Toby M. Galloway 5YEARSAWARDED

Toby M. Galloway

recognized lawyers icon Recognized in Best Lawyers since 2021
Awarded Practice Areas
Litigation - Regulatory Enforcement (SEC, Telecom, Energy) Commercial Litigation Criminal Defense: White-Collar Litigation - Securities
*Named the "Lawyer of the Year" in this practice area in the 2027 edition in Dallas/Fort Worth.
Lawyer of the Year Badge - 2027 - Litigation - Regulatory Enforcement (SEC, Telecom, Energy)
Works at
Vartabedian Katz Hester & Haynes LLP

17 Best Lawyers awards

Biography

Recognized by Best Lawyers since 2021, Toby M. Galloway has been honored in Commercial Litigation, Criminal Defense: White-Collar, Litigation - Regulatory Enforcement (SEC, Telecom, Energy), and Litigation - Securities.

An accomplished trial attorney and former SEC attorney, Toby has extensive experience representing clients before major regulatory and law enforcement agencies, including the SEC, DOJ, CFTC, FINRA, Texas State Securities Board and other state securities regulators, and the PCAOB. He is an active member of Vartabedian Katz Hester & Haynes LLP’s White Collar and Investigations practice group, with a particular emphasis on securities enforcement and litigation.

Focusing his practice on white-collar defense, government and internal investigations, and high-stakes business litigation, Toby regularly advises and defends public companies, audit and special committees, hedge funds, private equity firms, asset managers, broker-dealers, registered investment advisors, accountants, attorneys, and other institutional clients in government investigations, securities enforcement actions, and significant litigation. His experience also includes healthcare fraud investigations, anti-money laundering, international trade matters involving the FCPA and OFAC, antitrust, and a variety of other substantive practice areas.

Prior to entering private practice, Toby spent more than 11 years with the U.S. Securities and Exchange Commission. During his final four years with the SEC, he served as Chief Trial Counsel for the Commission’s Fort Worth Regional Office, where he supervised all enforcement litigation across a four-state region and prosecuted major 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 criminal cases.

In addition to his Best Lawyers recognition, Toby has been ranked by Chambers USA for his expertise in white-collar crime and government investigations since 2020.

Works at
Vartabedian Katz Hester & Haynes LLP

17 Best Lawyers awards

Locations

Languages

  • English

Education

  • The University of Texas, J.D., graduated 1994

Bar Admissions

  • Texas, State Bar of Texas

Court Admissions

  • U.S. Court of Appeals, Fifth Circuit
  • U.S. District Courts, Northern, Southern, Eastern and Western Texas

Client Testimonials

Awards & Focus

Lawyer of the Year Badge - 2027 - Litigation - Regulatory Enforcement (SEC, Telecom, Energy) Lawyer of the Year Badge - 2024 - Litigation - Regulatory Enforcement (SEC, Telecom, Energy)
Named "Lawyer of the Year" by Best Lawyers® for:
  • Litigation - Regulatory Enforcement (SEC, Telecom, Energy), Dallas/Fort Worth (2027)
  • Litigation - Regulatory Enforcement (SEC, Telecom, Energy), Dallas/Fort Worth (2024)
Recognized in The Best Lawyers in America® 2027 for work in:
  • Commercial Litigation
  • Criminal Defense: White-Collar
  • Litigation - Regulatory Enforcement (SEC, Telecom, Energy)
  • Litigation - Securities

Case History

Cases
  • Representative Matters at SEC
  • Handled full range of SEC investigations and litigations, including financial-reporting fraud, market manipulation, insider trading, Ponzi schemes, broker-dealer and investment adviser cases, and alleged misconduct by professionals such as accountants and lawyers
  • Tried securities fraud case against issuer of fraudulent notes in what the court described as a “quintessential Ponzi” scheme.
  • Represented SEC in trial involving deceptive market-timing mutual fund transactions executed by broker-dealer for its hedge-fund client. Court granted all relief sought by SEC.
  • Lead counsel in securities fraud case against former senior executives at a prominent software company. The case involved billion-dollar restatement of financial results compounded by extensive alleged insider trading. Secured favorable settlement for the SEC.
  • Lead counsel in securities fraud case arising from highly structured, complex off-balance-sheet transaction by Fortune 500 company. The transaction involved improper accounting for derivatives that enabled the company to manufacture $300 million of operating cash flow.
  • Representative Matters as Defense Attorney
  • Represented former public-company senior executives in securities and shareholder derivative litigation, as well as SEC investigations, involving alleged related-party transactions and internal controls over financial reporting (ICFR)
  • Defended former CFO of NASDAQ-listed company in SEC investigation involving executive compensation and ICFR
  • Represented individuals in multiple SEC and DOJ insider-trading investigations with no charges filed
  • 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)
  • Defended wealth manager in SEC investigation involving Regulation Best Interest (no charges filed)
  • Assisted clients in responding to Civil Investigative Demands in False Claims Act/qui tam cases
  • Currently representing real estate developer in SEC investigation
  • Represented oil-and-gas executive in SEC investigation (no charges filed)
  • Represented option-trading hedge fund and registered investment advisor 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 clients in CFTC and SEC enforcement actions involving Bitcoin, blockchain technology, and other cryptocurrency issues
  • Conducted internal investigation for NYSE-listed company regarding internal controls issues
  • Advised various clients regarding FCPA compliance and investigative issues
  • Represent clients in numerous governmental investigations, including by DOJ, various state securities regulators, Federal Trade Commission, and other governmental and quasi-governmental bodies, including investigations involving Anti-Kickback Statute
  • Advised clients in investigations regarding CARES Act Paycheck Protection Program (PPP)
  • Represented municipal advisor in SEC investigation
  • Handled federal public corruption investigation by DOJ with no charges filed
  • 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

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