We spoke to Junaid Zubairi, Chair of Vedder Price’s Government Investigations & White Collar Defense practice and a member of the firm’s Board of Directors. Junaid regularly practices before the SEC, the US Attorney’s Office, and other federal and state agencies.

Prior to joining Vedder Price, Junaid was a senior attorney with the SEC, Division of Enforcement. At the SEC, Junaid was the lead attorney on numerous high-profile investigations and litigations involving investment adviser and broker-dealer misconduct, financial fraud, officer and director liability, insider trading and pay-to-play practices. He spearheaded several complex investigations that resulted in substantial settlements against large public companies.

Further, while at the SEC, Junaid also coordinated effective parallel investigations with federal and state agencies, including the US Attorney’s Office, the FBI, Financial Industry Regulatory Authority and the Illinois Commerce Commission. For his outstanding work, Junaid received the Division of Enforcement Director’s Award, as well as several Special Act awards.

Tell us about yourself and what initially sparked your interest in regulatory enforcement?

You never start your career knowing exactly what you want to do. Coming out of law school, I was invited to join the SEC and had the opportunity to lead significant, complex matters that made headlines. It was a golden opportunity to go up against some of the nation’s most prominent lawyers and enabled me to start developing contacts and credibility with colleagues on both sides of the table. Being at the SEC and appreciating its mission and process led to developing my career to where it is today.

What has been the proudest moment of your career?

The proudest moments from a career standpoint are the wins that never make the light of day. Those are the hard-fought matters that are emotionally challenging for the clients because they see their futures and their reputations crumbling. To help them navigate an investigation and then to win, so that no lawsuit is ever filed, that’s always a special moment.

As the Chair of Vedder Price’s Government Investigations & White Collar Defense practice, what are some of the key challenges your clients are currently facing?

There’s a general lack of clarity and regulatory uncertainty right now regarding agencies’ core priorities which makes planning difficult for clients. There’s always a transition period with any incoming administration and we’re now starting to see new guidance that gives us some direction. For example, in the crypto space, this administration is clearly taking a more measured approach than its predecessor.

Clients want someone who knows what’s around the next corner and understands how the system works.

Given your experience as a former a senior attorney with the SEC, Division of Enforcement, what unique perspectives do you bring to your clients regarding SEC investigations and enforcement procedures?

Clients want someone who knows what’s around the next corner and understands how the system works. The biggest advantage I offer is that I can provide insight about where we’re going and then devise a strategy for how we’re going to contain potential problems. That gives clients comfort.

With the evolving regulatory landscape, what do you see as the next major areas of focus for SEC oversight and enforcement?

First, the SEC is reverting to what would be considered traditional SEC areas of focus: egregious conduct that is in any form fraudulent, be it disclosure, accounting , conflict of interests and breach of fiduciary duty by public companies, investment advisors or broker-dealers. These are the bread-and-butter types of cases brought by the SEC.

And foreign companies with a US presence can expect to be more subject to open investigations.

The SEC is reverting to what would be considered traditional SEC areas of focus: egregious conduct that is in any form fraudulent.

What advice would you give to your younger self?

Be consistent. As an associate, do quality work, excel at the beginning and then bring that mindset and reputation to the next level. Take calculated risks, don’t shy away from them. And start brand-building immediately to create a network of relationships and personal credibility.

Tell us an amusing anecdote about your work.

I’ve been told that I have interesting snacking habits. Early in my career, I always had brownies and cookies at meetings. As I’ve gotten older, it’s now oatmeal and yogurt parfaits.