McDermott Will & Schulte, a global law firm

Caitlyn M. Campbell, a former US Securities & Exchange Commission (SEC) Enforcement Attorney, co-leads the firm's SEC enforcement practice. She represents clients in SEC investigations, securities class action and derivative litigation and compliance matters. With more than two decades of experience in public service and private practice, Caitlyn advises on complex issues involving alleged violations of federal securities laws, including accounting fraud, disclosure and internal controls-related violations, regulatory violations by investment advisers and broker-dealers, insider trading, market abuse, anti-corruption and Foreign Corrupt Practices Act (FCPA) violations and whistleblower claims. She also assists companies in developing training programs and compliance policies and procedures.

Before joining McDermott Will & Schulte, Caitlyn served eight years at the SEC, including as Senior Counsel to the Directors of Enforcement, assisting with the management of the Commission’s largest division. At the SEC, Caitlyn led all aspects of investigations involving accounting fraud, complex insider trading schemes, market abuse, market manipulation, misappropriation of investor funds, investment adviser fraud and the Immigrant Investor Program. She also coordinated complex, cross-border investigations with foreign regulators. In addition to her investigative work, Caitlyn co-chaired the New England region committee that focused on proactively identifying accounting and disclosure fraud and served as liaison to both the SEC's national Financial Reporting and Audit Group and the Boston FBI.

Caitlyn has conducted numerous internal investigations for major public companies, their boards of directors, and board committees.  She has represented public companies, audit firms, senior executives, registered investment advisers, hedge funds and private equity firms in matters before the SEC, US Department of Justice (DOJ), and the Financial Industry Regulatory Authority (FINRA). Her litigation experience includes representing corporations, directors, and officers in securities class actions and shareholder derivative suits. She has also advised clients in Special Purpose Acquisition Company (SPAC)-related litigation and SEC investigations.

A frequent speaker on enforcement, accounting fraud, and internal investigations, Caitlyn is recognized for her deep understanding of the intersection between regulatory expectations and corporate governance.

Shareholder activism strategy

Proxy contests and defensive strategies

Mergers and acquisitions

Securities law and regulatory compliance, including Sections 13 and 16, Rules 144 and 105, Schedules 13G and 13D, Form 13F, Reg SHO, MNPI

Co-Head of Investment Management Regulatory and Enforcement. Advises private funds on regulatory and compliance matters, particularly the Investment Advisers Act of 1940.

Kelly supports clients undergoing SEC examinations, including by handling deficiency letters and enforcement referrals and uses that experience to assist clients with exam preparedness.

She practices in the intersection of regulation and emerging technologies, including artificial intelligence, alternative data, web scraping and electronic communications.

Kelly also advises clients on data privacy and cybersecurity.

She regularly conducts client training sessions and is a sought-after presenter at leading industry conferences.

John Nowak is the co-lead of McDermott Will & Schulte's SEC enforcement practice. He represents private equity funds, hedge funds, broker-dealers, corporations, boards of directors and their principals and executives in internal investigations, government inquiries (by the SEC, DOJ, FINRA, CFTC and others) and bet-the-company litigation involving allegations of fraud, accounting disclosures, sales practice abuse, securities violations, conflicts of interest, related party transactions and violations of the Foreign Corrupt Practices Act (FCPA).

John also provides advice to investment advisers related to trading compliance, insider trading, examination concerns, and thorny disclosure issues, and John regularly counsels public and private companies on compliance procedures, enforcement response initiatives and proactive strategies designed to mitigate legal, regulatory and reputational risks.

He defends large-scale investigations of white collar and securities crimes in multiple domestic and foreign jurisdictions, has 22 federal white collar and securities trials, and has argued more than a dozen cases before the Court of Appeals for the Second Circuit.

His significant representations have included a vast array of issues, including false or misleading disclosure allegations, insider trading, best execution, PIPE financings, breaches of fiduciary duties, adviser conflicts of interest, and accounting fraud.

Clients and government officials alike hold John in high esteem, and he is ranked in Chambers USA, with clients commenting that John is a “life adviser” and someone who is “knowledgeable, proactive and has good client service.”

John also has unique experience as a supervisor with the government, having previously served as the Deputy Chief of the Business and Securities Fraud Section of the US Attorney’s Office for the Eastern District of New York and as a Branch Chief in the Enforcement Division of the US Securities and Exchange Commission.

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