Senior SEC Trial Attorney Joseph Boryshansky Rejoins Akin Gump

Monday, April 28, 2014 - 10:34

Joseph Boryshansky has rejoined Akin Gump as a partner in its white collar defense and government investigations practice in New York, the firm announced today. Mr. Boryshansky returns to the firm after six years at the Securities and Exchange Commission (SEC), where he worked as a senior trial counsel in the agency’s Enforcement Division. While there, he led the SEC’s enforcement efforts as lead trial counsel in a number of prominent enforcement actions designated by the agency as national priority cases. Prior to his tenure at the SEC, Mr. Boryshansky was a counsel in Akin Gump’s litigation practice.

Mr. Boryshansky’s practice will focus on SEC enforcement and regulatory matters, compliance and governance matters, internal investigations, white collar defense and complex commercial litigation.

While at the SEC, Mr. Boryshansky served as lead trial counsel in the prosecution of some of the agency’s most important cases. Among the landmark matters he handled were an enforcement action against a major global investment bank for reporting and internal control violations that resulted in hundreds of millions of dollars in penalties, an action against a major multinational bank for proxy fraud in a highly publicized M&A matter and an action against a sizeable asset management firm concerning breach of fiduciary duty and various compliance violations, among numerous others.

Through more than a decade of practice, both in public service and in the private sector, Joseph Boryshansky has developed extensive experience in the federal securities laws. This experience extends across a wide array of matters, including issuer reporting and internal controls violations, valuation and disclosure fraud, market manipulation, investment advisory and broker-dealer compliance and regulation, and accounting irregularities.

Mr. Boryshansky spent six years with the SEC serving as lead trial counsel in a multitude of enforcement actions in federal district court. In addition, while at the SEC, Mr. Boryshansky also handled multiple investigative matters involving suspected violations of the broker-dealer registration, supervision and compliance provisions; SEC Rule of Practice 102(e); unregistered securities offerings; Ponzi schemes; and a variety of other fraud and regulatory matters. In these and other cases, Mr. Boryshansky worked closely with attorneys at the Justice Department, the Commodity Futures Trading Commission (CFTC), the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the UK Financial Conduct Authority and the New York Attorney General’s Office.

During his tenure in government, Mr. Boryshansky received several SEC Enforcement Director’s Awards for distinction in investigating and prosecuting enforcement matters. Prior to joining the SEC’s trial unit, Mr. Boryshansky served as investigative attorney on several large SEC matters that resulted in enforcement actions.

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Akin Gump is advising global telecoms operator VimpelCom Ltd in relation to the sale by VimpelCom’s Egyptian-listed subsidiary Global Telecom Holding (GTH) of its 51 percent stake in Orascom Telecom Algérie (OTA or “Djezzy”) to the Fonds National d’Investissement (FNI), the Algerian National Investment Fund, for a purchase consideration of $2.643 billion plus dividends and proceeds, due to be distributed immediately prior to closing, of $1.862 billion.

The deal signed on Friday, April 18, 2014, and is anticipated to close by the end of 2014. Upon closing, the parties will settle all outstanding disputes, at which point GTH and the FNI will enter into a shareholders’ agreement that will govern their relationship as shareholders in OTA going forward.

GTH will maintain operational control over Djezzy, which is Algeria’s principal mobile network operator, and VimpelCom will continue to fully consolidate OTA. This partnership between GTH and the FNI provides OTA with a stable shareholder structure on which to build and strengthen its operations in Algeria.

The transaction follows VimpelCom’s combination with Wind Telecom in April 2011, which created the world’s sixth-largest mobile telecommunications carrier by subscribers and included the acquisition of 51.7 percent of Orascom Telecom Holding S.A.E. Akin Gump also advised VimpelCom in this transaction, which was recognized by Financial Times(Corporate Law - Emerging Markets Law Firm of the Year 2011) and Legal Business (Corporate Team of the Year, 2012).

Akin Gump’s London-based team advising VimpelCom was led by corporate partners Dan Walsh and Sebastian Rice with support from finance partner Fred Heller, international disputes partner Justin Williams, counsel Graeme Bell and David Sewell and associates Francesca Sullivan, Anthony Martinez and Amanda Tan as well as teams in the firm’s London and Moscow offices.

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Akin Gump served as legal advisor to the Official Unsecured Creditors’ Committee in the recently concluded chapter 11 bankruptcy cases of Edison Mission Energy (EME) and its affiliated debtors.

With EME completing its reorganization, unsecured creditors will receive approximately 90 to 100 percent recovery on their claims, depending on the applicable debtor entity – a much higher figure than anticipated when the firm was first retained. Through the chapter 11 plan, EME sold substantially all of its assets to NRG Energy, Inc. for a total purchase price of over $2.6 billion plus the assumption of substantial liabilities.  In addition, after more than a year-long investigation co-led by Akin Gump, the chapter 11 plan incorporated a global settlement of all claims and disputes with EIX, EME’s parent company.  The global settlement with EIX will result in approximately $1 billion of value for EME creditors.  

Edison Mission was engaged in the business of developing, acquiring, owning or leasing, operating and selling energy and capacity from independent power production facilities. It filed for bankruptcy protection in December 2012 with more than $5 billion in liabilities.

Ira Dizengoff, a partner in Akin Gump’s financial restructuring practice, led the team advising the creditors’ committee.