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Russ Ryan

Senior Litigation Counsel


Russ Ryan is a nationally recognized attorney and thought leader with particular interest in the regulatory and enforcement apparatus of the Securities and Exchange Commission (SEC) and other quasi-governmental regulators overseen by the SEC, including the Public Company Accounting Oversight Board (PCAOB), the Financial Industry Regulatory Authority (FINRA), and the various securities industry self-regulatory organizations (SROs). He has decades of experience defending private citizens and businesses caught in the crosshairs of these and other financial regulators.

Russ joined NCLA from the law firm King & Spalding, where he was a partner for 15 years. He left the firm from 2015 to 2018 to serve as Senior Vice President and Deputy Chief of Enforcement at FINRA. Earlier in his career he served for two years as law clerk to a federal judge in the Eastern District of New York and for 10 years as a staff attorney and Assistant Director in the SEC’s Division of Enforcement. He also taught for several semesters as an adjunct professor at the Antonin Scalia Law School at George Mason University.

Russ is a prolific speaker and writer on financial regulation and enforcement. He has spoken at dozens of professional conferences and published scores of commentaries and academic articles, including numerous op-eds in The Wall Street JournalThe Washington PostBloombergLaw360, and elsewhere. His regular column on LinkedIn is called “On SECond Thought: Unconventional Perspectives on Securities Enforcement.”

Russ earned his undergraduate degree from Boston College and his law degree from St. John’s University School of Law, where he was an executive editor of the law review.

Not licensed in Virginia; admitted to practice in New York, the District of Columbia, and select federal jurisdictions.

The Demise of the SEC’s Adjudication System

By: Russ Ryan June 9, 2023
Earlier this month on a Friday afternoon, the Securities and Exchange Commission quietly issued an extraordinary administrative order. In one fell swoop, the SEC unconditionally abandoned more than 40 enforcement cases the agency had previously spent untold staff resources prosecuting over the past decade. In essence, the agency largely shut down what I’ve previously called its “Hotel California” adjudication system.…
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The SEC’s Other ‘Hotel California’ Docket

By: Russ Ryan May 18, 2023
Blogs
In an op-ed published last fall by Law360, I called out the Securities and Exchange Commission (SEC) for its appalling dereliction of duty in refusing to decide administrative appeals from enforcement sanctions imposed by the agency’s administrative law judges (ALJs). To summarize, more than two years ago the SEC simply stopped deciding those appeals, trapping the beleaguered…
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SEC Fines for Flutter and Rio Tinto Are Outside its Jurisdiction

By: Russ Ryan March 27, 2023
This month the Securities and Exchange Commission announced two settlements that illustrate the agency’s largely unchecked power to shake down companies with astronomical penalties that far exceed statutory limits set by Congress. The broader scandal is that these cases are now routine rather than exceptional. The cases include the SEC’s $15 million settlement with UK-based…
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