Toby Galloway

Practice Areas

Business Litigation

Government & Internal Investigations

Securities Litigation & Enforcement

White-Collar Defense

Career

Toby Galloway is a seasoned trial attorney with deep experience representing clients before the SEC, CFTC, FINRA, DOJ, Texas State Securities Board, and other state securities regulators, as well as the PCAOB and other regulatory and law enforcement agencies. He is a former attorney with the SEC and currently chairs our Securities Litigation & Enforcement Practice Group. He is also a member of our Investment Management & Private Funds Industry Group.

Toby focuses in the areas of white-collar defense, governmental & internal investigations and business litigation. He represents public companies, audit committees and special committees, hedge funds, private equity funds, asset managers, broker-dealers, registered investment advisers, accountants and lawyers, and other institutions in government investigations, securities law enforcement and litigation. He is also experienced in complex business litigation and healthcare fraud matters. As the cryptocurrency industry has come under increased scrutiny from regulators, Toby has represented crypto clients in CTFC and SEC investigations.

Before developing his private practice, Toby served more than 11 years as an attorney with the United States Securities and Exchange Commission, in roles of increasing responsibility. During his last four years at the SEC, Toby was the chief trial counsel for the Commission’s Fort Worth Regional Office. In this capacity, he supervised all litigation for a four-state region. In addition, he handled his own caseload, prosecuting civil enforcement actions involving alleged violations of the federal securities laws. He also served as a Special Assistant United States Attorney for the Northern District of Texas, prosecuting white-collar crime.

Professional Memberships

Texas Bar Foundation, Fellow

Frequent speaker on securities enforcement, accounting fraud, and related topics

Pro Bono College of the State Bar of Texas, Member, 1996-1997

College of the State Bar of Texas, Member, 2003

Completed Department of Justice’s National Advocacy Center Criminal Trial Advocacy Course, 2007

American Bar Association, White-Collar Crime Regional Committee

American Bar Association, Criminal Justice, Litigation, and Business Law Sections

Federal Bar Association

Tarrant County Bar Association

Dallas Bar Association

State Bar of Texas

Publications

Chambers USA Guide to America, Chambers & Partners Publishing, 2020-2025 (Ranked for Litigation: White-Collar Crime and Government Investigations)

Texas Super Lawyers, Thomson Reuters, 2019-2024

Top Attorney, 360 West Magazine, 2017-2021

The Best Lawyers in America, (BL Rankings, LLC), 2021-2025

The Best Lawyers in America, "Lawyer of the Year" - Litigation and Regulatory Enforcement, (BL Rankings, LLC), 2024

Tarrant County's Top Attorneys, Fort Worth, Texas, 2014-2024

SEC's Excellence in Information Technology Award, 2013

SEC Enforcement Division Director’s Award, 2007-2008 and 2008-2009

United States Attorney’s Award, District of Connecticut, 2010

Toby is a co-author of our Securities Litigation and Regulatory Enforcement blog.

Experience

Currently representing a former CEO of a formerly NYSE-traded energy company in an SEC investigation.

Currently representing former CEO of private company in SEC enforcement action.

Currently representing clients in FTC inquiry.

Currently representing respondents in securities arbitration proceeding.

Conducted internal investigation of registered investment adviser victimized by fraud.

Represented business in litigation against the Small Business Administration concerning denial of loan forgiveness under PPP. Achieved favorable settlement with SBA.

Currently representing executive in insider-trading investigation by SEC.

Currently representing registered representatives of broker-dealer in SEC investigation involving Regulation Best Interest.

Obtained dismissal of hedge-fund client from purported market-manipulation and defamation case.

Represent entrepreneur in DOJ investigation involving CARES Act Paycheck Protection Program (PPP).

Represent investment adviser representatives in SEC investigation.

Advocate for client in affirmative investor lawsuit brought in Delaware Chancery Court.

Represent YouTube influencer in connection with purported virtual currency manipulation.

Represent client in CFTC enforcement action involving Bitcoin, blockchain technology, and other cryptocurrency issues.

Represent client in SEC enforcement action involving cryptocurrency issues.

Defend business owner in DOJ investigation.

Assist clients in responding to Civil Investigative Demands in False Claims Act cases.

Provide advice regarding CARES Act PPP.

Represent former CEO of NYSE-listed company in securities and shareholder derivative litigation, as well as SEC investigation, involving alleged related-party transactions and issues pertaining to internal controls over financial reporting (ICFR).

Represent former COO of NASDAQ-listed company in SEC investigation involving ICFR.

Defend former CFO of NASDAQ-listed company in SEC investigation involving executive compensation and ICFR.

Represent entrepreneur in SEC insider-trading investigation.

Defended former CEO of large healthcare centers in SEC investigation (no charges filed), adversary proceeding brought by trustee in bankruptcy court (obtained partial summary judgment and negotiated favorable settlement), and shareholder litigation brought by large investor (negotiated favorable settlement).

Represented oil-and-gas executive in SEC investigation (no charges filed).

Represented option-trading hedge fund in SEC investigation into whether fund engaged in market manipulation, including matched trades, wash sales, layering, spoofing (investigation closed with no charges being filed).

Represented investment adviser in two separate SEC investigations (no charges filed).

Conducted internal investigation for NYSE-listed company regarding internal controls issues.

Assisted NYSE-listed company in responding to federal inquiry involving Foreign Corrupt Practices Act (FCPA).

Provided advice regarding FCPA compliance issues.

Represent clients in numerous governmental investigations, including by Department of Justice, various state securities regulators, and other governmental and quasi-governmental bodies.

Obtained unanimous defense jury verdict in securities fraud case in Texas State court in which the plaintiffs sought $24 million in actual damages and unspecified punitive damages from nine former officers and directors of a public company previously listed on the NYSE. Claims included alleged violations of the Texas Securities Act and various common-law claims.*

Represented private equity fund in SEC investigation. No charges brought.*

Represented former officers of public company in accounting and disclosure investigation by SEC.*

Handled federal public corruption investigation with no charges filed.*

Represented municipal advisor in SEC proceedings.*

Defended client in insider-trading investigation.*

Represented client in cryptocurrency investigation.*

Lead counsel in purported federal shareholder derivative litigation. Negotiated walk-away settlement in which the plaintiffs took nothing.*

Education