Matthew C. Solomon has significant experience in complex and high-stakes civil and criminal matters, having served for 15 years with the U.S. Department of Justice and the U.S. Securities and Exchange Commission—including most recently as the SEC’s Chief Litigation Counsel.
Matt has advised corporate, financial institutions, and individual clients on securities enforcement and litigation, general complex commercial litigation, and white-collar criminal defense. Since joining Cleary as a partner in January 2017, Matt has advised corporate and financial institution clients on DOJ, SEC, CFTC, FINRA, and other regulatory investigations, and has provided extensive compliance advice to private fund clients regarding insider trading, valuation, expense allocation and remediation, and other internal policies and procedures.
Matt joined the SEC’s Enforcement Division as Deputy Chief Litigation Counsel in 2012 and was elevated to be the agency’s top litigator in 2013. As Chief Litigation Counsel, Matt led the SEC’s litigation efforts in federal courts and administrative proceedings, as conducted by 150 trial attorneys nationwide. He also worked closely with other SEC senior personnel agency-wide and investigative staff in the supervision and negotiation of settled cases, and regularly advised the Director of Enforcement and the Commissioners on litigation strategy and risk.
Before joining 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 U.S. Attorney’s Office for the District of Columbia, as a DOJ detailee-counsel to the Senate Judiciary Committee, and as an Honors Program trial attorney in the Criminal Division’s Public Integrity Section. In these roles, Matt tried approximately 20 cases to judges and juries, including numerous complex white-collar prosecutions in federal district courts nationwide, and briefed and argued cases in several 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 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).
Recent Cleary Highlights
A Fortune 100 company in connection with an SEC accounting fraud investigation.
A Fortune 100 company in connection with an SEC investigation into potential violations of Regulation FD.
A global financial institution in connection with a CFTC investigation into spoofing and market manipulation.
A registered investment adviser to a private fund in connection with an SEC investigation into valuation and disclosure issues.
A broker-dealer in connection with multiple SEC and NYSE investigations into various trading practices and compliance issues.
A registered investment adviser in connection with identification and remediation of fee and expense misallocations.
An unregistered investment adviser in connection with revisions to its whistleblower policies and procedures.
A global hospitality company in connection with advice on anti-corruption policies and procedures.
A global financial institution in connection with analysis of collateral consequences stemming from settlements of multiple resolutions before the SEC and the CFTC.
A prominent hedge fund in connection with advice on insider trading and information walls policies and training of trading personnel nationwide regarding insider trading compliance.
A subject in DOJ and SEC investigations of potential violations of the Foreign Corrupt Practices Act.
A witness in a high-profile federal public corruption trial (United States v. Menendez, et al.).
Barrister, Edward Bennett Williams Inn of Court
“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
“Potential SEC Inquiry: Improper Rounding Up of EPS,” (co-author with Joon H. Kim and Pam Marcogliese), Cleary Gottlieb Alert Memo, June 25, 2018
“SEC Director of Corporation Finance States That Secondary Market Sales of Ether Are Not Securities Transactions Now, but “Something Else”,” (co-author with Mike Krimminger, Pam Marcogliese and Zachary Baum), Cleary FinTech Update blog, June 18, 2018
“Kokesh and Its Impact on SEC Enforcement, a Year Later,” (co-author with Alexander Janghorbani and Michael Heckmann), Law360, June 4, 2018
“Yahoo’s Successor Settles First-Ever Case Involving SEC Charges for Failing to Disclose a Cybersecurity Incident,” (co-author with Pam Marcogliese, Rahul Mukhi, and Kal Blassberger), Cleary Gottlieb Alert Memo, April 27, 2018; republished by The Corporate Governance Advisor, July/August 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 ), Cleary Enforcement Watch, January 16, 2018; republished on the 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
“Second Circuit Clarifies “Meaningfully Close Relationship” No Longer Required To Prove Insider Trading Under Gift Theory,” (co-author with Jonathan Kolodner and Alexander Janghorbani), Cleary Gottlieb Alert Memo, August 24, 2017
“Cleary Gottlieb Discusses Federal Spoofing Conviction,” (co-author with Lewis Liman and Jonathan Kolodner), The CLS 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
“SEC, Hungarian Executives Settle 5-Year FCPA Suit that Generated Government-Friendly Rulings on Threshold Legal Issues,” (co-author with Lisa Vicens, Jessica Dwinell and Jenny Paul), Cleary M&A and Corporate Governance Watch Blog, April 28, 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
- 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” (Boston, MA), 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
- “Litigating Insider Trading Cases: Lessons Learned from Recent Trials,” panel, June 2016
- 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