A Lawyer's Advice on How to Protect Your Business Now and Into the Future - Podcast for Financial Advisors from Diamond Consultants

A Conversation with Attorney David Gehn, Chairman of the Litigation Department at New York Law Firm Ellenoff, Grossman & Schole, LLP

It’s impossible not to recognize how the business and personal lives of every one of us have changed—making the ability to gain clarity for today as well as prepare for tomorrow an imperative.

With that in mind, Mindy invited attorney David Gehn to be a guest on this episode to share actionable advice on how to protect your business now and post-crisis. (David, you might recall, was on the show just over a year ago to share his knowledge on navigating the transition process.)

He and his firm are on the frontlines of the crisis, working with advisors on transitions and serving as a lifeline on how to best navigate these uncertain times.

In this episode, David shares his experiences, including:

Understanding the risks that advisors and firms are currently facing—and how to avoid them.
The role of communication—and what’s most important to focus on with clients right now.
The impact of this crisis on advisors with promissory notes/employee forgivable loans (EFLs)—and advice on how to renegotiate terms.
What advisors need to know if considering a transition—and best practices that are even more important to adopt at this time.
How to address the challenges RIAs are currently facing—and what opportunities and relief programs are available.

As David so aptly says, now is the time to use this “collective pause” to refocus, regroup and double-down on nurturing relationships. His informed, practical advice and positive outlook are especially helpful right now and will help guide you into the future.

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Managing Your Business Life in Uncertain Times

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David Gehn:

David A. Gehn, Head of the Litigation Department at Ellenoff Grossman & Schole, LLP, has been representing clients ranging from the largest broker-dealers and registered investment advisors to individuals in large and complex civil, criminal, and regulatory investigations and litigation, as well as in contractual and transitional matters for the last 25 years. Mr. Gehn also represents professional athletes and was formerly a certified NFL Contract Advisor.

Since 1992, Mr. Gehn has concentrated his practice in the financial services industry. Early in his career, among other things, Mr. Gehn filed over 10 cases against the self-professed Wolf of Wall Street, Jordan Belfort, and Stratton Oakmont, all of which settled for millions of dollars in the aggregate. Mr. Gehn also filed other well-publicized cases in the 1990’s, including a civil action against Marion “Suge” Knight, former owner of Death Row Records, based upon an assault at a Death Row Christmas party.

From 1998 to 2000, Mr. Gehn was General Counsel of Bluestone Capital, a broker-dealer, and its online trading division, Trade.com.

Prior to joining the Firm, Mr. Gehn was a Member of Gusrae Kaplan Nusbaum, PLLC for over 16 years. While there, he was one of three attorneys who filed a federal class action in the Southern District of New York against, Fairfield Greenwich Limited, et al., the largest Bernard L. Madoff Investment Securities “feeder fund”, which recently settled for an amount in excess of $250 million.

From 2014-2016, Gusrae Kaplan was recognized by BTI Consulting Group as an “honor roll” member on its list of the nation’s 50 “most feared” litigation law firms.

Overall, Mr. Gehn has over 85 reported FINRA arbitration awards, which include 7 matters in which he has obtained expungement for his clients. He also litigates in federal and state courts, with several matters resulting in published opinions. Additionally, he has represented financial professionals in multiple SEC, FINRA, and CFP investigations and enforcement proceedings.

Mr. Gehn also advises financial professionals concerning the transition of their financial practice, FINRA inquiries, non-solicit/non-compete issues, and Protocol compliance. He is familiar with the traditional, independent, RIA, and bank brokerage models.