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DAVID M. ROSEN
24823 Greensbrier Drive
Stevenson Ranch, California 91381
661/287-9803
seclawbox@gmail.com
Objective: After over 25 years of enforcement work, I welcome a fresh set of
responsibilities where I can apply my knowledge and expertise.
Qualifications: I have the following qualifications:
 Interpreted and applied the federal securities in my investigations in dozens of
memos and meetings involving my supervisors and the Commission.
 Taken hundreds of investigative testimonies and depositions related to
examination issues to determine possible regulatory violations, including those
related to investment advisers, broker-dealers, transfer agents, municipal
securities, mortgage-backed securities, market manipulation and insider trading.
 Written numerous recommendation memos to the Commissions outlining
various violations and novel questions of law, including those related to
investment advisers, investment companies, broker-dealers and transfer agents:
o Orange County/Merrill Lynch, Pierce, Fenner & Smith Inc., - In
connection with the largest municipal bankruptcy in United States history
at the time, Merrill Lynch, as an underwriter, violated the antifraud
provisions by its sale of municipal securities that were invested in the
Orange County Investment Pools, which Pools failed to disclose: (1) the
Pools' investment strategy was predicated upon the assumption that
prevailing interest rates would remain at relatively low levels; (2) the
Pools' use of leverage through reverse repurchase agreements was
constant, high, and a major part of the Pools' investment strategy; and (3)
the Pools had a substantial investment in derivative securities, particularly
inverse floating rate notes.
o New Century Financial Corporation – Violations of the antifraud,
reporting, record-keeping, internal controls, lying to accountants, and
certification provisions by then the third largest subprime lender in
mortgage-backed securities and its CEO, CFO and Controller. New

Century and its executives made false and misleading statements in
private stock offerings regarding New Century’s subprime business and
understating its expenses related to repurchased loans in the face of
dramatically increased loan repurchases.
o Aletheia Research and Management, Inc. – Violations of the antifraud
provisions, custody provisions and books and records provisions by a
registered investment adviser and its two principals that managed over
$7.1 billion in clients funds.
o David Mark Bunzel – Violations of the antifraud provisions by an
unregistered investment adviser and its principal related to providing false
and misleading asset valuation information, management fees, and fund
audits.
o Copeland Wealth Management – Violations of the antifraud provisions
by a registered investment adviser and its principal that managed over
$60 million in 23 limited partnerships related to the misuse of investor
funds, conflicts of interests, guaranteed returns, unauthorized trading of
put options, and the payment of undisclosed real estate commissions and
other related compensation.
o Kaufman, Bernstein, Oberman, Tivoli & Miller, LLC – Violations of
the custody provisions by an investment adviser and its principal related
to the annual and surprise examination requirements.
o Unnamed Bond Fund – In its prospectus, SAI and proxy statement,
registered investment company, its adviser and the principal of the adviser
made misleading statements and omissions concerning the fund’s
investment strategies, risks associated with the investment strategies,
borrowing of funds through the sale of uncovered options and futures
options, the comparison between the fund’s investment performance and
its benchmark, and material factors that affected the fund’s investment
performance.
o TripleNet Properties, LLC – Violations of the antifraud and supervisory
provisions by a broker-dealer, a registered representative and broker-
dealer supervisor related to false and misleading statements in REIT
offerings.
o Osborne Stern and Company – Violations of the securities registration
and antifraud provisions by a broker-dealer and its principal, including the
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domination and control of the securities market and undisclosed excessive
mark-ups of a penny stock.
o Alexis Stock Transfer – Transfer agent case potentially involving the
manipulation of over 20 penny stocks, quickly resolved by revoking its
registration based upon the felony conviction of its principal.
 Led staff with varying backgrounds, including examiners, accountants, and
paralegals, including delegating, planning and assigning work.
o In the cases listed above, I successfully worked in a collegial environment
with the examination staff encouraging a free-following exchange of ideas
and strategies that successfully led to numerous enforcement actions,
including coordinating examinations and enforcement investigations,
creating and developing spreadsheets to summarize and analyze data,
drafting document subpoenas, selecting witnesses for investigative
testimony, taking testimonies and working together in drafting the
examination deficiency letter and report and enforcement
recommendation memorandum.
 Represented the SEC at various briefings and meetings as lead attorney,
including Wells meetings, Commission meetings, and court hearing. Most
recently in the National Pension investigation, I successfully led the Wells
meeting with eight different law firms representing 23 proposed respondents
with the Director and Deputy Director of Enforcement in attendance.
Ultimately, the Wells meeting led to a favorable settlement for the Commission.
Career Achievements:
 At the SEC: Completed over 30 investigations related to possible violations of
the federal securities laws, litigating approximately a dozen cases, and trying a
case and writing the appellate brief.
 CFO Background: For the last 20 years, in a part-time capacity, served as the
CFO of my wife’s dental practice with approximately 10 employees. Performed
bookkeeping, budgeting, forecasting, creating bonus and incentive plans,
payroll, marketing and overseeing accounts receivable.
 Real Estate Portfolio: For the last five years, in a part-time capacity, preformed
analytics for, and purchasing and managing a real estate portfolio consisting of
one commercial property and three residential properties.
Professional Experience:
Senior Counsel, Division of Enforcement January 1995 – Present
Securities & Exchange Commission
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Los Angeles, California
Staff Attorney, Division of Enforcement August 1990 - December 1994
Securities & Exchange Commission
Los Angeles, California
 Negotiated settlements and prosecuted and concluded investigations involving:
investment advisers, investment companies, broker-dealers, municipal securities,
mortgage-backed securities, real estate investment trusts, transfer agent,
accounting fraud, insider trading, penny stock fraud, failure to file securities
transactions reports and market manipulation, including:
o Recently completed and negotiated a large and complex unregistered
broker-dealer investigation with 23 parties involving a proprietary trading
company, which hired firms to acts as brokers on its behalf to purchase
$5 billion worth of bonds, yet none of the firms or their employees were
registered as brokers in SEC v. Global Fixed Income, LLC, et al., Admin.
Pro. File No. 3-16460 (March 26, 2015).
o Investigation led to the successful conviction of a corporate officer for
insider trading in U.S. v. Richard J. Smith, 155 F.3d 1051 (9th Cir. 1998)
(11-count conviction for insider trading affirmed).
o Investigation led to the criminal prosecution of the CEO of a large
publicly-traded company for insider trading; See U.S. v. John J. Cassese,
290 F. Supp. 443 (S.D.N.Y. 2003) (jury’s verdict overturned because
prosecution could not show a “willful” violation); See also, U.S. v. John
J. Cassese, 428 F.3d 92 (2nd
Cir. 2005) (affirming district court’s
judgment of acquittal).
 Litigated complex securities cases in the federal and administrative courts
including preparing pleadings, motions, points and authorities, administrative
orders and consent offers and negotiating settlements:
o Solely tried and subsequently wrote the SEC’s appellate brief in In the
Matter of Erik W. Chan, Admin. Pro. File No. 3-9697, Initial Decision
(Sept.14, 2000) and In re Erik W. Chan. Admin. Pro. File No. 3-9697,
Opinion of the Commission (April 4, 2002) (officer of corporation found
to be a cause of corporation’s violation of the securities laws by making
false and misstatements of material facts in private placement offering to
investors).
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 Investigated federal securities law violations by reviewing documents, taking
depositions, and subsequently organizing the evidence in memoranda for the
Commission.
Education:
Golden Gate University School of Law, San Francisco, California
Juris Doctor Degree, May 1990
Class Rank: Upper Thirty Percent
Honors: Dean's Honor Roll
Activities: Editor-in-Chief of The Law School News
Golden Gate University, San Francisco, California
Master of Business Administration, December 1989
Option: Finance Grade Point Average: 3.91/4.00
Special Course: Mergers and Acquisitions
California State University, Northridge, California
Bachelor of Science, Business Administration, May 1987
Option: Finance Grade Point Average: 3.20/4.00
Special Skills: The knowledge and use of personal computers and the following
computer applications: Windows, OS X, Word, PowerPoint, Excel, QuickBooks,
Quicken and Lexis/Nexis.
Admitted To The California Bar, November 1990
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