Image: Phara Serle Guberman

Phara Serle Guberman

Partner, Litigation Department
New York
200 Park Avenue
New York, NY
United States

Fax: 1(212) 230-7683


Phara A. Guberman is a partner in the Litigation practice of Paul Hastings and is based in the firm's New York office. She has experience representing clients in high-stakes and sensitive regulatory enforcement and white collar criminal investigations and trials.  Ms. Guberman also conducts internal investigations for companies, their boards and committees, and handles civil and class action securities matters related to government and internal investigations. 

Ms. Guberman has successfully handled a wide array of regulatory enforcement and white collar criminal matters, including those involving allegations of corporate and accounting fraud, securities fraud, insider trading, misappropriation of trade secrets, consumer protection issues, and money laundering.  She regularly represents clients in court and before the United States Department of Justice ("DOJ"), the Securities and Exchange Commission ("SEC"), the Federal Reserve, state attorney generals, FINRA and other self-regulatory organizations, other federal agencies, and international regulators.  She was recognized by Law360 in 2018 as one of five national "Rising Stars" in White Collar and as a "Legal Lion" in 2019, and is regularly honored as among the "Top Women Attorneys in New York."

Accolades and Recognitions

  • Co-lead trial counsel in U.S. v. Connolly, et al.  (S.D.N.Y.), shortlisted by Global Investigations Review (GIR) as "Most Important Case of the Year" for its impact on future government investigations (2019)

  • Recognized as a "Legal Lion" by Law360  for securing a sentencing ruling without any period of incarceration in U.S. v. Connolly, et al. (S.D.N.Y.) (2019)

  • Recognized as one of five national "Rising Stars" for White Collar by Law360 (2018)

  • Recipient of the Firm's 2016 Strategic Initative Award for her pro bono work and partnership with the PENCIL (Public Education Needs Civic Involvement in Learning) organization

  • Selected as among "The Top Women Attorneys in New York" by Super Lawyers (2014-2020)

  • Recognized as a "Super Lawyer" in the area of Criminal Defense: White Collar, Super Lawyers  (2018-2020)

  • Recognized as a "Rising Star" in the area of Criminal Defense: White Collar, Super Lawyers (2014-2017)

  • Member of Paul Hastings' Investigations and White Collar Defense Group, which was named one of five "White Collar Practice Groups of the Year" by Law360 and a Top 10 Investigations Practice by Global Investigations Review


  • George Washington University Law School, J.D., 2006

  • George Washington University, B.A., 2003 (summa cum laude, Phi Beta Kappa Society)


Ms. Guberman is a member of the New York bar and is admitted to practice in the U.S. District Court for the Southern and Eastern Districts of New York and the U.S. Court of Appeals for the Second and Third Circuits.

Speaking Engagements

  • Presenter, "Who's Liable After GameStop: Litigators' Take," Talks on Law, March 2021

  • Presenter, "Regulating the Digital Economy," The George Washington University Law School Second Annual Business and Finance Law Conference, February 2021

  • Presenter, "Enforcement and Regulatory Priorities Under the Biden Administration," client webinar, January 2021

  • Presenter, "2016 Investigations and Enforcements: Ethical Issues in a Post-Yates World and Related Privilege Concerns," client panel, January 2016

  • Presenter, "Ethical Issues Arising in Post-Financial Crisis Litigations and Investigations," client panel, October 2015

  • Moderator, "Overview of Investigations and Enforcement Actions by the SEC and SROs," Securities Litigation Academy, May 2012

  • Moderator, "The Foreign Corrupt Practices Act and the Evolving Definition of 'Foreign Officials'," Securities Litigation Training Series, August 2011

  • Moderator, "Bounty Hunters: The New SEC Whistleblower," Securities Litigation 101, November 2010

  • Moderator, "Issues in Criminal Investigations and Defense," Securities Litigation 101, June 2010

  • Moderator, "Conducting Internal Investigations," Securities Litigation 101, April 2009

Other Publications

  • "Current Attempts to Define Regulator Roles in Cryptocurrency Enforcement Actions," New York Law Journal, co-author with Kenneth Breen, March 2021

  • "Musk's Crypto Tweets Likely Didn't Violate SEC, CFTC Rules," Law360, co-author with Kenneth Breen, March 2021

  • "GameStop Stock Trading Poses 'Manipulation' Challenges for Regulators," Bloomberg Law, co-author with Kenneth Breen and Rita Fishman, January 2021

  • "2020 SEC Risk Alert Provides Guidance for Private Fund Advisers," Journal of Investment Compliance, Vol. 21 Issue 1, co-author with Kenneth Breen, December 2020

  • "How Criminal Rule 4 Is Changing," Law360, co-author with Thomas O'Brien, Daniel Prince, John Nowak and Margaret Buckles, May 2016

  • "'Omnicare' and Opinion Statements Liability in Securities Cases," New York Law Journal, co-author with Kenneth Breen and John Nowak, March 2015

  • "Expect More SEC Scrutiny Of Defense Attorney Conduct," Law360, co-author with Kenneth Breen and Thomas Zaccaro, January 2014


Pro Bono Counsel

  • Pro bono counsel, active volunteer and supporter of PENCIL, an organization focused on collaborations between businesses and New York City public schools to increase students' college and career readiness

  • Pro bono counsel to the Duke Law Wrongful Convictions Clinic's investigations and litigations of North Carolina inmates' claims of actual innocence

  • Attorney mentor for the Justice Resource Center, training and preparing New York City public school students for citywide moot court competition, international moot court competition, and statewide mock trial program

  • Pro bono counsel for the Bet Tzedek Holocaust Survivors Justice Network, assisting pro bono clients in their applications for pension programs available to Holocaust survivors through the German government for work done while living in German-controlled ghettos throughout Europe during World War II

Professional Activities

  • National Association of Women Lawyers, 2018 Challenge Club Member

  • Executive Council, UJA-Federation of New York White Collar and Securities Enforcement Committee

  • Leadership Committee, UJA-Federation of New York Young Lawyers Division

  • American Bar Association, Criminal Justice Section

  • New York City Bar Association

  • Luther Rice Society Member, The George Washington University

  • Class Committee Member, George Washington University Law School

Firm Activities

  • Chairperson, Summer Associate Program (New York)

  • Co-Chairperson, New York Women's PHAN (Paul Hastings Affinity Network)

  • Member of the Firm's Recruiting Committee

Recent Representations

Regulatory Enforcement and Criminal Investigations

  • Represents David Gibson, former Chief Financial Officer of Wilmington Trust Corporation, in U.S. v. Gibson, et al. as co-lead counsel at trial and appeal in a matter involving allegations of accounting and securities fraud brought by the U.S. Attorney's Office for the District of Delaware.  Our client's conviction was overturned on all counts in a matter of first impression for the Third Circuit.  The related SEC litigation was settled favorably.

  • Represents Matthew Connolly, former manager at Deutsche Bank, in U.S. v. Connolly, et al. as co-lead counsel at trial and appeal in a matter involving allegations of wire fraud in connection with LIBOR submissions brought by the Department of Justice in the Southern District of New York.  Following a split jury verdict, our client was not sentenced to any term of incarceration.  The Second Circuit appeal is pending.

  • Represented a multinational Latin American conglomerate with U.S. operations in connection with an audit committee investigation relating to accrual accounting issues and whistleblower allegations.  The matter was resolved confidentially.

  • Represented an international financial services company in an investigation by the CFPB regarding its loan servicing platform and other technology services provided.  The matter was concluded without any enforcement action brought against our client.

  • Represented a foreign exchange trader in connection with an investigation by the DOJ into alleged currency market manipulation related to swaptions trading as lead counsel. The investigation was concluded without any charges being brought against our client.

  • Represented a senior officer of the private banking division of an international investment bank in an investigation by the SEC related to accounting and disclosure issues as co-lead counsel. The matter settled favorably.

  • Represented a former portfolio manager of the hedge fund division of a U.K. alternative investment company in an investigation by the SEC and FCA. The investigation was concluded without any charges being brought against our client.   

  • Represented a real estate investment firm in a joint investigation by the DOJ and the Federal Housing Finance Agency Inspector General's Office. The investigation was kept confidential and concluded without any charges or civil claims being brought against our client.

  • Represented a futures, options and equity trading firm and its principal in a Regulation SHO investigation by the SEC and SROs. The investigation was concluded without any charges being brought against our client.

  • Represented a hedge fund advisor in investigations by the DOJ and SEC regarding foreign account issues. The investigation was concluded without any charges being brought against our client.

  • Represented a large real estate investment firm in an investigation by the NYAG involving "pay-to-play" practices in connection with public pension fund investments. The investigation was kept confidential and concluded without any charges being brought against our client.

Internal Investigations

  • Conducted an internal investigation of a large international corporation involving whistleblower allegations of accounting fraud.

  • Conducted internal investigations for a leading state university system involving issues of accounting, disclosures and documentation.

  • Conducted an internal investigation for a not-for-profit institution involving alleged misuse of charitable resources.

  • Conducted an internal investigation for a major financial institution involving allegations of fraud relating to the institution's credit lending and audit practices.

  • Conducted an internal investigation for a not-for-profit corporation involving allegations of accounting fraud

Practice Areas

Investigations and White Collar Defense
Securities Litigation
Securities Enforcement
White Collar Defense




New York Bar


The George Washington University Law School, J.D. 2006
The George Washington University, B.A. 2003