David C. Franceski Jr.

Dave Franceski

Overview

For 35 years Dave Franceski has concentrated his litigation and enforcement practice on complex commercial and securities matters, primarily defending and counseling the firm’s top investment banking, broker/dealer and investment advisory clients. During his career, Dave has been privileged to represent the country’s leading national, regional and local investment banks, broker dealers, investment companies and other financial firms, including many of Wall Street’s major banks and broker/dealers. Dave has tried to verdict, decision or award well over 100 cases. His litigation experience – before judges, juries, arbitrators and agency enforcement panels – extends from complex class actions, multimillion dollar securities investor claims and federal insider trading investigations to state licensing and registration proceedings, broker raiding claims and other industry-related commercial disputes.

INVESTMENT PRODUCT EXPERIENCE
Dave has a thorough understanding of virtually all investment products, including stocks, bonds, commodities, mutual funds, unit investment trusts, auction rate and mortgage-backed securities, non-traded REITS, structured notes and other alternative investments. Dave’s many years of securities litigation has included claims arising under the Securities Act of 1933, the Securities Exchange Act of 1934, the Commodity Exchange Act, the Investment Advisors Act of 1940, the Investment Company Act of 1940, ERISA, RICO, Dodd-Frank, the Pennsylvania Securities Act, the PA Unfair Trade Practices and Consumer Protection Law, and similar state securities and consumer fraud statutes. A member of SIFMA’s Legal and Compliance Division, the Financial Services Institute and the National Society of Compliance Professionals, Dave writes and speaks frequently on issues of vital importance to the financial services and securities industries.

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Representative Matters

  • successfully defended a national broker-dealer in a federal non-jury trial charging ERISA fiduciary and co-fiduciary violations in a defined benefit pension plan
  • investigated, negotiated and successfully resolved a three-year SEC insider trading and Section 15(f) material non-public information policy and procedure investigation of a major regional broker/dealer
  • successfully defended a Wall Street investment bank/brokerage firm in a multimillion dollar, four-year, 30-hearing session Financial Industry Regulatory Authority (FINRA) arbitration claim for alleged trading
    away losses
  • tried to verdict in a four-week jury trial an issuer’s claims for multimillion dollar losses arising from a complex short-selling, defamation and market manipulation scheme
  • successfully defended a nationally known clearing broker, prevailing in a two-week federal jury trial of the clearing firm and its introducing firm
  • prosecuted a six-month preliminary injunction proceeding to curb, and seek compensation for, a national campaign to hire away the firm’s brokers
  • investigated, negotiated and resolved a two-year National Association of Securities Dealers (NASDR) disciplinary proceeding against a regional broker-dealer and several of its registered representatives for sales practice and supervision-related violations
  • successfully arbitrated and resolved numerous six, seven and eight-figure securities customer claims on behalf of clients such as Morgan Stanley, Vanguard Group of Investment Companies, UBS Financial Services Inc., UBS Securities, Smith Barney, Merrill Lynch, Lehman Brothers, Raymond James Financial Services and LPL Financial, among others
  • tried to verdict a “paperless” six-week federal court jury trial over misappropriation of confidential and proprietary system software
  • served as co-defense counsel in a multimillion dollar auction-rate securities fraud action by the New Jersey Higher Education Assistance Agency against UBS Securities
  • served as co-counsel in a securities class action against a development-stage biopharma issuer and its officials

Click here for a list of Dave’s published opinions.

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Credentials

Bar Admissions
  • Pennsylvania
Court Admissions
  • U.S. Supreme Court
  • U.S. Court of Appeals for the Third Circuit
  • U.S. Court of Appeals for the Eleventh Circuit
  • U.S. District Court for the Eastern District of Pennsylvania
  • U.S. District Court for the Middle District of Pennsylvania
  • U.S. District Court for the District of Colorado
Education
  • J.D., University of Pennsylvania Law School
  • B.A. and M.A., University of Pennsylvania
Memberships

  • Philadelphia Bar Association
  • American Bar Association, Litigation Section, Securities Litigation Committee
  • Board of Editors, Senior Editor, Securities Litigation Commentator
  • Board and Executive Board Member, Committee of Seventy
  • Financial Services Institute
  • Securities Industry and Financial Markets Association
  • Former Board Member, Saybrook Homeowners Association

Speaking Engagements

  • Presenter, “Advising Seniors: Providing Financial Guidance in the Face of Diminished Capacity and Other Senior-Related Issues,” Financial Services Institute
  • Presenter, “Ethics in Dealing with Public Officials and Public Clients,” SIFMA Legal and Compliance Division
  • Presenter, “Soft Dollars and Commission Sharing Arrangements for Broker Dealers and Investment Advisors,” National Society of Compliance Professionals
  • Presenter, “Investment Adviser Pay-to-Play Rule 206(4)-5,” SIFMA legal and Compliance Division
  • Presenter, “DOL/ERISA Issues: An Investment Advisory Perspective”
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Recognition

  • Pennsylvania Super Lawyers
  • Martindale-Hubbell, AV Preeminent rated
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