Stephen A Best

Practice Areas

WHITE COLLAR DEFENSE, INVESTIGATIONS & COMPLIANCE

LITIGATION & DISPUTE RESOLUTION

MERGERS & ACQUISITIONS

BANKRUPTCY & RESTRUCTURING

ENTERTAINMENT & MEDIA

BRAND & REPUTATION MANAGEMENT

SPORTS

NAME, IMAGE & LIKENESS (NIL)

CLASS ACTIONS AND MULTI-DISTRICT LITIGATION

Career

Stephen Best, a former state and federal prosecutor, is chair of Brown Rudnick'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.

Professional Memberships

Equity, Inclusion and Diversity Council Member (2017)

American Bar Association, Section of Litigation, Committee Chair (1997-2001)

University of Virginia Trial Advocacy Institute (1997-present)

Adjunct Professor, Trial Advocacy Law, George Washington University (1997-2000)

Work Highlights

SEC/Fraud Matters

Mark Cuban and the Dallas Mavericks in a class action relating to cryptocurrency investments. Matter was dismissed by the Florida federal court in favor of clients.

Energy executive Cyril Cabanes in defense against charges by the DOJ and SEC of bribery related to a significant solar energy project.

Basketball Hall of Famer Shaquille O’Neal in defense of a purported securities class action relating to the sale of nonfungible tokens.

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.

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.

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.

Education