Ronak V. Patel, a former deputy securities commissioner of Texas who helped investigate major financial institutions and was involved in multiple global settlement negotiations, has joined Akerman as a litigation partner in Austin.
Patel will represent financial services clients in securities investigations, enforcement actions and complex litigation before the Securities and Exchange Commission, the Financial Industry Regulatory Authority and state securities regulators.
The hire adds a former senior regulator to Akerman’s securities enforcement practice, which handles litigation and investigations across multiple jurisdictions.
Patel said Akerman’s “national litigation platform and its deep bench serving financial institutions were exactly what I was looking for as my practice continues to grow.”
Patel, 49, called the move “an alignment” of his legal experience, allowing him to serve “the private businesses that Akerman does a great job of serving, bringing my institutional know-how and relationships to the team here.”
As a regulator, Patel said he had subpoena power and significant authority and control while serving his “one client,” the state of Texas.
“I came out with a pretty strong foundational background in business,” Patel said. “I’ve developed the skill to listen and adapt to clients’ needs, becoming a true business legal partner to them. That is a skill you don’t just get coming out of the government.”
Patel joined Akerman from Bressler, Amery & Ross, where he served as a principal and on the firm’s management committee. His clients included broker-dealers, investment advisers, private equity firms, hedge funds and public companies.
“Clients navigating coordinated, multijurisdictional investigations need counsel who understands how regulators think, prioritize, and resolve matters,” Lawrence Rochefort, chair of Akerman’s litigation practice, said in a statement. “Ronak brings exactly that, and his arrival strengthens our securities enforcement and financial services litigation capabilities from coast to coast.”
In all, Patel spent 14 years at the Texas State Securities Board, joining as an attorney in 2002. He became director of its Inspections and Compliance Division in 2010 and served as deputy securities commissioner from 2012 to 2016.
During his tenure, Patel helped lead investigations into the auction-rate securities market and participated in global settlement negotiations with financial institutions, which resulted in about $50 billion in relief for investors, according to Akerman.
A major case involved UBS, which agreed to restore $22.7 billion in liquidity to investors through an auction-rate securities settlement. The SEC credited the Texas State Securities Board for its assistance.
His regulatory work also included leading an investigation into a Texas investment adviser operating a $50 million fraud scheme involving real estate limited partnerships. Patel served as lead attorney for the administrative action and the criminal referral to the U.S. attorney.
“Those opportunities … entrenched me in reputation and leadership opportunities among state and federal securities regulators at the time,” Patel said.
Patel said his prior government experience has helped him understand “what regulators are looking at it … how they work and think.”
“But even from a broader perspective, it gives me insight into how they are dealing with internal mechanisms on multistate matters.”
Entering private practice in 2016 was a major change and a challenge for him.
He said he learned to “navigate clients to the right solution” to serve “their interests in the best way and protect them in the best way.”
“Navigating those different interests — I think that is a strength of mine,” Patel added.
Patel said he spends much of his time advising companies on the front end on how best “to set up practice” and, if they “face scrutiny, how to manage it.”
In private practice, Patel has represented clients facing allegations of securities fraud, broker misconduct, inadequate supervision and breaches of fiduciary duty. His work has included investigations involving investment recommendations, undisclosed conflicts of interest and sales practices.
He has also advised financial firms on regulatory examinations, registration requirements, private securities offerings and issues involving financial technology and cryptocurrency.
Patel earned his bachelor’s degree in economics from Baylor University in 1999 and his law degree from Baylor Law School in 2002.
He said his mother, at least at first, wanted him to become a dentist rather than a lawyer. “She wanted a doctor in the family,” he said.
Patel has held leadership roles with the North American Securities Administrators Association, working with state and federal regulators on enforcement matters. He currently serves as a speaker and trainer.
He currently serves as co-chair of the American Bar Association’s Self-Regulatory Organization and State Regulatory Subcommittee.