Eliza Sporn Fromberg
Eliza Sporn Fromberg's practice concentrates on advising broker-dealers, investment advisers, boutique investment banks, and private funds on regulatory, compliance, and transactional matters. She provides advice to clients on handling day-to-day compliance matters, addressing new legislative and regulatory developments, and enhancing their policies and procedures.
She advises broker-dealers and investment advisers on mergers and acquisitions, restructurings, and changes in ownership, operations and management. Eliza also counsels clients on the formation of private investment funds, and provides guidance on the emerging area of crowdfunding.
In addition, Eliza represents financial firms and their associated persons in responding to regulatory examinations and inquiries and represents clients in enforcement proceedings before the SEC, Department of Justice, FINRA, and state regulators. Enforcement matters have involved issues such as hedge fund valuation, market timing and late trading of mutual funds, anti-money laundering, distribution of unregistered securities, unlicensed brokerage activity, and research/investment banking conflicts of interest.
Prior to joining Day Pitney, Eliza served as managing director and general counsel of ThinkEquity LLC, a boutique investment bank that provided equity research, equity financing, M&A advisory, institutional sales and trading, and wealth and asset management services to institutional investors, corporate clients, venture capitalists, entrepreneurs and financial sponsors.
From 2002 through 2011, Eliza was an associate at Debevoise & Plimpton LLP, where she specialized in complex commercial litigation, internal investigations and providing regulatory advice.
- Representation of community bank in connection with the sale of its broker-dealer and investment adviser subsidiary.
- Representation of an investment adviser in connection with the formation and operation of limited partnerships for the purpose of investing in specific private placements.
- Representation of a group of employees of a registered investment adviser in connection with those employees' purchase of the investment advisory business.
- Representation of a registered representative of a broker-dealer in FINRA arbitration brought by former employer.
- Representation of boutique investment bank in FINRA investigation of independence of research department from firm's investment banking activities.
- Representation of private bank in Department of Justice and Federal Reserve investigations of violations of Bank Secrecy Act and anti-money laundering statutes.
- Representation of mutual fund complex in multi-agency federal and state investigations of market timing and late trading.
- Representation of private equity firm in Delaware Chancery litigation seeking redemption of investment in portfolio company.
News, Publications & Presentations
- Speaker, Transactional Inns of Court of Morris and Essex County dinner, February 10, 2015
- Speaker, "Leading Thinkers in Crowdfunding," Family Office Association, Napa, California, October 16, 2014
- Quoted, "Dated Accredited-Investor Standard Creates SEC Dilemma," Law360, October 10, 2014
- Co-author, "Ten Things You Need to Know Before Engaging in Accredited Crowdfunding," Day Pitney White Paper, Law360, October 2014
- Quoted, "A Plan for How to Deal with Staff Pursuing Outside Business Activities," IA Watch, August 4, 2014
- Presenter, "Equity Crowdfunding Intermediaries: Opportunities and Challenge," CFIRA Webinar, May 1, 2014
- Co-author, "So You Want to Be a Crowdfunding Portal? Top 10 Traps for the Unwary," National Society of Compliance Professionals Currents Newsletter, February 2014
- Co-author, "SEC Grants Relief to M&A Brokers from Broker-Dealer Registration," Day Pitney Alert, February 7, 2014
- Co-author, "Top 10 Traps For The Unwary Crowd-Funding Portal," Law360, January 22, 2014
- Co-author, "So You Want to Be a Crowdfunding Portal? Top 10 Traps for the Unwary," Day Pitney White Paper, January 10, 2014
- Co-author, "New General Solicitation Rules Impact On Private Funds," Day Pitney White Paper, December 23, 2013
- Author, "Preventing Another Madoff: SEC Adopts New Custody Rules for Broker-Dealers," Day Pitney Advisory, October 29, 2013
- Author, "Inside FINRA's Proposed Rules To Illuminate 'Dark Pools'," Law360, October 28, 2013
- Speaker, "2013 Red Flag Seminar," Breard & Associates, Inc., October 24, 2013
- Author, "'Sexy Startup Seeks Accredited Investor'," Law360, October 23, 2013
- Author, "FINRA Proposes Rules to Illuminate "Dark Pools"," Day Pitney Alert, October 14, 2013
- Co-author, "SEC Makes Fundamental Changes to Private Capital-Raising Rules," VC Experts, July 31, 2013
- Co-author, "SEC Makes Fundamental Changes to Private Capital-Raising Rules," Day Pitney Alert, July 15, 2013
- Co-author, "Beyond a Culture of Compliance: Securities Regulators Emphasize Disclosure," Day Pitney Alert, May 29, 2013
- Co-author, "The Private Equity Fund Managers' Dilemma: Register as Broker-Dealers or (Potentially) Cease Collecting Fees for 'Investment Banking Activities'?" VC Experts, May 23, 2013
- Co-author, "CFTC External Business Conduct Standards - Temporary Relief to Foreign Exchange Transactions," Day Pitney Alert, May 8, 2013
- New York University School of Law, J.D., cum laude, 2001, Pomeroy Scholar; Florence Allen Scholar; articles editor, New York University Law Review
- Brown University, B.A., magna cum laude, 1995, Phi Beta Kappa; managing editor, College Hill Independent
- State of New York
- State of New Jersey
- U.S. District Court, Southern District of New York
- U.S. District Court, Eastern District of New York