Silicon Valley Spotlight – Securities Regulation, Enforcement and Prosecution Trends

Randy Luskey, a partner in the Litigation Department, is a dynamic and accomplished trial lawyer with experience in a wide range of litigation, white collar and investigations matters. A former prosecutor, Randy was recently recognized by the Daily Journal as one of the Top 100 lawyers in California and as both a Top Health Care Lawyer and a Top Trade Secrets Lawyer in California for the key courtroom roles he has played in some of the Bay Area’s highest-profile cases. Randy is also recognized by Chambers USA in White Collar Crime & Government Investigations – California, where clients have described him as a "thoughtful tactician in how he approaches cases" and "a strategic thinker who knows how to run and try a case."
Randy has extensive experience litigating high-stakes class actions, conducting internal investigations, and representing clients in white collar criminal cases, health care fraud and abuse matters, and cases brought under the False Claims Act.
Randy previously served as an Assistant U.S. Attorney in the U.S. Attorney’s Office for the Northern District of California, where he managed complex government investigations and prosecuted a wide variety of criminal cases involving offenses such as mail/wire fraud, health care fraud, money laundering, RICO, and trade secrets misappropriation.
Randy has secured a number of impressive defense verdicts and favorable resolutions in high-profile white collar cases in the Bay Area, and is undefeated in the nine cases he has tried to verdict. In 2022, Randy won a summary judgment in a long running False Claims Act litigation on behalf of Carolina Liquid Chemistries. Additionally, he won an acquittal, on all counts, of a former Fitbit executive in one of the most closely watched criminal trade secrets jury trials in the Northern District of California; and the dismissal, with prejudice, of a significant federal False Claims Act lawsuit brought against the UCSF Medical Center and eight individuals regarding alleged Medicare fraud. Randy also defended the former general counsel of Wells Fargo in an enforcement action brought by the OCC relating to sales practice misconduct and the CFO of a Fortune 500 software companyin connection with an SEC enforcement action alleging accounting fraud. Randy has recently represented Atlassian, Xoom, PayPal, the Regents of the University of California and Andreesen Horowitz.
Randy has significant experience representing life sciences companies and hospitals in investigations and litigation matters involving allegations of health care fraud. His clients and engagements include Gilead Sciences in a federal False Claims Act lawsuit; Carolina Liquid Chemistries in a federal False Claims Act lawsuit; a Fortune 100 pharmaceutical company in a confidential federal Anti-Kickback lawsuit and related State Attorney General investigation; and UC Health in a wide variety of litigation matters and investigations.
Randy also dedicates a substantial portion of his practice to handling matters for academic institutions. He is one of the Regents of the University of California’s go-to lawyers for some of the university system’s most sensitive and important investigations and disputes, including nine class actions recently brought by students in federal and state courts throughout California seeking a return of tuition and student fees due to COVID-related school closures.
A class action specialist, Randy has co-led the defense of a number of consumer class actions brought in federal courts throughout California, including, among others, representing Ocwen Financial Corporation in a nationwide civil RICO class action regarding the company’s property valuation services; SolarCity in a consumer class action in the Northern District of California; and a senior mortgage lending executive in multiple class actions relating to the performance of mortgage-backed securities during the financial crisis.
As an Assistant U.S. Attorney, Randy secured guilty verdicts in a month-long health care fraud jury trial against the owners of two medical device companies, and played a key role in the bank fraud investigation and prosecution of the president of the Bay Area’s largest home builder. He received awards and commendations from the FBI, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the U.S. Secret Service, and the U.S. Department of State for exceptional prosecutorial assistance.
Randy has been repeatedly recognized for his trial accomplishments and litigation achievements by leading publications and legal directories. In 2022, Randy was twice recognized in The American Lawyer’s “Litigation Daily” column for winning summary judgment in a False Claims Act case in the Northern District of California, and for winning a class decertification motion in a significant RICO consumer class action in the Eastern District of California. He was also recognized by the Daily Journal as a "Top Healthcare Lawyer" for his significant work representing health care, hospital and pharmaceutical companies in litigation and government investigations, and as a "Top Trade Secrets Lawyer" for a second consecutive year for his successful defenses of high-profile civil and criminal trade secrets matters. In 2020, the Daily Journal named Randy to its annual list of the Top 100 lawyers in California for his key role in a major federal trade secrets trial win, and his work for the University of California on several high-profile litigations. Randy is recognized by Chambers USA in the Litigation: White-Collar Crime & Government Investigations (California) category, with the directory noting his "considerable experience conducting internal investigations and advising corporate clients on governmental investigations and DOJ enforcement matters, as well as handling False Claims Act disputes." Randy was also recently named to the Lawdragon 500 Leading Litigators in America guide.

Jason H. Lee is the Associate Regional Director for enforcement in the SEC’s San Francisco Regional Office. He joined the SEC in 2013 as a staff attorney and served as an Assistant Regional Director from 2019 to 2022. He was also a member of the Division of Enforcement’s Public Finance Abuse Unit from 2015 until 2022. In his role as Associate Regional Director, Mr. Lee oversees the San Francisco office’s enforcement efforts for northern California and the Pacific Northwest. Prior to joining the Commission, Mr. Lee worked in private practice at Latham & Watkins LLP. He earned his law degree from the University of California, Berkeley School of Law, where he served as an Articles Editor for the California Law Review, and obtained his bachelor’s degree from Brown University.

Brett Kumm is a Senior Managing Director in FTI Consulting’s Forensic & Litigation segment and is based in Portland, Oregon. Mr. Kumm uses his extensive experience in accounting and finance to lead dispute consulting and forensic investigatory engagements mainly related to complex financial and accounting litigation matters. Prior to joining FTI Consulting, Mr. Kumm spent 18 years providing advisory services and mergers and acquisition services at the internationally recognized accounting firms of KPMG and Andersen.
Mr. Kumm has served clients in the transportation, leasing, manufacturing, technology, steel producers, aviation, construction, consumer products, investor-owned utilities, wholesale distribution and communications industries. Mr. Kumm has extensive SEC experience and spearheaded advisory engagements for both public and private enterprises, including a Fortune 500 public transport and logistic company with operations throughout North America, Western Europe, Southeast Asia and China. He also has extensive involvement working with pre-IPO technology companies.
Mr. Kumm has extensive experience evaluating SEC reporting matters and an in-depth knowledge of generally accepted accounting principles. Mr. Kumm has assisted clients with public debt and equity offerings, evaluation of derivative and hedging activities and complex debt and equity transactions. He also has extensive merger and acquisition experience that includes completing buy and sell side due-diligence projects and evaluating the accounting implications of mergers and acquisitions.
Mr. Kumm has led the instruction of a variety of technical trainings for both external and internal audiences. This has included presenting technical trainings on accounting for business combinations and leasing, audit methodologies, SOX 404 compliance and sampling courses.
Mr. Kumm is a certified public accountant and graduated from the University of Oregon where he earned a Bachelor of Science in accounting and finance.

Michael is a partner in the firm’s securities litigation group. He conducts internal investigations for company boards and audit committees, and represents companies and their officers and directors in U.S. Securities and Exchange Commission, U.S. Department of Justice, and other law enforcement and regulatory investigations and litigation. In addition, Mike represents regulated entities such as investment advisers, hedge funds and private equity firms in investigations and proceedings. Further, he represents entities and individuals in state and federal securities class action and derivative litigation.
In addition, Mike routinely advises clients on corporate governance and disclosure issues. Recently, he has focused on emerging issues in the cybersecurity and cryptocurrency areas, including advising companies and individuals seeking to launch an initial coin offering and entities engaged in cryptocurrency trading. Mike has also advised several Fortune 500 companies on real-time disclosure issues following a data breach incident, and regularly provides guidance on the SEC’s increasing focus on cybersecurity regulation and enforcement.
Prior to joining Fenwick, Mike spent over 15 years with the SEC, most recently serving as the Associate Regional Director for Enforcement in the SEC’s San Francisco regional office, from 2008 to 2014.
As head of enforcement for the region, Mike oversaw a staff of over 40 attorneys and accountants who investigated and litigated federal securities law violations in northern California and five other states. While at the SEC, Mike conducted and supervised hundreds of investigations, as well as litigation, involving financial reporting and accounting fraud, the Foreign Corrupt Practices Act, insider trading, offering frauds and misconduct by investment advisers, investment companies and broker-dealers. Mike worked closely with the Department of Justice to coordinate parallel criminal investigations, and served on President Obama’s interagency Financial Fraud Enforcement Task Force.
Prior to joining the SEC, Mike practiced for five years as a litigation associate at an Am Law 50 law firm. Following law school, Mike also clerked for Donald P. Lay, Chief Judge of the U.S. Court of Appeals for the Eighth Circuit.

Jessica Chan leads the legal team at Uber that responds to government investigations and inquiries on behalf of the company. Prior to joining Uber, Jessica was Senior Counsel in the SEC’s Division of Enforcement in San Francisco. Jessica began her legal career as an associate at Simpson Thacher & Bartlett and Covington & Burling, with a focus on white collar defense and SEC enforcement. She also completed a judicial clerkship with the Honorable Shira A. Scheindlin of the Southern District of New York. Jessica received her J.D. from New York University School of Law and her B.A. from Yale University.