Waymaker has a top-tier national criminal and regulatory defense practice, with deep subject matter experience in blockchain/fintech, securities and financial services, cybersecurity, and health care. Regularly in the news in high-profile matters, Waymaker defends clients in investigations led by the DOJ, FBI, SEC, CFTC, FTC, CFPB, and DOJ, state, and local prosecutors around the country.
Waymaker’s team includes two former federal prosecutors—Keri Axel and Becky James—who use their substantial criminal trial experience and deep subject matter expertise to defend clients nationwide in law enforcement and regulatory investigations and litigation. While at the United States Attorney’s Office, Central District of California,, James was the Chief of the General Crimes Section, and later the Chief of the Criminal Appeals Section. Keri Axel is not only a former prosecutor but also a former SEC enforcement attorney, and therefore an expert both in government civil regulatory investigations and criminal investigations and trials. The Waymaker team uses this broad experience to guide individuals and companies through the particular challenges posed by criminal investigations and trials.
Representative samples of prior engagements are listed below, but much of our criminal defense work leads to favorable resolution before any public disclosure. When it is in the client’s best interests, we work to minimize exposure through discreet negotiations with government officials. Our attorneys often persuade law enforcement or regulators to decline to bring criminal charges or other sanctions, including monetary sanctions. When trial is in a client’s best interest, we rely on our extensive trial experience and zealous advocacy to pursue an acquittal or dismissal. We advocate forcefully for its clients in every setting.
Waymaker’s elite criminal and regulatory defense team has been recognized with numerous prestigious awards, and is Chambers-ranked in Fintech Legal-Blockchain & Cryptocurrencies and Crypto Asset Disputes.
Notable Criminal Defense Engagements (Federal)
- United States v. Yasiel Puig
Currently defending Yasiel Puig, the former Los Angeles Dodgers star outfielder, in a criminal matter in Southern District of California. Puig is alleged to have made false statements to the government during its investigation of a sports betting ring. After former federal prosecutor Keri Axel took over the defense, Puig opted to go to trial to challenge his indictment for alleged false statements.
- United States v. Roman Storm (Tornado Cash)
Axel recently was one of the lead trial attorneys in the defense of Roman Storm, a developer who worked on the Tornado Cash protocol, in a criminal matter in the Southern District of New York. Storm is charged with conspiracy to commit money laundering, running a money services business, and sanctions violations. The case presents issues of first impression concerning First Amendment rights to code and the extent of criminal liability over software. After a three week trial, the jury failed to reach a verdict on the two most serious charges and the court declared a mistrial.
- United States v. Paige Thompson
Defended Paige Thompson in a 2022 criminal trial in the Western District of Washington. Ms. Thompson was alleged to have hacked into Capital One and other entities in one of the largest alleged hacks in U.S. history. While Thompson was found guilty, Waymaker successfully argued for and secured no prison time in the face of federal prosecutors asking for a seven-year prison sentence.
- United States v. Virgil Griffith
Defended Mr. Griffith in a criminal prosecution by the U.S. Attorney’s Office in the Southern District of New York. Mr. Griffith allegedly violated U.S. sanctions by traveling to North Korea and giving a speech about blockchain technology at a conference.
- United States v. Jerry Feldman
Obtained reversal of conviction in case in which Feldman had plead guilty to wire fraud in 2018 but recent Ninth Circuit authority provided potential path to overturn conviction. Waymaker sought a writ of coram nobis to overturn the conviction, and successfully convinced the trial judge that the Ninth Circuit’s opinion foreclosed any theory under which Feldman could have been guilty of wire fraud. Conviction was overturned.
Notable SEC and Regulation Defense Engagements
- In the Matter of Rari Capital, Inc.
Represented Rari Capital Inc. and its three founders in a four-year SEC investigation concerning the decentralized (“DeFi”) platform called Rari Capital, a successful early DeFi project. Rari operated “yield pools” and “earn pools” that at one point had $1 billion in Total Value Locked (TVL). The matter was settled with no individual founder charged with a Section 5 violation and no company disgorgement.
- In the Matter of James Phillips
Represented James Phillip, an individual charged by the SEC with insider trading, through investigation and settlement.
- In the Matter of Payward Ventures, Inc. (Kraken)
Defended Payward Ventures, Inc., known as “Kraken,” one of the most prominent cryptocurrency trading platforms in the world. Along with competitors Coinbase and Binance, Kracken was sued by the SEC in 2023. Waymaker led the defense team, bringing motions to dismiss and appeals challenging the SEC’s theories. The matter was recently successfully concluded when the SEC dismissed the charges.
- Confidential SEC Investigation re ICO
Represented two founders of an early high profile blockchain project in an investigation concerning its highly successful Initial Coin Offering (ICO) before the SEC. After Waymaker’s advocacy, the SEC declined to bring any charges against the founders.
- In the Matter of Hightimes Holding Corp.
Defended Hightimes Holding Corp. (“HTH”) and its former CEO in an SEC investigation concerning certain promotional activities concerning the company’s securities offering pursuant to Reg A. Matter was settled without admission of guilt and without HTH being required to pay disgorgement.
- Confidential Investment Adviser Investigation:
Defended investment advisor to registered private investment funds and international pension funds in SEC investigation regarding SEC marketing rule involving issues of disclosure and conflicts of paid consultants.
- Confidential CFPB Investigation
Represented owner of telemarketing firm in investigation by CFPB regarding potential violations of the Telemarketing Sales Rule. At conclusion of investigation, CFPB declined to institute investigation.