Shea O. Hicks
Shea O. Hicks
Shea O. Hicks
Biography
Shea’s practice focuses on representing broker-dealers, investment advisors, banks, and industry professionals in the defense of regulatory enforcement matters and litigation/arbitration. He also represents clients in conducting and defending internal investigations, compliance consulting, designing control procedures, general business disputes, interpleader actions, garnishments, employment matters, and real estate/lease disputes.
Shea’s representation of financial institutions and individuals in regulatory enforcement matters is all-inclusive, including defending potential and actual charges initiated by all financial industry regulatory authorities. Representative litigation/arbitration matters include disputes involving alleged sales practice violations, fraud, industry raiding/recruiting disputes, employment matters (including wrongful termination claims, defamation, promissory note recovery, and training contract indebtedness), customer debt collection, real estate/lease/contract disputes, and, on occasion, initiating offense litigation. Shea also leads internal investigations on behalf of broker-dealers and banks in conjunction with actual and anticipated regulatory actions, engages in compliance consulting, and provides reasoned, effective, and concise advice to c-suite, senior, and mid-level management executives.
Prior to joining BCLP, Shea served as Managing Counsel for the Litigation, Regulatory Enforcement and Investigations group within Wells Fargo’s Wealth and Investment Management Division. In this role, Shea served as first chair, or managed a team, in the defense of significant and complex regulatory enforcement and litigation matters, internal investigations, litigation, and providing advice to executives.
Before taking that role, Shea served as a Managing Director and Senior Litigation Counsel for Morgan Keegan & Co., Inc., which was acquired by Raymond James & Associates. In that role, he served as first chair in securities arbitrations and tried over 75 contested matters to award and settled many more. In the wake of the 2009 Financial Crisis, Shea also assisted in the management and supervision of six law firms defending approximately 1,750 arbitrations, 3 regulatory actions, and 6 class actions, all related to investor losses sustained in the RMK Bond Funds, marking the most significant docket of FINRA arbitrations to arise during that period of time.
Shea has almost 25 years of securities and financial industry experience, and he previously worked in-house most of that time as both an individual contributor and manager of legal teams, which gave him insight into both legal and business interactions and decision-making processes. Simply put, he knows how the financial industry operates, from both the inside and outside perspective, and he delivers excellent legal services tailored to make his clients’ jobs easier.
Shea holds law licenses in MO, FL, GA and TN, he has an accounting degree and was previously licensed through FINRA with a Series 7 and 24 (expired January 4, 2023). Outside of work, Shea is a proud and loving husband, father of three active young boys and an adorable baby girl, and he enjoys whatever free time he can find playing soccer, basketball, tennis, golf, hunting, fishing, traveling, making his wife laugh, and watching their children grow.
Civic Involvement & Honors
- United Way Leadership Giving
- Boys and Girls Club Supporter
Professional Affiliations
- Securities Industry and Financial Markets Association
- Tennessee Bar Association
- Florida Bar Association
- Georgia Bar Association
- Missouri Bar Association
- FINRA Licenses – Series 7 & Series 24 (expired January 4, 2023)
Admissions
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Missouri, 2013
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Georgia, 2012
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Florida, 2003
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Tennessee, 2000
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U.S. District Court, Eastern District of Tennessee
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U.S. District Court, Middle District of Tennessee
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U.S. District Court, Western District of Tennessee
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Supreme Court, Tennessee
Education
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Oklahoma City University, J.D., summa cum laude, 2000
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University of Memphis, BBA, 1997
Related Practice Areas
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White Collar
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Real Estate
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Securities Litigation and Enforcement
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Fiduciary Disputes
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Broker-Dealer and Investment Advisor Regulatory Enforcement, Disputes and Investigations
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Real Estate Disputes
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Banking & Finance Disputes
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Non-Compete, Trade Secret & Employee Unfair Competition
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Financial Regulation Compliance & Investigations
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Investigations
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Litigation & Dispute Resolution
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Real Estate Sector
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Regulation, Compliance & Advisory
Experience
Securities Litigation
- Jointly managed a syndicate of six outside law firms in defending over 1,600 securities arbitrations, three significant regulatory enforcement actions and six class actions related to $3 billion in investor losses from the decline of the RMK Bond Funds, marking one of the more significant securities litigation representations to arise out of the market crash of 2008-2009.
- Served as first chair in over 75 arbitrations and court cases that concluded after a contested hearing.
- Obtained a favorable settlement for a regional broker/dealer in a customer arbitration wherein the claimant sought $155 million in damages based on allegations of overconcentration and unsuitability.
- Obtained favorable defense arbitration awards in suitability and supervision cases for a regional broker/dealer client.
- Collected over $35 million in debt owed to a regional broker/dealer client through initiating collection efforts to recover promissory note obligations and unpaid margin balances.
- Initiated and successfully represented regional broker/dealer in raiding cases against its competitors for unfair competition practices and breach of fiduciary duties.
- Served in-house as a Protocol Officer for a regional broker/dealer and was responsible for the firm’s raiding/recruiting/collection matters.
Regulatory Enforcement and Internal Investigations
- Supervised a team of attorneys and legal professionals responsible for providing legal representation in the areas of regulatory enforcement and internal investigations.
- Led as first chair significant and complex regulatory enforcement matters from inception to resolution, including conferring and meeting with senior regulatory officials to negotiate mutually agreeable resolutions.
- Led internal investigations into possible employee misconduct and/or systemic control breakdowns for the purpose of advising as to appropriate solutions.
- Provided counsel into issues involving broker/dealer compliance and the design and implementation of controls.
- Provided counsel to client on issues pertaining to employment risks.
Real Estate Disputes
- Represented regional broker/dealer in landlord/tenant disputes.
Resources
Publications
"The SEC’s Recent Observations from Examinations into Private Fund Advisers," BCLP Client Alert, March 1, 2022
"The SEC’s Recent Observations from Examinations into Advisers’ Fee Calculations," BCLP Client Alert, December 20, 2021
"Observations from a Review of FINRA’s 2021 Sanction Guidelines," BCLP Client Alert, December 6, 2021
"The SEC Declares “You All Fail” - Summary of Recent SEC Examinations into Advisers Offering Electronic Investment Advice," BCLP Client Alert, November 22, 2021
"SEC’s Observations from Recent Examinations into Registered Investment Company Initiatives," BCLP Client Alert, November 12, 2021
"The Song Remains the Same – FINRA’s Riff on High-Risk Brokers and Firms," BCLP Client Alert, October 12, 2021
"September 1st Implementation of FINRA Rule 1017(a)(7) – “Final Criminal Matters” and “Specified Risk Events” Defined," BCLP Client Alert, August 30, 2021
"Supervision of Vendors When Outsourcing – The Buck Stops with FINRA Member Firms," BCLP Client Alert, August 17, 2021
"The SEC’s Division of Examinations Highlights Increased Concerns with Wrap Fee Programs," BCLP Client Alert, July 23, 2021
"FINRA Warns of Potential Regulatory Exposure Stemming From Overreaching Pre-Dispute Arbitration Awards," BCLP Client Alert, July 15, 2021
"Anti-Money Laundering Continues to be Among the Highest Regulatory Priorities, As Evidenced by Recent Enforcement Cases and Releases," BCLP Client Alert, June 4, 2021
"FINRA Reminds Broker-Dealers of their Obligations to Safeguard Customer Information and to Build Controls Designed to Protect Customers from Fraud," BCLP Client Alert, May 26, 2021
"Through the Issuance of New Rules Aimed at Recidivist Brokers and the Firms that Hire Them, FINRA Loudly Exclaims to its Membership – 'Can You Hear Me Now?,'" BCLP Client Alert, May 11, 2021
Speaking Engagements
"Best Practices for Interacting with In-House Counsel," Bryan Cave Leighton Paisner CLE webinar, June 16, 2021
“Current Regulatory Issues," Securities Industry and Financial Markets Association, C&L Society St. Louis Regional Seminar, June 18, 2019
"Leveraging the Relationship," Foley & Lardner CLE, C2 Counsel and Compliance, May 5, 2015
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