SEC Experience of Thomas V. Sjoblom
Thomas V. Sjoblom brings an unparalleled wealth of experience to his clients, stemming from his extensive career at the US Securities and Exchange Commission (SEC) in Washington, DC, for nearly 20 years. His in-depth understanding of securities regulation and enforcement has positioned him as a leading authority in the field.
Assistant Chief Litigation Counsel (1987 - 1999)
During his time at the SEC’s Division of Enforcement, Thomas served as an Assistant Chief Litigation Counsel. Over these 12 years, he earned a reputation as the SEC's foremost expert in investigating and prosecuting market manipulation cases. He adeptly prosecuted a wide array of civil proceedings in numerous federal courts across the United States, as well as administratively before the SEC. Thomas's extensive caseload encompassed:
- Market Manipulation
- Pump & Dump Schemes
- Reverse Mergers
- Unlawful Sales Practices by Brokers
- Insider Trading
- Financial Fraud
- SEC Reporting
- “Prime Bank” Trading Schemes
- Unregistered Securities Offerings
- Offshore and International Securities Frauds, including “Reg S” Violations
High-Profile SEC Cases
Thomas's tenure at the SEC featured several high-profile prosecutions, including:
- Civilly prosecuting a Nigerian repo and reverse repo trader who deceived numerous Asian, US, and British financial institutions.
- Prosecuting the head trader and brokers involved in stock manipulation during the Market Break of 1987.
- Signing the original complaint in the O'Hagan case, which upheld the "misappropriation theory" of insider trading.
- Securing the first officer and director bar of a bank holding company chairman under the Remedies Act of 1990.
Branch Chief and Special Counsel (1979 - 1987)
From 1979 to 1987, Thomas served as Branch Chief and then as Special Counsel in the SEC's Division of Market Regulation, the division that regulates the stock and options exchanges.
Here, he processed SRO rule proposals and provided interpretive advice to various segments of the securities industry and attorneys representing that industry on topics like exchange trading, options trading, market making, trading practices in connection with IPOs and contingency offerings, tender offer practices, broker-dealer and transfer agent regulation, and back office and clearing agent issues.
He also participated in the approval of "new options" products in the early 1980s, including stock index options, futures on stock indices, and foreign currency options.
Here, he processed SRO rule proposals and provided interpretive advice to various segments of the securities industry and attorneys representing that industry on topics like exchange trading, options trading, market making, trading practices in connection with IPOs and contingency offerings, tender offer practices, broker-dealer and transfer agent regulation, and back office and clearing agent issues.
He also participated in the approval of "new options" products in the early 1980s, including stock index options, futures on stock indices, and foreign currency options.
Department of Justice Experience
While at the SEC, Thomas also served as a Special Assistant United States Attorney for the Central District of California, the Western District of New York, and the Eastern District of Pennsylvania. In that capacity, in conjunction with the US Attorney’s Office for each district, he successfully co-prosecuted several persons indicted for market manipulation, bank fraud, and tax fraud.
In Los Angeles, he successfully co-prosecuted a nationwide market manipulation that involved more than 25 broker-dealers located throughout the United States. United States v. Robert Gutstein (C.D. Cal. 1991).
In Philadelphia, he was successful in co-prosecuting a complex market manipulation scheme that involved a conspiracy between a Salt Lake City stock rental firm and numerous offshore reinsurance companies that had booked manipulated stocks on their financial statements but then failed to provide backup insurance to a major medical company in Pennsylvania. The collapse of the scheme left policyholders on the Eastern Seaboard facing millions of dollars of unpaid insurance claims.
United States v. Rennert (E.D. Pa. 1996). While at the SEC, Thomas also routinely provided advice to US Attorney offices across the United States on the criminal implications of fraudulent market manipulations.
In Los Angeles, he successfully co-prosecuted a nationwide market manipulation that involved more than 25 broker-dealers located throughout the United States. United States v. Robert Gutstein (C.D. Cal. 1991).
In Philadelphia, he was successful in co-prosecuting a complex market manipulation scheme that involved a conspiracy between a Salt Lake City stock rental firm and numerous offshore reinsurance companies that had booked manipulated stocks on their financial statements but then failed to provide backup insurance to a major medical company in Pennsylvania. The collapse of the scheme left policyholders on the Eastern Seaboard facing millions of dollars of unpaid insurance claims.
United States v. Rennert (E.D. Pa. 1996). While at the SEC, Thomas also routinely provided advice to US Attorney offices across the United States on the criminal implications of fraudulent market manipulations.
International Experience
Thomas appeared on behalf of the US government in several court proceedings in Europe and the Netherlands Antilles. Thomas has also been called upon by several European and Asian governments and securities exchanges to advise them on investigating and prosecuting market manipulation and market abuse schemes, as well as on drafting statutes, regulations, and codes of conduct outlawing market abuse and insider dealing.
He has made presentations to the Swedish and English authorities on these topics and, in 1999, was asked to advise Great Britain's House of Lords about proposed bills before Parliament on enforcement issues and market abuse.
Further, prior to its official opening in December 2000 as the new regulator of securities, commodities, banks, and insurance, he provided advice to the Financial Services Authority (FSA) in London on the drafting of its Code of Conduct under its new statutes. Further, the European Commission’s Internal Market Directorate General (formerly DG-15) consulted with Thomas during the early stages of the development of its general directive to member states outlawing market abuse in the European Union.
He has made presentations to the Swedish and English authorities on these topics and, in 1999, was asked to advise Great Britain's House of Lords about proposed bills before Parliament on enforcement issues and market abuse.
Further, prior to its official opening in December 2000 as the new regulator of securities, commodities, banks, and insurance, he provided advice to the Financial Services Authority (FSA) in London on the drafting of its Code of Conduct under its new statutes. Further, the European Commission’s Internal Market Directorate General (formerly DG-15) consulted with Thomas during the early stages of the development of its general directive to member states outlawing market abuse in the European Union.