Peter Chan

Member of Board of Trustees Jan 2023 - Present
Vice Chair, Museum Committee March 2025 - Present
Member of Board of Advisors Jan 2021 - Dec 2022

Peter K.M. Chan represents public companies, financial services firms, and other organizations in litigation, investigations, and regulatory actions by federal agencies. Former head of the SEC Chicago office's Municipal Securities and Public Pensions Unit, Peter also advises clients on compliance and regulatory matters impacting the municipal securities markets and investments by public pensions and other institutions. He is also a leading expert in advising companies and outside auditors in connection with SEC and other regulatory inquiries regarding financial restatements and disclosures.

Represented financial institutions, public companies, auditors and their executives in investigations by the SEC, DOJ, FINRA and the CFTC, frequently resulting in closing of matter with no enforcement action. Matters include representation of:

• Investment fund, portfolio manager, head trader and CCO in investigation by SEC regarding pricing and valuation of illiquid corporate bond;

• Investment adviser in SEC investigation on cybersecurity breach and alleged violation of Regulation S-P;

• Publicly-traded holding company of investment fund manager and its officers in SEC investigation of whistleblower complaints regarding alleged accounting irregularities and self-dealing;

• Major financial institution and conducting of internal investigation and assessment of performance of compliance and supervisory personnel in connection with Ponzi scheme orchestrated by rogue employee; presented findings to SEC and FINRA;

• CEO of pharmaceutical company in SEC investigation into revenue recognition and other accounting issues;

• National audit firm in joint SEC and DOJ investigation of software company regarding revenue recognition;

• Major financial firm in SEC investigation of alleged pay-to-play scheme involving funneling of campaign contributions to public officials;

• Major broker-dealer firm in FINRA investigation of alleged circumvention of firm internal training and testing requirements;

• Former GC of power engines manufacturer in joint SEC and DOJ investigation of alleged sham transactions and revenue recognition;

• Private fund manager in SEC investigation regarding related-party transactions;

• Futures clearing firm in CFTC investigation of alleged spoofing by firm client;

• Broker-dealer in internal investigation and self-reporting to SEC regarding rogue employee’s bribery of public pension portfolio manager; and

• Broker-dealer in FINRA investigation regarding alleged undisclosed research analyst conflict.

• Conducted Division-wide review and assessment to improve enforcement investigations and practices resulting in the creation of the Financial Reporting and Audit Task Force and other initiatives.

• Detailed as Special Assistant U.S. Attorney (N.D. Illinois) and served as SEC Chicago liaison to various USAOs in the Midwest.

• Successfully first-chaired administrative proceeding and led appellate oral argument before the Commission in precedent-setting failure-to-supervise litigation.

• Supervised major cases involving municipal bond misstatements and public corruptions, including action against State of Illinois for pension fund disclosure failure and action against former Mayor of Detroit for pay-to-play scheme.

• Provided training to FBI agents and analysts and FINRA examiners on pay-to-play schemes and corrupt practices involving public pension investments and municipal bond offerings.

• Original architect and national leader of MCDC self-reporting initiative which became the template for other national self-reporting initiatives.

Part of USAO (N.D.IL) team that obtained indictments and ultimately guilty pleas from CEO, COO, CCO and others at Chicago broker-dealer firm for fraudulent trading scheme.

• Received the SEC's Paul R. Carey Award for “[e]xceptional personal commitment and effectiveness as a member of the Division of Enforcement.”

• Spearheaded high priority investigations and litigation including actions against Spiegel, Newspaper Mogul Conrad Black and Ponzi schemer Tom Petters. Oversaw numerous public company and auditor investigations, in addition to investigations of investment advisors, investment funds, broker-dealers and stock exchanges.
  

Published article on data-driven alternative to independent auditor model for corporate financial disclosure.

Worked under former SEC Chair David Ruder on complex securities law matters including payment for order flow litigation, internal review of potential insider trading by corporate board director and compliance review of national broker-dealer as part of SEC and FINRA settlement.

Researched and drafted policy briefings regarding arms control and disarmament, strategic benefits and risks of sales of F-16s and other national security topics for Senator Daniel Inouye of Hawaii.