicolas Graber and David Lopez) Harvard Law School Forum on Corporate Governance and Financial Regulation, November 14, 2018
“Lorenzo v. SEC: Will the Supreme Court Further Curtail Rule 10b-5?” (co-authored with Roger Cooper and Les Silverman) Harvard Law School Forum Corporate Governance and Financial Regulation, July 30, 2018
“Supreme Court Ruling on SEC-Appointed Judges,” (co-author with Alex Janghorbani), Harvard Law School Forum on Corporate Governance and Financial Regulation, July 16, 2018
“Cleary Gottlieb Discusses SEC’s Latest Take on Digital Assets as Securities,” (co-author with Mike Krimminger, Pam Marcogliese and Zachary Baum), Columbia Law School Blue Sky Blog, June 21, 2018
“Kokesh and Its Impact on SEC Enforcement, a Year Later,” (co-author with Alexander Janghorbani and Michael Heckmann), Law360, June 4, 2018
“Failure to Disclose a Cybersecurity Breach” (co-author with Pam Marcogliese, Rahul Mukhi, and Kal Blassberger), Harvard Law School Forum on Corporate Governance and Financial Regulation, May 17, 2018
“The SEC Cyber Unit's First 6 Months, and What’s Ahead,” (co-author with Jonathan Kolodner, Rahul Mukhi, and Anne Titus Hilby), Law360, April 2, 2018
“Pitfalls of Voluntary Remediation by Investment Firms,” (co-author with Robin Bergen, Adrian Rae Leipsic, and Alexis Collins), Law360, February 8, 2018
“Supreme Court Grants Certiorari on the Constitutionality of SEC ALJ Appointments–What This Means for the Securities Industry,” (co-author with Alex Janghorbani and Richard R. Cipolla), Compliance & Enforcement blog from the Program on Corporate Compliance and Enforcement and New York University School of Law, January 24, 2018
“Analysis of SEC Enforcement Division Annual Report,” (co-author with Robin Bergen and Alexis Collins), Harvard Law School Forum on Corporate Governance and Financial Regulation, December 6, 2017
“Cleary Gottlieb Discusses Federal Spoofing Conviction,” (co-author with Lewis Liman and Jonathan Kolodner), The Columbia Law School Blue Sky Blog, August 16, 2017
“Supreme Court Applies Five-Year Statute of Limitations to SEC Disgorgement Claims,” (co-author with Lewis Liman and Alexander Janghorbani), Harvard Law School Forum on Corporate Governance and Financial Regulation, June 7, 2017
“Fate of the SEC In-House Court: Careful What You Wish For,” (co-author with Alexander Janghorbani and Richard Cipolla), Law360, May 23, 2017
“Acting SEC Chair’s Steps to Centralize the Process of Issuing Formal Orders—Are Commentators Drawing the Right Lessons?” (co-author with Lisa Vicens), Harvard Law School Forum on Corporate Governance and Financial Regulation, March 13, 2017
“GC Whistleblowing And Other Implications From Bio-Rad,” Law360, February 28, 2017
- Cambridge Forum on White Collar Crime & Regulatory Enforcement, Co-Chair, Miami, FL, November 7-9, 2018
- PLI’s 19th Annual Private Equity Forum, Panelist, “Compliance and Enforcement: Focus on Private Equity Funds,” New York, NY, July 17, 2018
- SIFMA Compliance and Legal Society Annual Seminar, Panelist, “Litigating Against the Government,” Orlando, FL, March 21, 2018
- American Investment Council’s General Counsels Day, Washington, D.C., November 8, 2017
- The Conference Board’s Governance Watch – Recent Whistleblower Issues Webcast, New York, NY, September 12, 2017
- American Investment Council: Chief Compliance Officers Working Group Meeting, “Tax Issues and SEC Enforcement in a Post-Kokesh World” (Washington, D.C.), Panelist, June 28, 2017
- Annual SEC/DOJ Enforcement 2017 Update, Panelist, June 2017
- “Insider Trading - Practical Considerations in Prosecuting and Defending Cases After Salman” panel discussion, sponsored by the Broker-Dealer Regulation and SEC Enforcement Committee of the D.C. Bar Corporation, Finance and Securities Law Section, Washington, D.C., February 2017
- U.S. Securities and Exchange Commission’s 26th Annual International Institute for Securities Market Development, Presenter, “Remedies and Sanctions for Securities Law Violations,” Washington, D.C., April 2016
- SIFMA Compliance and Legal Society Annual Seminar, Panelist, “Handling a Regulatory Investigation,” Orlando, FL, March 2016
- The SEC Speaks in 2016, Featured Speaker, “Enforcement” panel, Washington, D.C., February 2016
- Foreign Corrupt Practices Act and International Anti-Corruption Developments (PLI), Panelist, “Litigating FCPA Cases,” New York, NY, May 2015
- Edward Bennett Williams Inn of Court, Panelist, “Financial Crimes,” Washington, D.C., March 2015
- The SEC Speaks in 2015, Featured Speaker, “Enforcement” panel, Washington, D.C., February 2015
- Columbia Law School Securities Law Institute, Panelist, “Current Issues in Securities Regulation: The Hot Topics,” New York, NY, November 2014
- 38th Annual Southwest Securities Conference, Panelist, “Summary of Significant Regulatory Litigation,” Dallas, TX, August 2014
- District of Columbia Bar Association, Panelist, “Defending a White-Collar Criminal Case,” Washington, D.C., June 2014
- Sandpiper Partners, LLC, Panelist, “Economic Crime in the Digital Age: Latest Developments in Fraud, Anti-Corruption and Cyber Crime,” Philadelphia, PA, May 2014
- Federal Bar Counsel Securities Law Section, Executive Council, Featured Speaker, Washington, D.C., March 2014
- The SEC Speaks in 2014, Featured Speaker, “Enforcement” panel, Washington, D.C., February 2014
- Sandpiper Partners, LLC, Panelist, “Annual Securities Litigation and 2013 Update,” Washington, D.C., April 2013
- O’Melveny & Myers LLP, Panelist, “Anti-Corruption Trends Impacting Companies Doing Business in India,” Washington, D.C., March 2013
- Boston Bar Association, Panelist, “Foreign Corrupt Practices Act,” Boston, MA, February 2013