Eva Carman is the longtime co-head of Ropes & Gray’s global securities and futures enforcement practice. She is an industry-leading regulatory enforcement lawyer with more than 30 years of experience representing advisers and broker-dealers in SEC, CFTC and FINRA examinations, enforcement investigations and internal investigations.
Eva’s experience includes representing all types of advisers—RIAs, private equity funds, hedge funds, real estate funds, mutual funds and credit funds—in more than 150 SEC examinations and more than 70 enforcement investigations. She works globally, including with all 12 U.S. offices of the SEC. She has a deep understanding of all key regulatory areas, including fee and expense conflicts, use of affiliates, valuations, marketing, insider trading, sales practices, and disclosure issues.
Eva’s work has received national recognition from numerous leading sources, including Chambers, The Legal 500, Crain’s and Best Lawyers in America. Clients tell Chambers that Eva is “extraordinarily knowledgeable,” “exceptionally smart,” and “superb at what she does.” Her wide-ranging experience, coupled with her knowledge of the financial services industry and the regulators, makes her the go-to lawyer for some of the world’s largest and most sophisticated financial organizations.
Widely regarded as a thought leader, Eva writes extensively on enforcement topics and defense of examinations. She is sought after as a national conference speaker on these topics, and has lectured on them at the law schools of Columbia, NYU and Fordham.
Experience
- Counsel for one of the world’s largest investment advisers for six of their most recent SEC examinations. (2013-present)
- Conducted more than 45 mock SEC examinations.
- Represented advisers in more than 150 SEC examinations in addition to FINRA examinations.
- Co-lead defense counsel in the SEC’s largest enforcement case – SEC v. Allianz. (2022)
- Defending a large real estate adviser in a CFTC investigation into 21F whistle blower issues.
- Successfully defend the private equity division of one of the largest investment banks in an SEC enforcement case relating to fee and expense conflicts. (2020)
- Defended Sound Point Capital Management, LP in an SEC enforcement investigation regarding MNPI policies and procedures. (2024)
- Defend a large California based private equity firm in an insider trading investigation. (2023)
- Defend a large private equity firm in allegations associated with use of operating partners.
- Defend a large real estate firm in a California based enforcement case regarding use of affiliates. (2019)
- Defend a California based private equity firm in an enforcement case related to allocation of expenses.
- Represent two of the largest investment advisers and one large bank in the SEC Off-Channel Investigation. (2024)
- Lead defense counsel for both respondents in the Securities & Exchange Commission matter known as SEC v. Everest Capital LLC and Marko Dimitrijevic, File No. 3-19777 (April 30, 2020).
- Lead counsel for a senior executive of Countrywide in the NY Funds securities class action. Successful in garnering one of only two dismissals at the summary judgment phase in that action. (Pappas v. Countrywide Financial Corporation)
- Successfully defended a host of accounting professionals and audit firms in connection with SEC and CFTC investigations into issues associated with the audit of CFTC registrants.
- Won a trial victory in a Delaware Chancery Court resulting in a precedent-setting opinion relating to a dissident director’s efforts to take control of a company. (Gunther v. 5i Sciences)
- Defended hedge funds, portfolio managers and other investors in connection with a host of insider trading investigations and cases.
- Conducted FCPA diligence and investigations for companies with operations in Brazil, China, India, Russia and Europe.
- Defended the CEO of an insurance company in a criminal action alleging falsification of the accounting documents and performance figures used to launch an initial public offering of the insurance company.
- Represented the president of an investment adviser in connection with criminal claims that the investment adviser was running a Ponzi scheme with investor funds.
- Successfully defended a number of market-timing investigations by the SEC, the CFTC and the New York Attorney General.