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Thomas O. Gorman
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tgorman@porterwright.com
p: 202-778-3004 f: 202-778-3063
1919 Pennsylvania Ave., NW
Suite 500
Washington, DC 20006-3434
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Additional Address Information
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SECActions blog
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Mr. Gorman is the Chair of the firm's Securities Litigation practice group, Co-chair of the ABA White Collar Crime Securities Section, former partner-in-charge of the Washington, D.C. office (2000-2007), and a former member of the staff of Securities and Exchange Commission's Enforcement Division and Office of the General Counsel. He is a frequent speaker and author of articles regarding securities litigation topics and publishes a blog, which comments on trends and current events in SEC and DOJ securities enforcement investigations and actions, SECActions.com. In 2007, he was selected for inclusion in Super Lawyers in the area of securities litigation. Washington Business Journal previously recognized him as one of the five top lawyers in Washington, D.C.
Mr. Gorman's practice includes a wide range of civil and criminal securities and business litigation matters as well as conducting internal corporate investigations. He has defended public companies and individuals in SEC and DOJ investigations involving securities issues, which include financial fraud, insider trading, corporate governance matters, accounting and auditing issues, and similar matters. Mr. Gorman has also defended securities class action and derivative suits and led teams conducting internal investigations focused on financial fraud and other securities law issues. Examples of these matters include:
Successful defense of a mid-size financial institution in an SEC investigation;
Representation of a large investment company in a punitive class action in which dismissal was obtained;
Defense of a corporate director in a DOJ criminal insider trading case;
Representation of the CFO and Controller of a multinational company in an SEC financial fraud investigation, which concluded with no action against his clients;
Successful representation of the CFO of a regional brokerage firm in an SEC investigation;
Representation of a broker in parallel DOJ and SEC securities fraud (late trading/market timing) investigation, which concluded with no action against his client;
Representation of the vice president of sales of a large pharmaceutical company in an SEC financial fraud investigation;
Successful defense of a U.K. merchant bank in a securities fraud damage action;
Defense of the CFO of a large pharmaceutical company in a securities class action and derivative suit based on allegations of financial fraud; and
Defense of several European entities in a securities fraud damage action, which was resolved on terms favorable to his clients.
His practice also regularly includes other complex business litigation matters including those arising under the antitrust laws and the federal racketeering statutes such as Minpeco, S.A. v. Hunt in which he and a team of attorneys obtained a $197.1 million treble-damage verdict on behalf of a Peruvian company after a six-month jury trial against the Hunt brothers and others (the jury found that the defendants had engaged in price fixing, monopolization, and manipulation activities in the world silver markets in violation of the antitrust, commodity, and racketeering laws); defense of an action for a large German multinational that resulted in a government-to-government agreement creating a reparations fund for U.S. citizens interned in Nazi concentration camps during World War II; representation of the Republic of Peru in 54 actions in five countries involving over $6 billion in commercial bank debt; serving as counsel to the Central Bank of Nicaragua regarding its commercial bank debt disputes; obtaining a $25 million verdict after a five-month jury trial in a case based on international business transactions; and successfully defending a large real estate company in a three-month jury trial in an antitrust action.
Government Service
Mr. Gorman served for seven years in positions of increasing responsibility on the staff of the Securities and Exchange Commission in Washington, D.C. Those positions included Senior Counsel, Division of Enforcement and Special Trial Counsel, Office of the General Counsel. In those positions, Mr. Gorman was responsible for the litigation of securities enforcement actions, accounting and auditing cases and defending suits brought against the Commission and its staff.
Before joining the staff of the SEC, Mr. Gorman also served for two years on the staff of the Public Defender's Office in Cleveland, Ohio and as an adjunct professor of law at the Cleveland-Marshall College of Law, Cleveland State University.
Practice Areas
Litigation
Professional Associations
American Bar Association, Cochair, Securities Committee, White Collar Crime Committee, Criminal Justice Section
International Bar Association
National Association of Criminal Defense Attorneys
Education
Georgetown University Law Center, LL.M., Securities and Antitrust, 1982
Cleveland-Marshall College of Law , J.D., cum laude, 1973; Cleveland St. U. L. Rev., Editor; Moot Court Team Member, 1972
John Carroll University, A.B., Literature, 1970
Bar Admissions
District of Columbia
State of New York
State of Ohio
Supreme Court of the United States
Various federal, district, and appellate courts
Presentations/Publications/CLE
Recent Publications
Author, “U.S. Foreign Corrupt Practice Act: Two New Record Settlements Highlight Need to Carefully Monitor Practices,” 15 BNA International World Sec. L. Rpt., 27 (March 2009)
Coauthor, "Trends In Insider Trading: A Renewed Enforcement Priority," Third Annual ABA National Institute on Securities Fraud, E-1 (2008)
Author, "Shakespeare and DOJ's New Guidelines on Corporate Cooperation," 23 Washington L. Foundation (October 24, 2008)
Author, "New DOJ Cooperation Principles: Substituting the Culture of Avoidance for the Culture of Waiver," 2 Bloomberg Law Reports 1 (September 29, 2008)
Coauthor, "A Guide For Avoiding Liability: Understanding Key SEC Enforcement Policies and Priorities," 16 Corporate Governance Advisor 18 (July/August 2008)
Coauthor, "FCPA: U.S. Foreign Corrupt Practices Act Enforcement: Area of Renewed Emphasis for the SEC and DOJ," Corporate Counsel Weekly (BNA), Volume 23, No. 17, 136 (April 23, 2008)
Author, "Who Stole the Jade Falcon? Tellabs Re-Writes the Rules for Bringing a Private Securities Case," 35 Sec. Reg. L. Rev. 344 (Winter 2007)
Coauthor, "Issues That Keep Corporate Counsel Awake at Night," Business Law Today , 37 (November/December 2007)
Author, "Vendors May Face Higher Risk when Doing Business With Public Companies; Stoneridge and Scheme Liability," 22 Corporate Counsel Weekly 320 (October 17, 2007)
Author, "Recent SEC and DOJ Insider Trading Cases," Second Annual National Institute on Securities Fraud (ABA), I-1 (October 2007)
Tellabs Inc. v. Makor Issues & Rights, Ltd: Pleading a Strong Inference of Scienter," PLI Securities Litigation & Enforcement Institute 2007 (September 2007)
Author, "Who Does The Catch-All Antifraud Provision Catch? Central Bank, Stoneridge, and Scheme Liability in the Supreme Court," PLI Securities Litigation & Enforcement Institute 2007 (September 2007)
Author, "An Outline: SEC and DOJ Standards on Cooperation," Corporate Governance 2007 887, PLI (January 2007)
Author, "Is Evidence of Contacts Followed by Trading Sufficient to Infer and Prove Tipping in an Insider Trading Case? The 'Plus Factor' Rule," 34 Sec. Reg. L. J. 176 (2006)
Coauthor, "Responding to SEC Subpoenas: Cooperation Through Credible Assurances of Complete Production," 73 Defense Counsel Journal 107 (April 2006)
Coauthor, "Is There a New Sheriff in Corporateville? The Obligations of Directors, Officers, Accountants, and Lawyers After Sarbanes-Oxley of 2002," 56 Administrative Law Review 135 (Winter 2004)
Recent Speaking Engagements
Speaker, “DOJ, The SEC and the Market Crisis,” West/Thomson webcast (April 2009)
Speaker, "The Impact of Tellabs: Is Another Split Emerging Among the Circuits?" West/Thomson (March 2009)
Speaker, "Current Trends In SEC Enforcement," West/Thomson webcast (February 2009)
Speaker, "The New SEC Enforcement Manual: Key Points and Its Impact on Practice," West/Thomson webcast (Nov. 2008)
Speaker, "Defending SEC Investigations: The Basics," West/Thomson webcast (Oct. 2008)
Speaker, "The Wrath of the Regulators: Issues Re Parallel Proceedings," Third Annual ABA National Institute on Securities Fraud, Washington, D.C. (October 2008)
Speaker, "The New DOJ Cooperation Standards — Anything New?" West/Thomson webcast (Sept. 2008)
Moderator/speaker, "SEC and DOJ FCPA Enforcement Trends," ABA Seminar and webcast, Washington, D.C. (September 2008)
Speaker, "Current and Emerging Issues Regarding Internal Investigations," West/Thomson webcast (August 2008)
Speaker, "The SEC and Self-Reporting and Cooperation," West/Thomson webcast (June 2008)
Speaker, "Securities Class Actions: Current And Emerging Issues," West/Thomson webcast (May 2008)
Speaker, "SEC Enforcement Trends and Priorities 2008," West/Thomson webcast (April 2008)
Speaker, "Foreign Corrupt Practices Act Enforcement: Renewed Emphasis by The SEC and DOJ," West/Thomson webcast (February 11, 2008)
Speaker, "Stoneridge: The Ruling by the Supreme Court and its Impact," West/Thomson webcast (January 31, 2008)
Speaker, "Privilege Waivers in SEC & DOJ Investigations: Legal and Ethical Questions and the Impact of Proposed Legislation," West/Thomson webcast (November 19, 2007)
Speaker, ABA Second Annual National Institute on Securities Fraud, "Recent SEC and DOJ Insider Trading Cases," Washington, D.C. (October 2007)
Speaker, "Insider Trading: Renewed Emphasis by the SEC," West/Thomson webcast (September 2007)
Speaker, "Securities Litigation & Enforcement Institute 2007," PLI, New York City (September 2007)
Speaker, "Dura Two Years Later: The Continuing Struggle to Define Loss Causation," West/Thomson webcast (August 2007)
Speaker, "Secondary Liability Under the Federal Securities Laws: Stoneridge, Scheme Liability and the Supreme Court," West/Thomson webcast (June 2007)
Speaker, "The Decision in Tellabs: Pleading a Strong Inference of Scienter," West/Thomson webcast (June 2007)
Speaker, "Stoneridge and Secondary Liability under Section 10(b)," West/Thomson webcast (June 2007)
Speaker, "Directors in Crisis," West/Thomson webcast (May 2007)
Speaker, "Emerging Issues In Parallel Proceedings," West/Thomson webcast (April 2007)
Speaker, "SEC Enforcement Trends: Significant 2006 Actions – A Look at 2007," West/Thomson webcast (February 2007)
Speaker, "New DOJ Standards on Cooperation," West/Thomson webcast (January 2007)
Speaker, "Corporate Goverance 2007", PLI, New York City (January 2007)
Speaker, SMU Annual Corporate Counsel Symposium, "SEC and DOJ Cooperation Standards," Dallas, TX (October 2006)
Speaker, "Document Retention/Destruction Programs As The New Compliance Program," series of lectures for Lorman Education Services at various locations in New York, New Jersey, and Connecticut (2005-2006)
Panel Chairman, ABA National Convention, "Obligations of Corporate Directors, Accountants, and Lawyers After Sarbanes-Oxley (August 2003)
Panel Chairman, ABA Administrative Law Section midwinter meeting, "Update on New Regulations Under Sarbanes-Oxley" (January 2003)
Panel Chairman, ABA Administrative Law Section Annual Meeting, "Obligations of Professionals Under Sarbanes-Oxley" (October 2002)
Honors & Awards
Selected for inclusion in Super Lawyers in the area of securities litigation (2007)
Selected as one of Five Best Litigators by Washington Business Journal
Listed in The Best Lawyers in America® (2010)
Community/Civic/Volunteer Work
Washington Lawyers Committee for Civil Rights
D.C. Bar Pro Bono program
National Advisory Council, Cleveland State University Law School
St. Elizabeth's Church, member of the finance committee
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