Overview
Michael Wheatley is of counsel in the Investigations & White Collar Defense practice at Paul Hastings and is based in the firm’s Washington, D.C. office. Michael’s practice focuses primarily on representing companies and individuals in litigation and regulatory matters involving the federal securities laws. Michael has represented and advised dozens of issuers, investment advisers, broker-dealers and individuals in DOJ, SEC and FINRA investigations and enforcement matters and in litigation in state and federal courts and administrative forums. Michael is a go-to resource for clients facing securities-related compliance and enforcement issues, including broker-dealers, investment advisers, insider trading and handling of material, nonpublic information. Previously, Michael served for more than five years as in-house counsel at large financial services firms. He served as vice president and lead regulatory counsel for Lincoln Financial Group and chief counsel of its wholesale broker-dealer business, Lincoln Financial Distributors. He also served as litigation counsel at Towers Watson & Co. (now known as Willis Towers Watson), where he managed a broad portfolio of federal, state and international litigation, including litigation involving its investment consulting business.
Earlier in his career, Michael was an associate at another law firm and also served as a law clerk to the Honorable Ira DeMent of the United States District Court for the Middle District of Alabama (2010–11) and the Honorable Michael H. Schneider of the United States District Court for the Eastern District of Texas (2011–13).
Michael has served as counsel for amicus curiae before the Supreme Court of the United States in Salman v. United States (concerning the personal benefit element of insider trading law) and in Havana Docks Corp. v. Royal Caribbean Cruises, Ltd. (involving trafficking in property confiscated by the Cuban Government). He also represented an owner and managing member of a registered investment adviser in connection with a petition for writ of certiorari involving the SEC’s disgorgement remedy.
Michael teaches Securities Law & Regulation at George Mason University School of Law.
Representations
Investigations and Compliance
- Regularly represents public companies and individuals in responding to FINRA Surveillance and Market Intelligence inquiries focused on detection of insider trading activity.
- Obtained closing letter for real estate-focused investment adviser in SEC enforcement investigation.
- Obtained closing letter for auto manufacturer in SEC enforcement investigation.
- Obtained closing letter for hedge fund executives in SEC enforcement investigation.
- Obtained closing letters for dual-registered investment adviser and broker-dealer affiliate of a Fortune 200 company in connection with successive SEC and FINRA investigations allegedly improper sales practices by several top registered representatives.
- Represented the broker-dealer affiliate of a Fortune 200 company in connection with a FINRA enforcement action related to a cybersecurity incident, including advice regarding enhancements to its compliance program and policies and procedures.
- Represented wholesale broker-dealer in FINRA enforcement investigation.
- Represented private equity sponsor and portfolio company in SEC enforcement investigation.
- Represented individual trader in criminal action involving alleged insider trading.
- Represented broker-dealers and investment advisers in connection with SEC and FINRA examinations.
- Advised and counseled investment adviser regarding insider trading compliance.
Litigation
- Obtained rare dismissal of Section 12(j) SEC administrative proceeding allowing the company to remain publicly traded and uplist after demonstrating compliance with its periodic reporting obligations.
- Obtained first-of-its-kind dismissal of issuer from Section 16 litigation in the Southern District of Florida.
- Obtained dismissal on behalf of issuer involving allegations brought by purported noteholders in Miami-Dade County.
- Represented issuer in responding to Delaware books and records demand.
- Represented issuer in advancement proceedings in Delaware Court of Chancery.
- Represented customs rebate firm in connection with employment-related matters.
- Represented consumer packaged goods company in connection with alleged violations of state consumer protection statutes.
- Represented entrepreneur and inventor in trade secret litigation and arbitration against Fortune 100 company.
- Represented issuer in district court litigation brought by the SEC in the Middle District of Florida.
- Represented issuer in district court litigation brought by the SEC in the Central District of California.
- Represented issuer and board of directors in Delaware Chancery Court litigation.
Engagement & Publications
- “What You Need to Know About Cybersecurity Panel,” FMA 2024 Annual Securities Compliance Seminar (April 2024)
Involvement
- Member – Securities Docket Advisory Board (2026)
- Listed on the D.C. Bar’s Pro Bono Honor Roll