George Canellos > Milbank > New York, United States > Lawyer Profile
Milbank Offices
55 HUDSON YARDS
NEW YORK, NY 10001
NEW YORK
United States
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George Canellos
Position
Partner, Litigation & Arbitration
Career
Mr. Canellos represents financial institutions, public companies, asset management firms, and individuals in government investigations and contested litigation in federal and state courts and advises clients on corporate governance and compliance with the securities and banking laws. Mr. Canellos has received national recognition and many awards for his achievements in litigation and capital markets enforcement. Praised by Chambers USA as “a tremendously talented lawyer” and “very cogent thinker” who is able to “handle difficult situations in a very calming matter,” Mr. Canellos has more than two decades of experience prosecuting and defending white collar criminal cases and civil actions arising under the securities laws, having served twice in federal law enforcement — most recently in top positions at the US Securities and Exchange Commission and earlier in his career as a federal criminal prosecutor in the US Attorney’s Office for the Southern District of New York. In March 2014, Mr. Canellos rejoined Milbank, where he was a partner from 2003 to 2009.
In his four and a half years at the SEC, Mr. Canellos served most recently as co-director of the SEC’s Division of Enforcement and before that, as the Enforcement Division’s acting director and deputy director. In those positions, Mr. Canellos set SEC enforcement priorities and policies, and supervised the civil law enforcement efforts —including in investigations, prosecutions, and trials — of approximately 1,300 SEC personnel in 12 offices across the country. From July 2009 until May 2012, Mr. Canellos served as director of the SEC’s New York Regional Office, overseeing approximately 400 professional staff of enforcement attorneys, accountants, investigators and compliance examiners responsible for enforcement investigations and actions, and compliance inspections of New York-based investment banks, investment advisers, broker-dealers, mutual funds and hedge funds.
While at the SEC, Mr. Canellos supervised many of the landmark enforcement cases in recent years, including the insider trading actions against Raj Rajaratnam, many individuals associated with Galleon Management LP, and hedge fund managers associated with S.A.C. Capital; the first-ever action against the operator of a “dark pool” trading platform; actions against participants in the structuring of collateralized debt obligations and the securitization of mortgage loans; and actions concerning and clarifying the responsibilities of participants in the investment advisory and mutual fund industries. In these and other cases, he worked closely with top leadership of the US Department of Justice, FINRA, CFTC, State Attorneys’ General, and the U.K. Financial Conduct Authority, and financial markets regulators in Europe and Asia.
At Milbank, he has advised many of the nation’s leading broker-dealers, investment advisory firms, and mutual fund companies on compliance with the securities laws and the rules of self-regulatory organizations. He led the defense of clients in many of the recent headline investigations of the financial industry, including investigations of a wide variety of accounting practices; revenue-sharing and market-timing practices of mutual funds; soft-dollar and directed brokerage practices of investment advisors and broker-dealers; specialist trading on the New York Stock Exchange; revenue-sharing practices of insurance carriers and brokers; the promotion of tax shelters and strategies by securities and accounting firms, and trading and financial transactions implicating US sanctions laws.
Lawyer Rankings
United States > Dispute resolution > General commercial disputes
Counting major financial institutions among its key roster of clients, Milbank handles a range of commercial disputes concerning breach of contract, in addition to business torts, such as fraud, breach of fiduciary duty, and tortious interference with contractor prospective business relations. The New York-based team also has demonstrable experience advising on state and federal regulatory mandates. Global head of the firm’s litigation and arbitration practice, George Canellos jointly leads the team group alongside Daniel Perry, who focuses on disputes involving securities and corporate law, M&A, insurance and reinsurance, as well as financial restructuring issues. Scott Edelman’s ‘judgment is second to none and his advocacy is first-rate’, while David Gelfand is praised for his ‘impressive ability to dive deep’ into class actions, securities and bankruptcy litigation cases.
United States > Dispute resolution > Securities litigation: defense
Milbank has a deep bench of experienced partners in New York, whose track record in some of the most influential, high-stakes, and high-profile cases ever brought under federal and state securities laws sees the firm climb the ranking. The firm frequently acts for issuers, underwriters, banks, broker-dealers, investment advisers, accounting firms, and individuals in securities class actions and derivative suits. Global head of litigation and arbitration George Canellos and practice group leader Daniel Perry oversee the firm’s securities litigation work, for which Sean Murphy is a standout partner. Murphy has tried most of the private securities cases to go to trial under the Investment Company Act of 1940 Act in the last 20 years, winning all of them. Firm chair Scott Edelman handles high-stakes litigation in diverse areas of law, including securities, commercial and white collar. David Gelfand and up-and-coming partners Jed Schwartz and Robert Hora are also key partners in the practice. Edelman, Gelfand and Hora are acting for AXA Equitable Life Insurance Company in eight cases in federal and state courts, including putative class actions, that challenge the company’s 2016 increase in the cost of insurance rates on a block of universal life insurance policies.
United States > Dispute resolution > Corporate investigations and white-collar criminal defense
Praised for its ‘tremendous acumen’, Milbank assists clients in all facets of corporate investigations and white-collar criminal defense, with many of its attorneys having held previous positions with regulatory and enforcement authorities. New York-based George Canellos and Daniel Perry, both experienced trial lawyers, jointly lead the practice alongside Nola Heller, also in New York, who arrived from Cahill Gordon & Reindel LLP in September 2023. Adam Fee, who is active in the firm’s Los Angeles office, is a name to note for cross-border fraud and money laundering matters. Antonia Apps left the firm in January 2023.
Lawyer Rankings
- Securities litigation: defense United States > Dispute resolution
- General commercial disputes United States > Dispute resolution
- Corporate investigations and white-collar criminal defense United States > Dispute resolution
Top Tier Firm Rankings
- Finance > Commercial lending
- Transport > Aviation and air travel: finance
- Antitrust > Civil litigation/class actions: defense
- Finance > Capital markets: global offerings
- Media, technology and telecoms > Telecoms and broadcast: transactions
- Finance > Capital markets: high-yield debt offerings
- Finance > Commercial lending
- Antitrust > Cartel
- Finance > Structured finance: securitization
- Real estate > Real estate finance
- Transport > Aviation and air travel: finance
- Finance > Commercial lending
- Finance > Structured finance: securitization
- Finance > Project finance
- Energy > Renewable/alternative power
- Finance > Restructuring (including bankruptcy): corporate
- Environment > Environment: transactional
Firm Rankings
- Finance > Capital markets: global offerings
- Finance > Capital markets: global offerings
- Transport > Aviation and air travel: finance
- Energy > Energy transactions: electric power
- Dispute resolution > Securities litigation: defense
- Media, technology and telecoms > Telecoms and broadcast: transactions
- Finance > Capital markets: high-yield debt offerings
- Finance > Capital markets: debt offerings
- Finance > Capital markets: high-yield debt offerings
- Finance > Capital markets: debt offerings
- Dispute resolution > General commercial disputes
- Real estate > Real estate finance
- Finance > Capital markets: equity offerings
- Finance > Capital markets: equity offerings
- Energy > Energy transactions: oil and gas
- Antitrust > Merger control
- Intellectual property > Patents: litigation (full coverage)
- Tax > US taxes: non-contentious
- Labor and employment > Employee benefits, executive compensation and retirement plans: transactional
- M&A/corporate and commercial > M&A: large deals ($1bn+)
- Dispute resolution > Corporate investigations and white-collar criminal defense
- Antitrust > Cartel