Stephen Best, a former state and federal prosecutor, is chair of the Firm's White Collar Defense, Investigations & Compliance Practice Group. Steve’s diverse practice focuses on representing clients in government investigations and enforcement proceedings, FCPA/anti-corruption compliance and defense, corporate governance, crisis management, and audit committee investigations.
Steve is regularly called upon and has developed a strong reputation for achieving successful outcomes for clients in high-profile FCPA and insider trading cases across the country. He served as lead counsel in the successful defense of Mark Cuban against the SEC's highly publicized claims of insider trading.
Steve is a skilled litigator and represents clients in both criminal and civil trials, and he has been lead chair on approximately two hundred jury trials and hundreds of bench trials. Client references in Chambers & Partners recently stated that Steve is “a very aggressive litigator, he's no-nonsense and he will basically fight to the death for his clients, he's someone that you would want to hire if you wanted to fight the government” and “[h]e has a keen sense of legal analysis and judgment…He is just an impeccable lawyer in every respect.” Steve's litigation acumen and skills, along with his deep understanding of government proceedings and investigations have also been mentioned by clients in Who's Who Legal: Business Crime Defence. In recent reports, clients commented that “Stephen Best is a 'bright and thorough litigator' who impresses with his 'complete and utter devotion to clients.' He is highlighted for his 'perfect judgement and analytical skill,' and his stellar track record in anti-corruption proceedings and investigations,” as well as, he “is renowned for his tremendous experience handling high-profile fraud investigations and insider trading allegations.”
Over his extensive career, Steve has represented audit committees and independent special committees investigating whistleblower allegations of fraud and other corporate wrongdoing. He has a deep knowledge of complex accounting and SEC reporting issues, and anti-corruption compliance, with particular focus on government enforcement and regulatory matters, ethics, and compliance.
Steve is a regular lecturer on criminal law and procedure to bar associations and state and federal law enforcement agencies. Steve was previously an instructor at the University of Virginia National Trial Advocacy Institute.
Before joining Brown Rudnick, Steve served as the co-chair of the white-collar defense group at a large, multinational law firm based in New York, and prior to that, was a prosecutor for almost ten years serving as an Assistant U.S. Attorney in Washington, D.C. and an Assistant Commonwealth's Attorney in Fairfax, Virginia.
Currently, and along with many of the below-listed matters, Steve represents the Special Claims Committee of the Financial Oversight and Management Board for Puerto Rico tasked with investigating and prosecuting potential claims against third parties in its massive restructuring case, including an action to declare void more than $6 billion of bond debt.
Representation
SEC/Fraud Matters
Represented a clean energy company in an independent review of alleged fraud and accounting concerns, in connection with certain senior executives.
Served as lead trial counsel in the successful defense of Mark Cuban against charges by the SEC for insider trading violations.
Represented five individual investors of a leading video supply chain technology company in connection with an SEC fraud investigation, relating to alleged material misrepresentations made to the investors.
Represented a publicly traded company in an SEC investigation related to perquisite disclosures regarding an individual executive’s use of an airplane jointly owned with the company.
Represented several employees of Elliott Broidy, the former finance chairman of the Republican National Committee and vice-chairman of the Presidential Inaugural Committee for President Donald Trump.
Represented the CEO of a $5 billion multinational contract research organization in connection with an SEC investigation into accounting policies and various other matters.
Represented Royal Dutch Shell in an accounting fraud review and a review of bribery allegations related to the company’s Nigerian-based business operations.
Represented an individual defendant in a nationally publicized criminal and civil insider trading case with the resulting sentence of four months, instead of a sentence of 12-18 months as requested by the prosecution.
Represented Lucent Technologies’ senior executive in an SEC enforcement trial case regarding revenue recognition issues. Summary judgment was granted against the SEC with respect to all fraud allegations.
Represented TeleTech Holdings, Inc. in an SEC investigation and class action defense of accounting and disclosure issues surrounding stock option grants and expensing. Matter resulted in cessation of SEC probe with no regulatory action and a settlement with the class plaintiffs.
Represented numerous witnesses in an SEC investigation of the Interpublic Group of Companies, one of the largest global marketing companies in the world and a U.S. issuer, relating to the company’s restatement of financial results. Clients were never sued by the SEC.
Represented Global Crossing, Ltd.’s Special Committee on Accounting Matters of the Board of Directors in an SEC fraud inquiry.
Represented brokers and mutual funds in parallel investigations by the New York State Attorney General (NYAG) and the SEC into market timing and late trading. Matter resulted in declination of prosecution by the NYAG and a civil consent decree with the SEC with no admission of liability.
Represented Enron Corporation’s former vice chair in parallel proceedings before Congress, the SEC, and the DOJ.
Anti-corruption/FCPA Matters
Representing the principal of a global government contracting firm under federal investigation involving allegations of fraud and FCPA violations.
Represented two Spanish billionaires in a global corruption review concerning allegations of bribing the President of Guatemala and other high-ranking government officials to secure a public infrastructure project.
Represented senior executives of one of the world’s largest meatpacking companies in connection with allegations of paying approximately $120 million in bribes to hundreds of Brazilian politicians.
Acting on behalf of an American enterprise information management services company in conducting anti-bribery anti-corruption due diligence in anticipation of the client’s acquisition of foreign businesses in the Middle East, North Africa, and Turkey region.
Represented the CEO of one of the world’s largest online gaming companies regarding allegations of bribery surrounding the award of gambling permits in Sochi, Russia.
Represented approximately ten senior executives of a leading premium spirits company in a DOJ/SEC FCPA investigation, leading to a successful result where none of the clients were ever charged and one received transactional immunity from prosecution.
Represented a leading premium spirits company in an FCPA review of China-based business activities.
Represented U.S. issuer in DOJ FCPA probe regarding hosting and entertainment issues of Chinese bank officials. Matter resulted in written declination of prosecution by DOJ.
Represented two executives of Panalpina in DOJ and SEC investigations related to FCPA probe.
Represented CEO of AGA Medical Devices in DOJ FCPA probe involving allegations of kickbacks to Chinese doctors and hospitals. Matter resulted in written declination of prosecution by DOJ.
Retained as an expert witness on FCPA and anti-corruption compliance policies and procedures for an international arbitration in Oslo, Norway.
Represented the lead cooperator for the U.S. government in its criminal prosecution of Viktor Kozeny and Ricky Bourke for violations of the FCPA.
Represented the former chairman of the Audit Committee for the Board of a Russia-based telecommunications company in connection with a DOJ/SEC investigation into alleged violations of the FCPA.
Represented the former CEO of a leading multinational manufacturer of aviation products in connection with a DOJ FCPA investigation.
Represented the head of sales for a Japanese multinational conglomerate company in Brazil regarding bribery allegations related to Mexican officials.
Represented a global water infrastructure company regarding allegations of bribery stemming from operations in Brunei.
Represented the regional head of legal for a Hong Kong-based global investment bank in a multinational anti-corruption probe over the practice of hiring sons and daughters of Chinese officials.
Represented an AmLaw 100 law firm regarding two separate bribery investigations, one regarding securing business with the Ghana cocoa industry and another involving client gift-giving by the head of the firm’s Beijing office.
Represented a large Azeri conglomerate regarding historical corruption issues in order to make the conglomerate prepared for Western investment.
Represented the former chief compliance officer of a leading energy company in a global corruption review.
Represented engineering and design firm Parsons Brinkerhoff and infrastructure group Balfour Beatty in a global FCPA review before the DOJ and U.K. SFO.
Represented the former head of Sony Pictures, China in an SEC FCPA investigation, which led to the SEC issuing a no-action letter with respect to the client.
Represented the head partner of a Russian joint venture company in connection with an internal FCPA review conducted by a Fortune 100 joint venture stakeholder.
Represented an independent consultant in Dubai regarding allegations of corruption regarding an oil and gas project, where the matter was successfully resolved in favor of client who received full payment for consultancy services rendered.
Represented the former COO of Airbus in a global corruption review.
Represented the Interpublic Group of Companies in numerous anti-corruption reviews related to the company’s business activities in Brazil, India, and China. No enforcement action was ever initiated.
Served as primary counsel to numerous U.S. and private issuers, including Fortune 100 companies, on anti-corruption compliance, pre- and post-acquisition anti-corruption due diligence, and regulatory defense matters.
Audit Committee Reviews/Internal Investigations
Represented an electric vehicle company’s Special Committee of the Board of Directors in an internal investigation of certain sales of equity securities made by and to individuals associated with the company ahead of the company going public through a SPAC.
Represented the Dallas Mavericks of the National Basketball Association in an investigation regarding allegations of workplace misconduct.
Represented a Fortune 1000 company in connection with allegations of racial and gender discrimination made by former chief compliance officer.
Represented the Audit Committee of an oilfield service company in a review of disclosure concerns, other complex accounting issues, several whistleblower allegations, and allegations of workplace misconduct, including allegations of racism.
Represented the Audit Committee of a public technology company in a review of whistleblower allegations and SEC disclosure issues.
Represented the Special Committee of an Audit Committee of an online payroll and human resource technology provider in a review of whistleblower allegations and SEC disclosure issues.
Represented the Audit Committee of a biotech company in a review of allegations of fraud and accounting irregularities identified in a short seller report.
Represented an herbal supplement company in a workplace misconduct review.
Represented a leading insurance company in an internal investigation of alleged market timing practices.
Represented the CEO and COO of Chicago Bridge & Iron in Audit Committee and SEC investigations surrounding accounting and disclosure issues. Matter resulted in no regulatory action being taken against clients.
Represented a Fortune 100 Company’s Special Committee of the Board of Directors in an internal investigation in anticipation of a derivative action.
DOJ Matters
Represented automobile senior executive in connection with the Department of Justice’s criminal investigation into defeat devices leading to emissions fraud within vehicles.
Represented Republican National Committee Chairman Michael Steele in a DOJ and FEC investigation relating to allegations surrounding campaign spending. DOJ investigation concluded with a declination of prosecution.
Represented an individual in a DOC/DOJ investigation regarding alleged unlicensed exports to an embargoed country.
Represented a senior executive of Japan Air Lines in a DOJ criminal antitrust investigation relating to allegations of price-fixing. Client was never charged by DOJ.
Represented Arab Bank, one of the largest financial institutions in the Middle East, in a DOJ investigation. Matter resulted in no regulatory action by the DOJ.
Represented Delta Petroleum in parallel SEC and DOJ investigations of accounting and disclosure issues surrounding stock option grants and expensing. Matter resulted in a declination of prosecution by the USAO-SDNY.
Represented a commercial real estate company embroiled in the corruption probe of one of the world’s largest retailers before the DOJ and SEC. No charges were ever filed.
Other Notable Matters
Advised a Texas-based energy services company in relation to corporate governance and compliance counselling, including the implementation of a global compliance program, internal controls, and related trainings.
Represented Michael Sussmann in connection with civil litigation brought by a Russian bank and Russian oligarchs, in connection with the U.S. government’s investigation into Russian interference in the 2016 election and possible collusion with President Donald Trump’s presidential campaign.
Advised the Compensation Committee of a public technology company regarding the creation and approval of a new compensation package for the company’s CEO.
Represented Zurich Financial in multi-state criminal and civil investigations before 37 State Attorneys General, as well as class action defense surrounding issues of price-fixing and bid-rigging. Matter resulted in global multi-state settlement agreements.
Represented numerous witnesses in the KPMG criminal tax investigation before the USAO-SDNY. No client was prosecuted by the USAO-SDNY.
Represented an individual indicted for embezzlement, resulting in an acquittal on all counts at trial.
Represented numerous public companies before the NYAG investment protection unit.
Education
Bar Admissions
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