Myra Mormile-Wolper is a seasoned business and financial regulatory lawyer and commercial litigator licensed in Illinois and Georgia. Myra represents financial service entities including broker-dealers and investment advisors, as well as financial advisors and registered representatives in compliance matters; state, SEC, and FINRA regulatory investigations and enforcement proceedings; customer litigation and arbitration; and employment disputes.
With 15 years of professional practice, Myra has amassed a successful track record in general counsel and senior in-house counsel roles. Myra was instrumental in the formation and implementation of a Legal, Compliance and AML-Fraud department for an online brokerage firm. Additionally, she provided legal counsel and training on information security, incident response and open source software for a multi-billion dollar financial services firm providing online investing, brokerage and banking services to millions of retail investors. Myra has substantial experience serving as a financial services litigator and regulatory counsel, often representing clients in state and federal courts, arbitration, negotiations, witness preparation, depositions, and on-the-record interviews.
Myra approaches every engagement with utmost pragmatism focused on getting to the right business decision for the client. She applies creative strategies to ensure business objectives are met while working within the regulatory confines of the financial services industry. Importantly, Myra is extremely responsive and places great value on making each client feel like their matter is of the highest priority.
Built out legal function and responsibilities to handle information security matters for multi-billion dollar financial services firm. Provided support for second-line compliance and risk functions, advising on information security matters and first-line information security team.
Created incident response protocol for multi-billion dollar financial services firm to coordinate between external vendors, internal first-line network operations and security operations functions, and the legal department in the event of a technology or security incident requiring internal or external notification or action.
Improved regulatory practices within an online brokerage firm, parent company, and subsidiary entities to ensure regulatory compliance. Assisted in developing and executing plans, strategies and initiatives to grow and strengthen the business and the organization as a whole. Served as Board Secretary to the private equity-controlled board.
Drafted multiple successful Wells responses, including one where large monetary fine was originally sought, but after receiving Wells response, regulator agreed to issue letter of caution; one on behalf of an individual where case was eventually dropped; and one resulting in settlement of case for $250,000 where $6.6 million was initially sought.
Drafted shareholder-derivative complaint in state court and aggressively sought discovery resulting in settlement of case for $1.3 million in cash up front, several hundred thousand dollars over time, and attorneys’ fees.
Successfully settled $3 million FINRA arbitration for broker-dealer client and registered representatives for payment of $2,500 to one claimant and walk-away from another claimant less than one week before evidentiary hearing after being retained because panel entered default judgment against clients.
Spear-headed program to create arbitrator database for national team defending product arbitrations in FINRA Dispute Resolution.
First-chaired employment arbitration defending broker-dealer where claimant sought expungement. Panel dismissed case on oral motion for directed verdict.
Successfully argued motion for directed verdict resulting in judgment in favor of broker-dealer client on $700,000 claim.
Second-chaired case defending broker-dealer where claimant sought nearly $30 million in damages. Case lasted 12 hearing days, five sessions, and 18 months. Panel dismissed case on motion for directed verdict.
Second-chaired arbitration defending broker-dealer where claimant sought more than $400,000 for alleged unsuitability of securities sold to her by her son, a former employee of client. After a four-day evidentiary hearing, the panel dismissed the claims in their entirety.
Drafted successful motion to dismiss in securities arbitration resulting in dismissal of $27 million registration claim.
Drafted and argued successful motion to dismiss and motion to compel arbitration in state court action regarding investment in defunct holding company that also owned FINRA member broker-dealer.
Defeated motion to dismiss for lack of jurisdiction in FINRA arbitration notwithstanding forum selection clause that seemingly required case to be heard in state court.