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Ronak V. Patel is a partner in the litigation section and focuses on a wide array of securities regulatory and litigation matters. He is an experienced litigation attorney who possesses extensive regulatory experience with securities regulatory agencies across the U.S.  Mr. Patel has served as lead counsel in a number of high profile investigations including Ponzi fraud schemes, broker misconduct, and complex investment products. He is skilled in directing investigations of broker-dealers and investment advisers, litigating matters involving fraud, and breach of fiduciary duty allegations.

Before joining Kelly Hart & Hallman, Mr. Patel served as Deputy Securities Commissioner of Texas. Prior to assuming the role of Deputy Securities Commissioner, he oversaw the examination and compliance program for the State of Texas. Mr. Patel held numerous leadership positions with the North American Securities Administrators Association (NASAA), working very closely with state and federal securities regulators across the country.

He practices before the Texas State Securities Board, and other state securities regulators, SEC, FINRA, DOJ, CFPB, CFTC, and other regulatory and law-enforcement agencies.  Mr. Patel represents broker-dealers, investment advisers, hedge funds and other private funds, public companies, asset managers, gate-keepers, and other institutions in government investigations, securities law enforcement matters and related litigation.
Experience and highlights
  • Represented a national broker-dealer and investment adviser during regulatory investigation into registration violations and supervisory controls. Resulted in no action against the firm and its employees
  • Counsel for an institution in matter with the Missouri Securities Division involving approximately 30 firms associated with the institution. Successfully obtained relief for all parties without formal action by the state
  • Responded to FINRA examination findings on behalf of a broker-dealer specializing in real estate private equity offerings. Now serve as securities regulatory counsel for this firm and assist with preparation of private placement offerings
  • Successfully represented unregistered financial professional through investigation by Texas State Securities Board involving allegations of unregistered sale of securities and public solicitation of private placements
  • Advised Texas based bank/broker-dealer through potential regulatory issues involving bank’s client referral program
  • Led complex investigation and litigation related to major Wall Street firms related to the auction rate securities (ARS) market. Key participant in global settlement negotiations with multiple financial institutions resulting in approximately $50 billion in equitable relief to investors
  • Developed multi-state investigations and led enforcement efforts related to systemic registration violations at numerous broker-dealers. Led national investigations and global settlement efforts
  • Headed a multi-state investigation and settlement related to a multi-million dollar market manipulation and fraudulent conduct by an issuer and the role of a broker-dealer in aiding-and-abetting the issuer’s conduct
  • Led complex investigation of Texas based investment adviser running a $50 million fraud scheme involving real estate limited partnerships. Lead attorney for administrative action and criminal referral to U.S. Attorney
  • Leadership role in a national task force investigating sales and supervision practices related to the sale of non-traded Real Estate Investment Trusts (REITs)
  • Investigated a national brokerage firm’s supervisory systems and controls as a result of a broker “selling away” $5.5 million in investments
  • Led investigation and action against an investment fund involving a related-party transaction in breach of the fund’s partnership agreement
  • Oversaw successful action against investment adviser based on failure to disclose excessive management fees and undisclosed conflicts of interest in connection with sale of life settlement investments
Affiliations and honors
  • NASAA Patricia D. Stuck Award, 2016
  • NASAA Outstanding Team Service Award (Dodd-Frank Studies Working Group), 2011
  • NASAA Outstanding Team Service Award (Auction Rate Securities Task Force), 2010
  • Baylor Law School, J.D., 2002
  • Baylor University, B.S., 1999
  • Texas State Bar
Speeches & Publications
  • Featured Speaker, PLI Webcast, New York 2017
  • Featured Panelist, DFW Compliance Roundtable, 2017
  • Co-Author, "Tippee Insider Trading After Newman and Salman: Why Knowledge is Not Always Your Friend," American Bar Association White Collar Crime Committee Newsletter, Winter/Spring 2017
  • Author, "Securities Enforcement Actions Trends and Why Investment Advisors Should Take Note," Red Oak Securities Compliance Blog, October 2016
  • Author, "State Regulatory Requests: Using a Measured Approach to Manage a Broker-Dealer's Objections"; Practicing Law Institute coursebook: Broker/Dealer Regulation and Enforcement, November 2015
  • Author, "Broker-Dealer Supervision:  Evolving Business Practices and Regulatory Enforcement"; The Advocate, July 2012
  • FundIT Crowdfunding Compliance, Marketing, and Tech Conference, Keynote Regulatory Presentation, Las Vegas, NV, April 2016
  • National Society of Compliance Professionals Conference, Luncheon with Regulatory Panel, Dallas, TX, February 2016
  • "New Continuity Planning Rules for State-Registered Investment Advisers," American Intstitute of CPAs Personal Financial Planning Conference, Las Vegas, NV, January 2016
  • "A look back at 2015 Regulatory Priorities and a Preview of 2016," FINRA South Region Compliance Seminar, New Orleans, LA, December 2015
  • "State Enforcement," PLI Broker/Dealer Regulation and Enforcement, New York, NY, November 2015
  • SIFMA-Compliance and Legal Society, Regulatory Panel, Dallas, TX, October 2015
  • "The View from the States," American Conference Institute, Securities Litigation and Enforcement Forum, January 2015
  • "Regulatory Trends and Changes," Financial Services Institute OneVoice 2015 Conference, San Antonio, TX, January 2015
  • "Enforcement/Regulatory Issues Related to Structures Products," Structured Products of America, Structured Products Regulation in 2015 and Beyond, November 2014
  • "Financial Services Compliance and Enforcement Trends," Government Enforcement Institute, Dallas, TX, May 2014
  • New Registration Exemption for Texas Fund Managers, Webcast for Texas Bar, CLE, Austin, TX, April 2014
  • "State Regulatory Trends and Priorities," Securities Regulation and Business Law, Dallas, TX, January 2014
  • "State Enforcement," PLI Broker/Dealer Regulation and Enforcement, New York, NY, October 2013