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SEC Chief Trial Counsel Joins Kelly Hart

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(May 31) – Toby M. Galloway, a 12 year veteran of the U.S. Securities and Exchange Commission’s Fort Worth Regional Office, is joining Kelly Hart as the firm beefs up its white-collar criminal and ...

(May 31) – Toby M. Galloway, a 12 year veteran of the U.S. Securities and Exchange Commission’s Fort Worth Regional Office, is joining Kelly Hart as the firm beefs up its white-collar criminal and securities enforcement practice...

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SEC Chief Trial Counsel Joins Kelly Hart SEC Chief Trial Counsel Joins Kelly Hart Document Transcript

  • Galloway says he met and became friends with Kelly Hart litigation partner Lars Berg when Berg was appointedas the receiver in a major SEC case.“Toby has been a big part of this office for a long time,” says David Woodcock, director of the SEC’s Forth WorthRegional Office. “He’s an excellent lawyer and his departure is definitely a loss.”Dee Kelly Jr., who is the managing partner at Kelly Hart, says that Galloway’s reputation as a superb trial attorneymade him the ideal lawyer to help the firm grow its white-collar and securities enforcement practice.“Having the SEC office here in Fort Worth is a big deal and having Toby and his experience will help our clientsand help us expand our client base,” he says.A 1994 graduate of the University of Texas School of Law, Galloway joined the SEC in 2001 after practicingseven years at Locke Lord. For the past few years, he has been the SEC’s chief trial counsel for the region,overseeing a team of seven trial lawyers and four paralegals.“I loved being an enforcement lawyer at the SEC,” he says. “It was the best job I could have hoped for.”Galloway admits that the SEC’s Fort Worth office, which handles examinations and enforcement matters inArkansas, Oklahoma, Kansas and Texas, experienced some “dark days” during his 12 years at the federal agency.“When Stanford and then Madoff matters [and the subsequent criticism alleging that the SEC should have caughtthose scandals sooner] hit the SEC, it became a much less fun place to work,” he says. “There have been highsand lows, but I think the office is now out of the ditch and is doing great work.”SEC Chief Trial Counsel Joins Kelly Hart© 2013 The Texas Lawbook.By Mark CurridenSenior Writer for The Texas Lawbook(May 31) – Toby M. Galloway, a 12 year veteran of the U.S. Securitiesand Exchange Commission’s Fort Worth Regional Office, is joiningKelly Hart as the firm beefs up its white-collar criminal and securitiesenforcement practice.Galloway played key roles in the SEC prosecutions against Dynegy,Mark Cuban, Life Partners, Evolution Capital Advisers and several otherhigh profile matters.His decision to join Fort Worth-based Kelly Hart bucks a decade-longtrend of high-profile and experienced securities enforcement lawyersjoining Dallas law firms instead of Fort Worth firms, even though theSEC’s regional office is in Fort Worth.“Kelly Hart is a great firm with some great lawyers, and being based inFort Worth is personally important to me because I was born and raisedhere and so was my wife,” says Galloway, whose wife, Kathleen is aninvestigative staff attorney at the SEC. “And I think it is an advantage forthe law firm and the firm’s clients that I will be located here, just downthe street from the SEC’s office.”
  • Galloway says that Woodcock and SEC Regional enforcement chief David Peavler have done “a great job” ofimproving morale in the office and getting the lawyers in the office involved in great cases.“David is a very thoughtful person,” he says. “He’s very interested in being proactive in identifying issues andpredicting risks before they become a major problem.”Galloway predicts the SEC’s Fort Worth office will become more aggressive in pursuing accounting fraud andinsider trading cases. He says that hedge funds are increasingly under the microscope. And he says that theagency’s focus on enforcement of the Foreign Corrupt Practices Act will continue to generate attention and cases.“In Texas, I think there will always be an additional focus on oil and gas matters, especially in cases where there’sbeen an overstatement of proof of reserves and offering fraud cases where an official has misrepresented howinvestment money would be used,” he says.