Practising Law Institute: Internal Investigations 2019

Paul Helms helps clients navigate their most serious securities and fraud-related challenges, acting as both a trusted counselor and steady advocate. A former senior attorney at the Securities and Exchange Commission (SEC), where he served as counsel to the Director of Enforcement, Paul draws on his government experience to defend clients in SEC enforcement matters, internal investigations, and private securities litigation.

As the co-lead of McDermott Will & Schulte’s SEC enforcement practice, Paul represents public companies, investment advisers, accounting firms, and corporate leaders nationwide. He knows that investigations and lawsuits are not just legal matters – they can be personally and professionally disruptive. Paul’s approach centers on clear communication, practical strategy, and securing the best possible outcome while minimizing the impact on clients’ lives and businesses.

With experience on both sides of the table, Paul has handled the full spectrum of SEC matters: accounting and disclosure issues, investment adviser and broker-dealer compliance, offering fraud, market manipulation, public finance, Foreign Corrupt Practices Act (FCPA), insider trading, and professional liability. He has led high-profile internal investigations into complex fraud and compliance problems and successfully defended clients in shareholder derivative suits and securities class actions, achieving dismissals and favorable settlements.

Paul also dedicates time to pro bono work. He serves as external general counsel of Episcopal Charities in Chicago and has led fraud-related investigations for nonprofit organizations. Earlier in his career, Paul clerked for Judge James H. Michael Jr. of the US District Court for the Western District of Virginia and served as editor in chief of the Vanderbilt Law Review. He is a Chartered Alternative Investment Analyst (CAIA) and a Certified Fraud Examiner (CFE).

Steven (Steve) S. Scholes focuses his practice on SEC investigations, shareholder litigation, including class and derivative actions, and internal investigations. He is an experienced trial lawyer, and he has tried civil, criminal and administrative cases in federal and state courts. Steve regularly represents clients before the Securities and Exchange Commission, state securities regulators and self-regulatory organizations, such as the Financial Industry Regulatory Authority, the Public Company Accounting Oversight Board and stock, options and futures exchanges. He has served as the global head and operations partner for the Firm’s Litigation Practice Group and the head of both the Chicago Trial Group and the Firm’s SEC Defense Group.

Steve has substantial experience in securities class and derivative actions, including cases alleging accounting irregularities, illegal trading and breaches of fiduciary duty. He regularly represents public companies and their officers and directors in merger and acquisition litigation, including class and derivative actions, across the country. He has significant experience in conducting internal investigations in numerous industries, including the real estate investment trust, healthcare, manufacturing, logistics and higher education industries, among others. He has also represented audit firms and corporate officers and directors in internal investigations.

A former attorney in the SEC’s Division of Enforcement, Steve has been appointed by three different federal judges in Chicago to serve as receiver in SEC civil enforcement proceedings. In this role, he conducted fraud investigations, prosecuted fraudulent conveyance claims, enforced judgments, marshaled and liquidated assets, and developed and implemented plans of distribution. Stemming from his work as a receiver, Steve has extensive experience in prosecuting and in defending a wide variety of fraudulent conveyance claims.

Steve frequently speaks on securities litigation and enforcement topics. He has appeared numerous times in the press and has authored various materials concerning the federal securities laws.