Don McBride was building knowledge of the securities and financial services industry even before his legal career began. Today, that depth of understanding enables him to help those companies deal with potential litigation and the myriad regulations they face daily.

Don’s practice primarily focuses on representing broker-dealers, clearing firms, registered investment advisors and individual investment professionals. He has extensive experience in litigation matters including:

• Class actions
• Enforcement of pre-dispute arbitration agreements
• Interpleaders
• Confirmation of arbitration awards
• Contract disputes
• Business torts 
• FINRA arbitration, including defending claims alleging state and federal securities law violations, unsuitability, fraud, churning and overconcentration 

He also represents members of the securities industry in connection with investigations by the SEC, FINRA, and state regulators. Don is co-leader of the firm's Financial Services industry group. 

Beyond litigation work, Don also counsels clients on aspects of their business operations, including privacy, registration, record retention, reporting requirements and anti-money laundering issues. This includes advising clients on the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940, the USA Patriot Act, the Gramm-Leach-Bliley Act, state securities laws and FINRA rules. 

Before joining Greensfelder, Don worked in the mutual funds department of a nationally known brokerage firm in St. Louis, where he obtained practical experience in the securities industry.

Apart from his securities experience, Don has defended employers against claims alleging violations of the Family Medical Leave Act, Americans with Disabilities Act and Missouri Human Rights Act. He has defended energy companies and their subsidiaries against claims brought by regulatory entities and private parties seeking cost recovery, personal injury, and property damages.

Professional Affiliations

• The Missouri Bar
• Bar Association of Metropolitan St. Louis
• Securities Industry and Financial Markets Association - Compliance and Legal Division
• Leadership Council on Legal Diversity Fellow, 2018

Community/Civic Activities

• HavenHouse St. Louis, Board of Directors, 2009-2015

Honors & Awards

• Up & Coming Award, Missouri Lawyers Media, 2020
• Benchmark Litigation, Future Star, 2021-22; 40 & Under Hot List, 2018-21

Representative Matters

FINRA Regulatory: Represented individual in investigation and settlement of matter alleging that client engaged in unapproved outside business activities.

FINRA Regulatory: Represented individual in matter alleging failure to supervise trading in leveraged/inverse mutual funds by broker-dealer’s Chief Executive Officer and Chief Compliance Officer. Negotiated settlement with FINRA and represented individual in MC-400 process during statutory disqualification.

St. Louis County, Missouri Circuit Court: Brought claims on behalf of individuals that funded business and were later expelled from it without a return of their funds. This included a week long jury trial, and briefing appeal and oral argument before the Missouri Court of Appeals. Aughenbaugh v. Williams, 569 S.W.3d 514 (Mo. Ct. App. 2018).

Miami-Dade County, Florida Circuit Court: Defended Registered Investment Advisor and founders against claims by their former employer for tortious interference, breach of contract, breach of fiduciary duty, violation of state trade secrets law, and conspiracy claims. This included briefing appeal and oral argument before the Florida Court of Appeals. Phelan v. Lawhon, 229 So. 3d 853 (Fla. Dist. Ct. App. 2017).

FINRA Arbitration: Defended broker-dealer against suitability claims relating to Indiana customer’s purchase of three variable annuities.

Eastern District of Missouri Federal Court: Defended broker-dealer against class action alleging claims of churning, unauthorized trading, and that firm did not adequately communicate the nature of an employee’s termination from another firm.

Northern District of Indiana Federal Court: Customer filed state court claims in Indiana based on restriction placed on IRA, and at the same time customer’s ex-spouse filed state court claims in Florida seeking distribution of same IRA funds based on divorce decree. Defended claims by filing federal interpleader in Indiana that enjoined both husband and wife from proceeding with their respective state court actions pursuant to 28 U.S.C. § 2361.

Illinois Regulatory: Represented Registered Investment Advisor in investigation by Illinois Securities Department involving due diligence conducted on sub-advisor that utilized alternative investment strategies.

FINRA Regulatory: Represented broker-dealer and registered representative in matter involving investigation into suitability of trades and marking of order tickets.

Eastern District of Missouri Federal Court: Filed interpleader on behalf of broker-dealer to protect it against adverse claims brought by competing successor trustees to assets held in trust account.

FINRA Arbitration: Defended broker-dealer against suitability claims arising from an Iowa customer’s purchase of Lehman Brothers bonds and Countrywide Financial bonds.

FINRA Arbitration: Defended Scottrade, Inc. against claims that customer suffered damages from lost trading opportunities after improperly being restricted and designated a “Pattern Day Trader” under FINRA Rule 4210.

St. Louis County, Missouri Circuit Court: Defended Registered Investment Advisor against fraudulent transfer and successor liability claims brought by creditor of separate, unaffiliated RIA that accounts had transferred from.

St. Louis County, Missouri Circuit Court: Defended claims against broker-dealer alleging that it failed to maintain copies of effective IRA beneficiary designations signed by deceased customer.

St. Louis County, Missouri Circuit Court: Defended broker-dealer against claims that it improperly froze assets in trust account after trustee’s death and where successor trustee refused to sign account agreement and trust certification forms.

Lawrenceville County, Illinois Circuit Court: Defended broker-dealer and its registered representative against claims that it improperly allowed a customer to make withdrawals from guardianship account established for the customer’s daughter.

FINRA Arbitration: Defended Scottrade, Inc. against claims by North Carolina customer based on unsolicited purchases in Biozoom stock.

Cumberland County, Illinois Circuit Court: Defended broker-dealer against claims that its former registered representative improperly allowed deposit of third-party check, with alleged forged or unauthorized indorsement, and then subsequently disbursed funds to check presenter. Palmer v. Edward D. Jones & Co., LP, 2014 IL App (4th) 130735-U, 2014 Ill. App. Unpub. LEXIS 2813 (Dec. 16, 2014).

Eastern District of Missouri Federal Court: Filed interpleader on behalf of broker-dealer to protect it against adverse claims brought by deceased customer’s father, who was IRA beneficiary, and the customer’s surviving ex-spouse who claimed an interest in the IRA pursuant to a divorce decree.

Northern District of Illinois Federal Court: Defended Scottrade, Inc. against claims brought by IRA beneficiaries after IRA assets were restricted in light of deceased customer’s surviving spouse making claim to those assets.

St. Louis County, Missouri Circuit Court: Defended broker-dealer and its registered representative against claims that it conspired with a customer to make fraudulent transfers to the customer’s relatives to avoid the Plaintiff’s ability to collect a substantial judgment against the customer.

Oklahoma County, Oklahoma District Court: Defended broker-dealer and registered representative against claims that representative mismanaged assets and made improper disbursements from trust account he managed and set up for his daughter.

St. Louis County, Missouri Circuit Court: Defended broker-dealer against claims brought by surviving husband claiming that firm improperly accepted instructions from deceased wife, while she had diminished capacity, to transfer funds to their children and change the registration on an account.

St. Louis County, Missouri Circuit Court: Defended broker-dealer against claims alleging that registered representative opened account as a joint account with right of survivorship rather than single account with TOD designations as directed by 98-year old customer.

Vigo County, Indiana Superior Court: Compelled arbitration and defended broker-dealer against claims that its registered representative issued checks to himself and made other unauthorized withdrawals from a customer’s account.

FINRA Arbitration: Defended broker-dealer and its registered representative against suitability claims relating to a Missouri customer’s purchases of Putnam mutual funds, municipal bonds, and an exchanged variable annuity.

FINRA Arbitration: Defended broker-dealer against suitability claims arising from an Oregon customer’s purchase of Sun Microsystems and WorldCom.

FINRA Arbitration: Defended broker-dealer against suitability claims arising from an Illinois customer’s purchase of a variable annuity.

NASD Arbitration: Defended broker-dealer and its registered representative against suitability claims relating to an Indiana customer’s purchases of Putnam mutual funds, technology stocks, and Enron.

NASD Arbitration: Defended broker-dealer, its registered representative, and insurance company against suitability claims arising from a Florida customer’s purchase of a variable annuity.

NASD Arbitration: Defended broker-dealer and its registered representative against claims by Wisconsin customer seeking value of General Dynamics Corporation stock certificates that were previously surrendered, and subsequently retained, by the stock’s transfer agent.

NASD Arbitration: Defended broker-dealer and its registered representative against claims by Texas customer alleging that firm inappropriately transferred funds from a joint account he held with his mother and brother, to a single account held by his mother.

NYSE Arbitration: Defended broker-dealer and its registered representative against suitability claims arising from a customer’s purchase of a variable annuity.

NYSE Arbitration: Defended broker-dealer and its registered representative against suitability claims arising from customer’s concentrated position in Level Three stock and refusal to follow recommendation to sell that position and diversify the portfolio.

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