Philip Feigin is a partner at Lewis Roca Rothgerber Christie LLP, where his practice is focused on securities law compliance, regulation and defense of the members of the securities industry in enforcement actions. He represents investment advisers, hedge funds, real estate syndicators, broker-dealers and other issuers as well as investors in dealing with securities-related matters. He also counsels U.S. and foreign precious metals dealers on federal and state compliance issues.
Philip is a highly experienced expert witness. While at the Colorado Securities Division from 1982-1998, he served as an expert for prosecutors in Colorado, New Mexico and Nevada in dozens of criminal cases brought under state securities and commodities law. Since entering private practice, he has served as an expert in dozens of criminal, civil, administrative and arbitration cases, dealing with a wide variety of issues involving state and federal securities and commodities law and regulation. Included among the matters on which he has consulted and testified are:
- All aspects of federal and state law securities fraud, commodities-related fraud and investment frauds and schemes in general
- The identification of securities (particularly “investment contracts” and “notes”)
- The materiality of facts
- Broker-dealer and investment adviser regulation, responsibilities and abuses
- A securities lawyer’s standard of care and fiduciary duty
- Securities markets in general
- Customer and client suitability
- Day trading
- Insider trading
- The unenforceability of unregistered broker agreements
- Private placement offerings, federal Regulation D and other federal and state securities registration exemptions generally
Among his many clients have been an array of state securities administrators, state attorneys general, the Securities and Exchange Commission, U.S. Attorneys, counsel for brokerage firms, investment advisers and agents, numerous plaintiff and claimant counsel, as well as criminal and civil defense counsel. He has appeared in administrative, civil and criminal cases, in arbitrations and in mediations. He has been retained for cases in many jurisdictions, including Alabama, Arizona, California, Colorado, Florida, Georgia, Nevada, New Jersey, Massachusetts, North Carolina, Oklahoma and Washington State. He has consulted on many more cases than those that got as far as providing testimony; since 2000, he has testified in criminal trials, private civil and regulatory court hearings and trials, regulatory administrative proceedings, in FINRA (NASD) arbitrations and in mediations. He has also testified before numerous committees and subcommittees of the U.S. Senate and House of Representatives, as well as legislatures and panels in Colorado, Florida, Nevada, Washington State and Massachusetts on securities, banking, commodities regulation and investor protection issues.
Prior to joining the firm, Philip served in Washington, D.C. as Executive Director of the North American Securities Administrators Association (NASAA) (1998-1999). NASAA, the voice of the 67 state and provincial securities agencies of the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the provinces and territories of Canada, and the Republic of Mexico, is the oldest international organization devoted to investor protection. During his tenure as NASAA’s Executive Director, Philip participated in the association’s successful efforts to preserve state functional regulation of bank securities activities. He was also a central figure in drawing national attention to abuses and concerns relating to day trading, on-line brokerage activities, overly aggressive advertising by brokerage firms and Internet-based investment fraud.
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Prior to becoming NASAA’s Executive Director, Philip served as Colorado Securities Commissioner for 10 years, where he was largely responsible for reshaping Colorado securities and investment regulation. Philip spearheaded the drafting and enactment of the Colorado Securities Act (1990), the Colorado Commodity Code, the Colorado Municipal Bond Supervision Act, Colorado local government investment pool trust fund regulation, and Colorado’s investment adviser statutory provisions. He was also actively involved in the drafting of the national Uniform Securities Act (2002).
While Commissioner in Colorado, Philip served as NASAA’s President in 1994-95, and otherwise as a member of the NASAA Board of Directors for seven years. He chaired the multi-state “Lloyd’s of London” task force leading to a settlement of more than $60 million for American investors. He also served on NASAA’s Task Force on the Future of Shared State and Federal Securities Regulation. He was appointed a member of two advisory committees to the federal Commodity Futures Trading Commission. Until assuming his duties in Washington in 1998, he also served as a founding trustee on the Board of the Investor Protection Trust. Philip was a principal force in the creation and adoption of the Model State Commodity Code to prohibit off-exchange commodities fraud. In October 1995, Philip was awarded NASAA’s highest award, the “Blue Sky Cube,” in recognition of his successful presidency, years of service and work in the cause of investor protection.
Before being named Colorado Securities Commissioner in 1988, Philip served as Colorado’s Assistant Securities Commissioner from 1982 to 1988, and before that, as the Chief Attorney of the Enforcement Division of the Office of the Wisconsin Commissioner of Securities. He began his legal career in Madison, Wisconsin in private practice from 1977 to 1979. He received a BA in American History from the University of Wisconsin-Madison in 1971 and a JD from Pepperdine University School of Law in 1977. He is admitted to practice in Colorado and Arizona, and is also a member of the California and Wisconsin bars, though on inactive status in those two states.
Philip occupies his leisure time writing and performing parodies about the world of finance, its politics and its citizens (his first album, “A Pain in the A$$ets” was released in January 2006), playing tennis, woodworking, birding and studying Abraham Lincoln and the Civil War.
Philip has been quoted in both national and local television, radio, internet and print media on securities and commodities law and investor and consumer protection issues for more than 30 years. He has appeared frequently around the country as a speaker, panelist and lecturer. He has also served as an adjunct professor teaching real estate securities, syndication and entrepreneurship at the Burns School of Real Estate Management and Construction, Daniels College of Business, University of Denver, and is scheduled to lead securities law at the University of Arizona’s law school in January 2014.
- Speaker, "The New Family Office Rule Adopted by the SEC Under the Dodd-Frank Act," AICPA Family Office Networking Group, October 2012
- Speaker, “Talk, Talk, Talk. What Can We Expect When It Comes to Regulatory Change,” FPA of Colorado and the CFA Society of Colorado, July 2010
- Speaker, "Investment Scammers," Idaho's Money Show, Web Broadcast, August 2011
- Speaker, "Don't Become a Victim! Recent Fraud Cases in Alternative Investment Community," The Colorado Hedge Fund Roundtable, October 2005
- Panelist, "Uniform Securities Act," ABA Conference, Spring 2005
- Panelist, "Corporate Governance and Law Enforcement," CLE Presentation
- Presenter, "Pending Colorado Legislation," Securities Law Subcommittee of the Colorado Bar Association
- Presenter, "Sarbanes-Oxley," Denver Chamber of Commerce