10100 Santa Monica Boulevard
Suite 2200
Los Angeles, California
90067

310.282.2122

310.919.3848

Michael A. Thurman
Partner

Michael Thurman is a trial and arbitration attorney who specializes in the defense of financial services firms, with particular emphasis on securities brokerage firms and their employees. Mr. Thurman also defends consumer protection actions and investigations brought by the Federal Trade Commission and counsels clients on advertising and marketing issues in the debt negotiation industry.

Mr. Thurman has defended numerous cases before securities arbitration forums such as the Financial Industry Regulatory Authority (FINRA), the National Association of Securities Dealers, New York Stock Exchange, Pacific Exchange and the American Arbitration Association. He has handled regulatory investigations by the National Association of Securities Dealers, the New York Stock Exchange and the U.S. Securities and Exchange Commission.

Mr. Thurman advises securities firms regarding compliance and risk management issues, and has given presentations to securities firms in connection with those firms’ continuing education requirements.

In addition, Mr. Thurman has handled employment and general business litigation matters, and has represented financial services clients in employee non-competition agreement and trade secret misappropriation declaratory and injunctive relief actions.

Mr. Thurman also has expertise handling white-collar embezzlement, check forgery and money laundering issues arising under the U.S. Patriot Act, the Uniform Commercial Code and the California Business & Professions Code.

Prior Work Experience

Mr. Thurman has served as the General Counsel and Senior Vice President of Wedbush Morgan Securities, and has managed in the Los Angeles office of Bear Stearns & Co. Inc. He has previously been licensed as a Registered Representative and a General Securities Supervisor by the National Association of Securities Dealers.

Representative Experience

Successful representation of the victims of the La Conchita landslide which killed 10 people, injured 9 others and destroyed and damaged 16 homes. Recovered more than $7.5 million in damages from defendants that failed properly to maintain the hillside that failed in January 2005.
Successful representation of a securities brokerage client in obtaining dismissal of securities arbitration action and an award of attorney fees and sanctions against claimant for failure to comply with NASD dispute resolution discovery and pre-hearing rules
Successful representation of a securities brokerage firm and its financial advisor in obtaining dismissal of $1.1 million suitability claims, finding that the customers had other financial resources and sophistication to understand the risks of their investment portfolio and that the vast majority of losses were in stocks that were purchased elsewhere and transferred into their account
Successful representation of a securities brokerage firm and its financial advisor in obtaining dismissal of all customer suitability action and an award of expert fees and other costs against claimant, establishing that the claimants were aggressive investors who came to the brokerage firm seeking high returns in Internet stocks and other speculative investments just before the market break in early 2000
Successful representation of a securities brokerage firm against claimants in alleged misappropriation case and awarded in attorney fees, defending on the basis that the former financial advisor's conduct was outside the scope of his employment duties and some of the alleged misconduct occurred after the financial advisor’s employment had been terminated. In his role as general counsel, convinced claimants' counsel to submit the action to private arbitration before a retired Los Angeles Superior Court judge
Successful representation of a real estate partnership in the recovery of more than $1.2 million construction loan proceeds that were stolen by unscrupulous contractors in connection with three apartment and shopping center construction projects

Publications/Speeches

Speaker, USOBA 2009 Summer Conference, Chicago, Illinois (June 7-9, 2009)
Co-author, Debt Settlement Law Progresses in California Legislature (June 2009)
Speaker, Defending NASD Enforcement Actions (February 2006)
Speaker, Arbitration Tips and Secrets of Outside Counsel (May 2005)
Speaker, Issuing Subpoena Duces Tecums in Securities Arbitration Actions (December 2004)
Speaker, The Road Ahead – A Practical Approach: Achieving Compliance With Sarbanes-Oxley, Reducing the Risk of Liability (May 2003)

Affiliations

Member, Securities Industry and Financial Markets Association Compliance & Legal Division
Former NASD-licensed Registered Representative and General Securities Supervisor

Distinctions

Director, American Corporate Counsel Association, Los Angeles Chapter (1998-2000)
Director, Region Coach and Assistant Commissioner, American Youth Soccer Organization, Region 214 (2000-2005)
Director and Auxiliary Director, South Pasadena Education Foundation (1997-2006)

University of Oregon School of Law, J.D., 1985

Stanford University, A.B., Sociology, 1979, With Departmental Honors

Captain, Varsity Rugby

California, 1986
Oregon, 1985

California State and Federal Courts
Oregon State and Federal Courts

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