Linda Riefberg

Special Counsel

New York

(914) 610-9390

(212) 509-9492

Linda Riefberg represents clients in securities enforcement investigations, engages in broker-dealer counseling and handles other regulatory matters before the Securities and Exchange Commission, Financial Industry Regulatory Authority and state securities regulators. She also handles securities-related litigations and arbitrations and does counseling on broker-dealer issues.

Linda is a former chief counsel in the Department of Enforcement of FINRA. During her tenure at FINRA, Linda oversaw a variety of investigations and disciplinary actions involving violations of federal securities laws and FINRA or NYSE rules related to market timing, stock lending, structured products, bond funds, insider trading, fraud, market manipulation, sales practice misconduct, financial operations, revenue sharing, email retention and research issues. Prior to the merger of the enforcement arms of the National Association of Securities Dealers (NASD) and New York Stock Exchange (NYSE) in 2007, she was a department head and enforcement director at the NYSE, where she coordinated the regulatory investigation that led to the Global Research Analyst Settlement.

Linda has been a frequent panelist on a range of topics including enforcement trends, research, e-discovery and Dodd-Frank developments. She serves on the editorial boards of the Journal of Securities Law, Regulation and Compliance and Journal of Securities Operations and Custody. Her published works include an article in the Journal of Securities Compliance, "Eliminating influence by and on the research analyst: Recent enforcement activity and current regulatory priorities," and an article in the Journal of Securities Law, Regulation and Compliance, "The impact of e-mail on broker-dealers."

Linda serves as Chair of the Harpur Law Council, a group of Binghamton University alum mentoring and supporting undergraduates who are considering law as a career. She is also on the boards of United Neighborhood Houses and the New York Regional Board of the Anti-Defamation League. Linda graduated from New York University School of Law, where she was editor of the Journal of International Law and Politics. Linda has also been recognized in Law360's list of  the 25 Most Influential Women in Securities Law 2016. 

News

Joseph Dever and Linda Riefberg Discuss the Burden of FINRA and SEC Exams in Bloomberg Brief

September 26, 2014

In an article titled ''Regulatory Exams May Push Small Firms to Deregister or Restructure, Attorneys Say,'' Linda Riefberg and Joseph Dever, members of Cozen O’Connor’s Commercial Litigation Department, discuss the burden of FINRA and SEC exams and the impact of the SEC’s ''broken window'' policy on smaller firms. They told Bloomberg’s Melissa Karsh that the cost to comply with longer and more extensive enforcement exams by U.S. regulators could drive smaller firms out of the market.

Cozen O’Connor Adds to Depth of Los Angeles Office with Hiring of Alderfer and Cousineau

July 01, 2014

Cozen O’Connor continues to grow its presence in Los Angeles with the addition of Amy B. Alderfer and Maria Louise (Ria) Cousineau, who join as partners. Alderfer joins the Commercial Litigation Department and Cousineau joins the Global Insurance Department.

Publications

SEC and FINRA Announce 2015 Exam Priorities [Securities Litigation & Enforcement Alert]

January 15, 2015

The U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) recently announced their 2015 exam priorities for their respective examination programs. Both the SEC and FINRA have prioritized review of certain investment-related issues affecting the growing senior population. This regulatory focus echoes increasing national concern about the financial security of the retirement-aged baby boomer generation. It means continued attention to issues affecting senior investors, including suitability matters and broker communications with seniors. Both regulators also plan to focus much of their attention on the municipal securities market, a sector that has seen a robust uptick in regulatory and enforcement activity over the past year.

Compliance Officers Beware: A Firm's Failure Can Get Personal [New York Law Journal]

August 18, 2014

In an article titled, ‘’Compliance Officers Beware: A Firm’s Failure Can Get Personal,” Linda Riefberg and Joseph Dever, members of Cozen O’Connor’s Commercial Litigation Department, discuss the different approaches taken by the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) with respect to individuals acting as Anti-Money Laundering, Legal and Compliance Officers (hereinafter jointly referred to as CCO). The SEC requires as a threshold matter that the CCO had supervisory responsibility over other individuals. FINRA, on the other hand, is satisfied if the individual has supervisory responsibilities over businesses or program areas that had failures even if the person was not an actual supervisor.

Events & Seminars

Past Events

2014 Ethics & Compliance CLE Institute

December 04, 2014 - Philadelphia, PA

The 2014 ACC Annual Meeting

October 28, 2014 - New Orleans, LA

Education

  • New York University School of Law, J.D.
  • Binghamton University, B.A.
  • New York