Partner at Pillsbury Winthrop Shaw Pittman LLP
David Oliwenstein, formerly with the SEC’s Division of Enforcement, leads Pillsbury’s Securities Enforcement practice. David advises clients on complex investigations, regulatory and criminal enforcement of the securities laws, and securities litigation.
Both in private practice and during his tenure at the SEC, David has led matters involving insider trading, cybersecurity, crypto assets, accounting misconduct, market manipulation, algorithmic trading, disclosure issues, ESG, recordkeeping requirements and offering frauds. In his final role at the SEC, David served as senior counsel in the Market Abuse Unit, the inaugural unit responsible for investigating crypto-asset-related misconduct. David’s broad client base includes public companies, broker-dealers, investment advisers, digital asset issuers and exchanges, as well as corporate executives and other individuals.
David handles securities matters at all phases. In addition to representing clients in investigations, as well as in criminal and civil litigation, David works proactively with companies to design compliance programs and to develop and implement policies, procedures and controls, all with an eye toward preventing potential violations of law.
Pillsbury Winthrop Shaw Pittman LLP
New York, New York
Partner: Jan 2023 - Present
Counsel, Corporate Investigations & White Collar Defense: Jan 2020 - Jan 2023
Securities and Exchange Commission (SEC), Market Abuse Unit
(appointed)New York
As senior counsel in the SEC’s Enforcement Division, investigated sophisticated insider trading schemes, complex market manipulation cases and market structure violations, and litigated accounting cases, insider trading actions and broker-dealer matters in federal district court and SEC administrative proceedings.
Cleary Gottlieb Steen & Hamilton LLP
February 2026
-Represents public companies, audit committees, special litigation committees, broker-dealers, investment advisers, as well as other entities and individuals in government investigations regarding insider trading, accounting misconduct, crypto asset matters, cybersecurity, and other regulatory matters. -As senior counsel in the SEC’s Enforcement Division, investigated sophisticated insider trading schemes, complex market manipulation cases and market structure violations, and litigated accounting cases, insider trading actions and broker-dealer matters in federal district court and SEC administrative proceedings. -Advises public companies and regulated entities regarding the development and implementation of policies, procedures, controls and compliance programs designed to ensure compliance with the securities laws.
February 2026
-Represented executive in SEC investigation of crypto asset platform; convinced SEC leadership to decline to bring enforcement action. -Represented publicly traded entertainment company and executives in SEC investigation regarding revenue recognition practices; convinced SEC staff to decline to pursue enforcement action. -Represented various issuers in connection with SEC’s “SolarWinds” sweep regarding potential cybersecurity violations; SEC staff declined to pursue enforcement action. -Represented educational institution and senior executives in CFTC investigation regarding alleged insider trading in connection with COVID-19 pandemic. -Led internal investigation for SEC regulated entity in response to approximately 50 distinct allegations of fraud, accounting violations, and related misconduct; represented Special Litigation Committee in related derivative action. -Represented investment bank employee in parallel DOJ and SEC investigations regarding insider trading; obtained non-custodial sentence for client significantly below guidelines range. -Represented entity in connection with government investigations regarding alleged insider trading by members of the U.S. Congress. -Represented a global financial institution in cross-border sanctions investigation conducted by DOJ, OFAC, Federal Reserve, and state criminal and regulatory authorities. -Represented hedge fund and its founder in SEC investigation regarding insider trading. -Defended public company against shareholder securities fraud claims relating to alleged accounting fraud and represented the company and senior executives in parallel SEC investigation; SEC declined to bring enforcement action. -Representing entity in Secret Service and DOJ investigation regarding alleged crypto-related misconduct. -Representing individual in civil litigation regarding alleged crypto-related fraud. -Represented publicly traded environmental company in SEC and DOJ investigations regarding accounting issues; enforcement authorities declined to charge client. -Representing chief medical officer of publicly traded pharmaceutical company in SEC matter concerning disclosures regarding clinical trials. -Representing public company CFO in SEC investigation, securities class action and derivative litigation regarding alleged disclosure failures. -Represented publicly traded cybersecurity company in SEC investigation regarding revenue recognition practices and internal accounting controls. -Represented founder and CEO of tech company in connection with SEC investigation of alleged offering fraud; SEC declined to charge client. -Conducted internal investigation on behalf of international payment processing company in response to allegations of insider trading, money laundering and bribery. -Provided guidance to the Japanese Financial Services Agency (FSA) regarding how to appropriately regulate the trading of stablecoins under Japan’s amended Payment Services Act. -Advise publicly traded technology company (focused on artificial intelligence) regarding market manipulation considerations. -Represent the New York Stock Exchange in appellate litigation concerning the SEC’s Consolidated Audit Trail. -Represented securities self-regulatory organizations in SEC administrative proceedings. -Conducted internal investigation for SEC regulated entity concerning recordkeeping practices. -Assists investment advisers and broker-dealers with developing compliance programs and developing policies, procedures, systems and controls to ensure compliance with the securities laws. -Regularly advise broker-dealers and registered investment advisers in connection with SEC and FINRA examinations. -Conduct trainings for public companies and SEC regulated entities regarding insider trading, anti-money laundering, recordkeeping requirements, and other compliance matters. -Assists various trade associations and their constituent public company members in connection with SEC cybersecurity rules. -Advises issuers in connection with FCPA and anti-corruption compliance programs. -Represents public companies in connection with SEC FOIA proceedings. -Advises public companies regarding disclosures concerning SEC enforcement priorities, including cybersecurity and ESG matters. -Advocates to SEC staff on behalf of various digital asset market participants and advises digital asset platforms and issuers regarding securities law matters. -Represented issuer in FINRA arbitration alleging breach of contract and various commercial tort claims. -Advises companies regarding contractual limitations of liability for damages resulting from cyber breaches. -Represented trade association in connection with litigation matters concerning consumer legal funding. Regularly handles contract and commercial tort claims on behalf of financial institutions, public companies and regulated entities.
February 2026
-Led investigation of major broker-dealer’s market making desk regarding algorithmic order routing, dark pool liquidity, and misrepresentations and omissions. -Brought insider trading enforcement action against former director of major accounting and auditing firm. -Investigated potential cybersecurity violations at various issuers and regulated entities. -Investigated and led litigation against biopharmaceutical executives for insider trading. -Investigated broker-dealer for antifraud and supervisory violations relating to customer sales practices, resulting in enforcement actions against the broker-dealer and five individuals. -Investigation of accounting issues at major defense contractor, which led to enforcement actions against the company and two executives. -Extensive experience collaborating with federal and state criminal and regulatory authorities including DOJ, FBI, DHS, CFTC, the New York Attorney General’s Office and FINRA.
Best Lawyers
January 2026
Recognized by Best Lawyers: Ones to Watch (published by BL Rankings LLC) for Criminal Defense: White-Collar (2023–2026).
SEC Enforcement Division
February 2018
Received Directors’ Awards from co-directors of SEC Enforcement Division (2017 and 2018).
Legal Aid Society
March 2015
Awarded the Legal Aid Society’s Pro Bono Publico Award (2010 and 2015).
Chairman’s Award
November 2019
Pillsbury’s Gravel2Gavel
April 2022
Though ESG has been around for a while, with roots that extend back to the environmental sustainability movement, the script for current ESG litigation and investigations is still being written. ESG efforts have expanded to include diversity within companies and an increased focus on compliance and governance within organizations. Regulatory oversight, especially from the SEC, has swiftly come to the fore to monitor those compliance efforts. As with many areas where the precise regulatory and enforcement regime is still coming into focus, it is crucial to recognize the importance of being both proactive and pragmatic.
The Journal of Federal Agency Action
May 2025
Co-author.
Governance Intelligence
September 2024
Adam Goldberg, David Oliwenstein and Tony Phillips provide advice on mitigating the risk of legal violations and being ready for an investigation The US Department of Justice (DoJ) and the SEC have in recent years ramped up corporate enforcement in the areas of cyber-security, AI, financial crime, corruption, sanctions and trade controls. This impacts public and private companies and they – along with their boards – face increasingly complex legal and compliance obligations.
he Review of Securities & Commodities Regulation
February 2026
The environment for cybersecurity regulation and enforcement has never been as intense. The SEC is ramping up its oversight of public company cybersecurity, including through a recent enforcement action against a Chief Information Security Officer, and by issuing a sweeping set of new Final Rules governing disclosure of material cybersecurity incidents. Compliance dates under the Final Rules are here, and companies may be grappling with major questions, including: What is a “cybersecurity incident”? What is “material”? To what extent will the SEC be seeking to hold individuals liable for cyber violations and not solely their employers? How should companies and their personnel implement the requirements of the Final Rules and prepare for related risks? This article provides guidance on each of these questions and outlines steps companies can take from a compliance perspective to prepare for and address cybersecurity incidents.
The Journal on the Law of Investment & Risk Management Products
September 2023
Following the filing of a 101-page complaint by the Securities and Exchange Commission against cryptocurrency exchange company Coinbase, questions regarding when digital assets and related services are securities transactions subject to federal securities laws and SEC regulation have surfaced. An article recently featured in The Journal on the Law of Investment & Risk Management Products investigates the ongoing litigation—offering background on digital assets and federal securities laws, details and key issues surrounding the case, as well as their professional insights on the matter.
Bloomberg Law
January 2026
Two landmark cases involving public companies and their cybersecurity executives offer some crucial lessons in corporate governance, transparency, program boundaries, and data privacy. One case was the first Securities and Exchange Commission enforcement action that charged a chief information security officer, or CISO, as well as the company and the first accounting control claim, based on cybersecurity failings. The other case, involving Uber Technologies Inc., was the first criminal prosecution and conviction of a chief security officer, or CSO, concerning information provided after a data breach.
Pillsbury webinar
January 2025
The webinar focuses on the new direction and priorities for cryptocurrency regulation in the Trump Administration. Panelists discuss potential policy shifts by the SEC and federal banking regulators that will impact the cryptocurrency and digital assets industries, as well as key challenges, emerging opportunities and potential friction with state-level regulators.
Practicing Law Institute webinar
June 2024
Panelist
Guidehouse webinar
February 2024
Panelist
Dragos webinar
February 2024
Panelist
Edison Electric Institute Security & Technology EAC Meeting
November 2023
Panelist