For the next month, the Career Brief will feature S.J. Quinney alumnus who are work in the securities and securities litigation field. Below, we feature Charles “Chip” Lyons, a Securities Analyst in the Licensing and Compliance Section of the Utah Securities Division, and Cheryl Mori, a Staff Attorney in the Enforcement Division of the United States Securities and Exchange Commission.
Charles “Chip” Lyons, a Securities Analyst in the Licensing and Compliance Section of the Utah Securities Division
What do you do?
I am a Securities Analyst in the Licensing and Compliance Section of the Utah Securities Division. The Division is the state agency that licenses and oversees investment professionals in Utah. My position is similar to an in-house counsel, with a variety of responsibilities that makes it both interesting and challenging. My duties range from managing litigation to advising our licensees and implementing policies regulating the securities industry. I also assist our examiners in audits and investigations of broker-dealers, investment advisers, their agents and representatives. That typically involves meeting with witnesses, gathering information, and analyzing evidence. When an exam reveals violations of the securities laws, I prepare the case for litigation. Most of our cases are filed as administrative actions, but we also have authority to file civil actions and make referrals for criminal prosecutions where appropriate.
Where are you from and where did you go to law school?
I am originally from the lowlands of Hartford, Connecticut where I worked in the legal department of an insurance company for several years after college. The attorneys there all told me not to go to law school! I sort of followed that advice by moving to Salt Lake City in 1995 – mainly to ski and mountain bike— where I worked in the securities industry for several years before attending law school at the U.
What kind of activities did you do in law school?
I participated in moot court and took trial advocacy and other classes that would prepare me for a litigation career. I clerked at a firm each summer. My coursework focused on environmental law – I received the Certificate in Natural Resources Law and was a member of the Natural Resources Law Forum. I also was a genius day trader who couldn’t lose and was going to be able to retire to the mountains of Spain within a few years of graduation—you can see how that turned out.
How did you first make contact with your employer and how did you get this job?
I was working at a civil litigation firm where about 20% of my cases were securities matters – mostly defending firms and agents in securities arbitrations. I decided that was an area of the law I really enjoyed and wanted to focus on better developing my knowledge and skills. I was also realizing that working for a firm meant sacrificing a lot of personal time and that I needed a better work/life balance. I began to look online for federal and state agency jobs, including at the Division. After interviewing for one job that did not particularly match my skill set, several months later I received a phone call about a second position which was better suited to me. That is the job I have today.
What does your typical day involve for you/your work?
A typical day involves strategy meetings with Division staff concerning open investigations and examinations as well as attending to pending litigation matters. When preparing to file an administrative action, I review the examiner’s findings and evidence with staff and my Section Director, then draft the action. Once filed, I work closely with our trial counsel from the Attorney General’s Office through all phases of each case, including motion practice, trial preparation and settlement negotiations. Other typical activities include interviewing witnesses, meeting with prosecutors and defense counsel. We frequently meet by phone or in person with licensees to discuss various topics in this constantly changing industry. Since Dodd-Frank and most recently the JOBS Act, there have been many inquiries about how we interpret various provisions of those laws. In addition, I am the records officer for my section and handle public records requests. I also draft interpretive opinions and administrative rules enforced by the Division.
What are the best (and worst, if you want) parts of your job?
Securities fraud is a huge and continuing problem in Utah. So there is no shortage of work for us. Our office has a strong sense of mission and is made up of people who care very much about the work they do. The most rewarding part of my job is when we help investors who have been harmed get their money back, and I wish this happened more often. The worst part is seeing how quickly conmen can destroy people financially.
What tips and advice do you have for job-seeking S.J. Quinney law students and alums?
Be flexible. I went to law school intending to practice environmental law, but when I graduated there were only jobs working for the polluters, which I could not bring myself to do. I was fortunate enough to work at a great firm with great people, but it wasn’t what I wanted to do long term. Try to figure out what you are good at and most importantly, where your strengths, interests and passions are. Stay in touch with your fellow alums, join a section of the bar you are interested in and get to know people in that field. Volunteer.
Be patient. After I decided to make a career change it took me a good year (and so many unacknowledged cover letters) to find a job.
Finally, don’t succumb to the pressure to measure your success based on your salary or where your friends are working. Think Caddyshack: “How do you measure yourself with other golfers?” “By height.”
Cheryl Mori, a Staff Attorney in the Enforcement Division of the United States Securities and Exchange Commission
What do you do?
I am a Staff Attorney in the Enforcement Division of the United States Securities and Exchange Commission (SEC). My job is to conduct investigations into violations of federal securities laws. My cases include offering frauds, insider trading, Ponzi schemes, market manipulation schemes, fraud and other violations by broker-dealers and investment advisers or other entities that the SEC regulates.
Where are you from and where did you go to law school?
I am originally from Pleasanton, California, but moved with my family to Salt Lake City during high school. I attended law school at the S.J. Quinney College of Law and graduated in 2000.
What kind of activities did you do in law school?
I was very involved during law school and that involvement has helped me throughout my career, both in providing me with skills and experience, and also in making lasting connections in the legal community. I participated in moot court, Law Review, teaching assistantships, and pro bono legal clinics. I interned with Judge Glenn Iwasaki (ret.) at the district court level and with Justice Christine Durham at the Utah Supreme Court. They were supportive and inspiring mentors who spent much one-on-one time in helping me with my education and career choices, as well as teaching how the court system and the judicial process work.
I also was involved in various organizations, including the Women’s Law Caucus and the Minority Law Caucus. These groups have close connections with their counterparts in the State Bar, Women Lawyers of Utah (WLU) and the Utah Minority Bar Association (UMBA). The groups organize a number of events to which students are invited, including mentoring and networking socials, career seminars, awards banquets, retreats, and community service projects. Serving in leadership roles and attending events allowed me to meet many practicing lawyers who were able to give encouragement and advice. Many of these lawyers are now my friends and colleagues.
How did you first make contact with your employer and how did you get this job?
During law school, I was fortunate to develop a mentoring relationship through my judicial internship at the Utah Supreme Court. Karen Martinez was a law clerk for Justice Durham and became a mentor and advisor to me during and after law school. After graduation and a judicial clerkship, Karen and I worked together in private practice at a local boutique firm, where I gained experience in securities litigation, mostly defending big accounting firms in private securities actions. Karen later left to become trial counsel at the SEC. When an opening came up for a staff attorney position, Karen suggested I apply, and I got the job. Karen is now Assistant Director of our office, so she is now my manager.
What does your typical day involve for you/your work?
My job is gathering evidence and building a case. Much of my time is spent in researching public information and records; interviewing witnesses, such as investors, possible defendants, and third parties; requesting, reviewing, and analyzing documents, such as bank records, brokerage account records, securities offering documents, financial and accounting records; preparing for and taking on-the-record testimony of witnesses. There may be strategizing and research on different legal theories and determining what evidence we will need to support an enforcement action, and I may spend time negotiating with counsel regarding settlement or other litigation issues.
When we believe we have a solid case, I will write a comprehensive report of the investigation, outlining facts, evidence, and legal analysis. This report is then presented to the five-member Commission in Washington DC, which makes the final decision on whether an action will be filed. After a case is filed, I may assist trial counsel with preparing court documents and preparing for hearings and other court proceedings, as necessary.
What are the best (and worst, if you want) parts of your job?
I view the primary purpose of my job as protecting the investing public. We see so many dishonest individuals who are all too happy to cheat their acquaintances or others out of their life savings. I love that my work can help stop this type of wrongful conduct and prevent others from becoming victims of fraud. My job also affords me the time to have a life outside of work.
It can be frustrating when we are not able to put a case together for one reason or another, even though we are sure there is wrong-doing. It is disheartening when “bad” people lie and get away with harming others. Often, even though we uncover violations, money and assets have been squandered away or hidden, so investors still lose out in the end. Weighing this against the good we can do, however, I am very happy to be able to do what I do.
What tips and advice do you have for job-seeking S.J. Quinney law students and alums?
My best advice is to establish relationships, starting as early as possible. Get involved with organizations and activities, attend events where you can meet lawyers, and always follow up with people you meet. Lawyers are busy, but I’ve found that they are generally happy to help up-and-coming lawyers, to give advice, make introductions, and provide references. Involvement in organizations and leadership looks good to employers, and provides common ground from which to make connections. It’s the people you know and the people they know that can provide you with opportunities that you may not otherwise ever hear about.