Ellen M. Wheeler represents broker-dealers, introducing brokers, commodity trading advisors, investment advisors, commercial end users, proprietary trading firms, and their employees and officers in both litigation and enforcement matters. She has defended clients in large securities class actions, in arbitrations brought by customers and employees, at administrative hearings against the Securities and Exchange Commission鈥檚 Division of Enforcement, and in connection with other enforcement investigations and proceedings by the SEC, CFTC, FINRA, NFA, CME Group, and other regulatory organizations. Ellen is a partner in the firm鈥檚 Securities Enforcement & Litigation as well as Securities, Commodities & Exchange Regulation Practices.
Additionally, Ellen provides regulatory counseling to clients, including assisting broker-dealers, introducing brokers, and other clients with regulatory exams, internal investigations, and compliance with new rules and regulations.
Representative Experience
Enforcement
- Counsel to commodity trading advisor alleged by CME Group to have engaged in manipulative trading; investigation closed with no action.
- Counsel to trader and firm in FINRA investigation of frontrunning; investigation closed with no action.
- Counsel to entity alleged by CFTC to be acting as unregistered commodity trading advisor; investigation closed with no action.
- Counsel to broker dealers and investment advisor firms in multiple regulatory investigations arising from sales of alternative investment products; investigations closed or favorably settled.
- Counsel to municipal underwriter in SEC investigation of alleged 鈥渇lipping鈥 of municipal bonds; investigation closed with no action.
- Counsel to trader and firm accused of 鈥渟poofing鈥 by multiple CME Group exchanges; secured favorable settlement on behalf of trader, no action against firm.
- Counsel to multiple firms in position limits investigations by CFTC; all matters closed with no action.
- Counsel to multiple firms in CBOE proceedings involving alleged violations of priority rules; all matters closed with no action or with favorable settlement.
- Counsel to Investment Advisor in SEC investigation of cross-trading; investigation closed with no action.
- Counsel to commercial entity in CFTC investigation regarding EFRPs; investigation closed with no action.
- Counsel to trader in ICE investigation regarding alleged wash sales; investigation closed with no action.
- Counsel to former employee of mutual fund management company in an enforcement proceeding brought by the SEC concerning allegations of market timing; following approximately three-week hearing, client was exonerated of all charges.
- Counsel to former chief financial officer of public company in an enforcement proceeding brought by the SEC charging CFO with fraud in connection with public disclosures; two鈥搘eek hearing resulted in favorable opinion with no sanctions levied against client.
Litigation
- Counsel to grain company in class action alleging manipulation of the wheat futures market in violation of the Sherman Antitrust Act and the Commodity Exchange Act.
- Counsel to multiple options market makers in several actions alleging spoofing and market manipulation in violation of the Securities Exchange Act and Commodity Exchange Act.
- Counsel to multiple options specialist firms in action brought by professional traders involving allegations of order mishandling, resulting in dismissal of claims against some defendants and summary judgment in favor of remaining defendants.
- Counsel to investment bank in connection with multiple lawsuits arising out of collapse of auction rate securities market, resulting in dismissal of all claims.
- Counsel to broker dealers and investment advisors in numerous FINRA arbitrations arising from claims brought by customers who invested in private placements.
- Counsel to individual defendant in class action and multiple individual actions alleging fraud and violations of Sherman Antitrust Act and the Commodity Exchange Act in connection with trading in the dairy markets.
- Counsel to individual defendant in class action involving allegations of stock options back dating.
- Counsel to clearing firm in CBOE arbitration, resulting in dismissal of all claims with prejudice.
- Counsel to broker-dealer in FINRA arbitration brought by former customer; week-long arbitration resulting in award entirely in favor of defendant.
- Counsel to investment bank in major class action involving allegations of manipulation and misconduct in connection with initial public offerings.
Awards and Recognition
- 搁别肠辞驳苍颈锄别诲,听Chambers USA: America鈥檚 Leading Lawyers for Business in
- Derivatives: Enforcement (2024-2026)
- Derivatives (2026)
- Selected by her peers for inclusion in The Best Lawyers in America庐 in the field of Litigation-Securities (2023)
Pro Bono
- Represents clients on a pro bono basis and, in particular, individuals seeking asylum in the United States after fleeing persecution in their home countries
- Serves on the National Immigrant Justice Center鈥檚 Leadership Council
Presentations and Publications
- Co-author, “Shifting Enforcement Priorities at the CFTC and the SEC,” The Review of Securities & Commodities Regulation, Vol. 58 (December 10, 2025)
- Chair, Enforcement Panel,听FIA Commodities Committee Conference听(September 13, 2023)
- Panelist, Understanding the Securities Laws 2023,听Practicing Law Institute听(July 14, 2023)
- Chair, Enforcement Panel,听FIA Law and Compliance Conference听(April 2023)
- Author, 鈥淢ore Than a Decade After Dodd-Frank, the CFTC Brings its First Anti-Evasion Case: What and What Does That Mean?鈥澨FIA Law and Compliance Conference听(April 2023)
- Chair, Enforcement Panel,听ABA Futures and Derivatives Committee Meeting听(February 2023)
- Author, 鈥淓xchange Enforcement Actions 鈥 A Year in Review,鈥澨ABA Futures and Derivatives Committee Meeting听(February 2023)
- Panelist, Understanding Financial Products,听Practicing Law Institute听(January 2023)
- Author, 鈥淓thical Issues Relating to Securities Lawyers 鈥 A Year in Review,鈥澨PLI Understanding Financial Products听(January 2022)
- Panelist, Understanding the Securities Laws 2022,听Practicing Law Institute听(July听 2022)
- Panelist, Enforcement Panel,听FIA Law and Compliance Conference听(April 2022)
- Panelist, Enforcement Panel,听ABA Futures and Derivatives Committee Meeting听(January 2022)
- Author, 鈥淐FTC Enforcement: What if Anything Can Be Read Into the Decline in Enforcement Cases In 2021?鈥澨ABA Derivatives and Futures Law Committee Meeting听(January 2020)
- Panelist, 鈥淯nderstanding Ethical Challenges when Working in Financial Products,鈥澨PLI Understanding Financial Products听(January 2022)
- Panelist, 鈥淐onducting and Defending Investigations From Home,鈥澨FIA Law and Compliance Conference听(April 29, 2021)
- Author, 鈥淟essons Learned 鈥 A Year of Defending Regulatory Investigations Remotely,鈥澨FIA Law and Compliance Conference听(April 2021)
- Chair, 鈥淓thics in Derivatives and Futures Law,鈥澨ABA Derivatives and Futures Law Committee Meeting听(January 29, 2021)
- Author, 鈥淧otential Pitfalls of Remote Work 鈥 From Inadvertent Disclosure of Client Information to Accidental Insider Trading,鈥澨ABA听Derivatives听and听Futures听Law听Committee Meeting听(January 2020)
- Panelist, 鈥淓thics in Derivatives and Futures Law,鈥澨ABA Derivatives and Futures Law Committee Meeting听(January 25, 2020)
- Author, 鈥淩ecent Trends and Developments in False Statement Actions: Whether You Can Advise Your Client to 鈥淛ust Answer the Question鈥 and Other Ethical Issues Raised by the CFTC鈥檚 Recent Enforcement Action,鈥澨ABA Derivatives & Futures Law Committee Meeting听(January 2020)
- Co-author, 鈥淗ot Topic: Securities and Commodities Enforcement,鈥澨Corporate Disputes (January-March 2019)
- Co-author, 鈥淪tock Exchange Immunity Erodes As Biz Models Evolve,鈥澨Securities Law360 (August 20, 2018)
- Presenter, 鈥淏roker-Dealers and FCMs: Are Their Regulations Harmonized or Not?鈥 FIA Law and Compliance 2018 (May 2018)
- Author, 鈥淗armonizing the SEC鈥檚 and CFTC鈥檚 Enforcement Regimes,鈥 FIA Law and Compliance Conference (March 2018)
- Presenter, 鈥淲hen Your Regulators Become Your Adversaries,鈥 麻豆传媒 Market Regulation Series (April 9, 2014)
- Co-author, “Top Ten SEC Enforcement Developments of 2012,” BNA’s听Securities Regulation & Law Report听(2013)
- Presenter, 鈥淣avigating the Dodd-Frank Minefield,鈥 麻豆传媒 Market Regulation Series (April 12, 2012)
- Presenter, “The Expansion of SEC鈥檚 Enforcement Authority,” Chicago Bar Association seminar entitled “The Crash of 2008 鈥 The Government鈥檚 Response: Financial Reform” (March 17, 2011)
- Co-author, “Top Ten SEC Enforcement Developments of 2010,” BNA鈥檚听Securities Regulation & Law Report听(February 21, 2011)
麻豆传媒 Achieves Top Rankings in Chambers USA 2026
麻豆传媒 is proud to once again be recognized by Chambers & Partners as one of the leading law firms in the country in the 2025 edition of Chambers USA: America鈥檚 Leading Lawyers for Business.
CFTC Division of Enforcement Issues New Cooperation Policy: What Commodities Market Participants Need to Know
The CFTC's Division of Enforcement recently issued a new Staff Advisory setting forth the Division's exclusive policy on self-reporting, cooperation, and remediation.
Insider Predicting? CFTC鈥檚 First Action 鈥 and How We Got Here
On April 23, 2026, the U.S. Commodity Futures Trading Commission (CFTC) announced the filing of its first insider trading enforcement action involving event contracts for the misuse of government information against an active-duty service member in the U.S. Army who allegedly used classified nonpublic information to trade on U.S. operations to capture the former Venezuelan President through 鈥淥peration Absolute Resolve.鈥
Shifting Enforcement Priorities at the CFTC and the SEC
Under the new administration, priorities have shifted at the Commodity Futures Trading Commission and the Securities and Exchange Commission, particularly with the enforcement divisions at both agencies 鈥 which had faced widespread internal and external criticism. Both the CFTC and SEC are undergoing structural changes as a shift away from regulation through enforcement. This article discusses these developments in detail.
麻豆传媒 Secures Top Rankings in Chambers USA 2025
麻豆传媒 is proud to once again be recognized by Chambers & Partners as one of the leading law firms in the country in the 2025 edition of Chambers USA: America鈥檚 Leading Lawyers for Business.
2025 Law & Compliance Division Conference
Connect with legal & compliance professionals in the cleared derivatives industry at L&C 2025, taking place 23-25 April. The Law & Compliance Division Conference examines the legal, regulatory, and enforcement developments impacting your business and offers practical compliance tips and strategies for the industry.