Attorneys
Partner

Clerkships

Hon. Theodore R. Newman Jr., District of Columbia Court of Appeals

Education

Yale Law School, J.D., 1981

Trinity College, B.A., with highest honors, 1976

  • Phi Beta Kappa
Photo of Steven  Salky

Steven Salky

Overview
Experience
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Affiliations

Widely recognized as a leading white collar and securities enforcement defense lawyer, Steven Salky primarily represents executives in white collar criminal cases, regulatory agency investigations, and civil litigation.

He has represented, among others:

  • executives of financial services companies in securities fraud investigations and parallel class action cases;
  • the former chief financial officers of Freddie Mac and Fannie Mae in various proceedings arising from these companies’ restatements of earnings;
  • the former chief business officer of Freddie Mac in class action and U.S. Securities and Exchange Commission (SEC) cases arising from disclosures concerning the company’s single family guarantee portfolio; and
  • executives in the private mortgage finance industry in a variety of criminal, civil, and regulatory agency investigations.

Steve also represents executives of health care and pharmaceutical companies in regulatory and grand jury investigations as well as lawyers, doctors, and accountants, in compliance and professional responsibility matters.

  • Obtained what commentators described as an unusual and extremely favorable settlement on behalf of the former Chief Business Officer of Freddie Mac in an SEC enforcement action arising from Freddie Mac’s 2006-2008 subprime loan disclosures. The resolution denied all of the remedies the SEC sought and provided for the dismissal of the SEC’s claims without any restrictions that altered the client’s employment, as well as allowing her to continue to deny the allegations. The case, which received substantial attention when it was brought by the SEC, was vigorously litigated for more than three years, and was resolved near the end of a lengthy discovery process.
  • Won summary judgment on behalf of the former chief financial officer of Fannie Mae in a securities class action after more than eight years of litigation involving the depositions of more than 100 witnesses. The court’s finding of "overwhelming evidence" of our client's good faith in connection with the issuance of Fannie Mae's subsequently restated financial statements was, in our client's words, "a complete vindication.” We also prevailed in a trial before a neutral arbitrator in employment litigation over our client's severance from Fannie Mae.
  • Obtained a declination from the SEC’s Division of Enforcement in an investigation focused on two executives of a large financial institution who the SEC Division of Enforcement investigated in connection with the issuance of mortgage backed securities by the financial institution.
  • Tried an SEC enforcement action before an Administrative Law Judge who recommended that no sanctions be brought against our client, a compliance employee at a national brokerage firm. The case involved accusations that our client aided and abetted violations of various record keeping provisions of the federal securities laws. Although the SEC Division of Enforcement sought the permanent debarment of our client from the securities industry and substantial financial penalties, no sanctions were imposed.
  • Obtained a settlement on behalf of the former chief financial officer of Canada’s then-largest pharmaceutical company in a civil enforcement action brought by the SEC alleging failure to meet the requirements of U.S. Generally Accepted Accounting Principles (GAAP) and making misleading statements regarding quarterly earnings. The case settled the day before trial was scheduled to commence.
  • Represented the head of a federal agency in an inspector general investigation arising from allegations of internal agency mismanagement. The inspector general report confirmed the absence of any legal violations by our client.

News

Mentioned & Quoted

Publications

Bar Admissions

Court Admissions

Academic Appointments

  • Adjunct Faculty, White Collar Crime, American University Washington College of Law (2014)

Professional Affiliations

  • Former Chair, Criminal Justice Section Sentencing Guidelines Committee, American Bar Association

Community Involvement

  • President, Everybody Grows
  • Former Chair, Finance Committee, Edmund Burke School Board of Trustees
  • Former Chair, Stuart Stiller Memorial Foundation

Offices