Five Decades of Investment Law
Les Greenberg is a licensed California attorney with more than 50 years of experience in litigation and arbitration of business and investment disputes. He has represented both individual investors and more than 20 securities brokerage firms before arbitration panels in several forums and in state and federal courts across hundreds of disputes.
He has served as Associate General Counsel and Compliance Director of a New York Stock Exchange Member Firm, and has acted as an arbitrator in business and investment disputes for more than four decades.
Securities & Investment Law
With experience on all sides of investment disputes — representing investors, brokerage firms, and serving as a neutral arbitrator — Mr. Greenberg brings an unusually comprehensive perspective to complex securities matters.
- Securities arbitration & litigation
- Investment fraud investigation
- FINRA & NASD arbitration
- Breach of fiduciary duty
- Securities fraud & churning
- Brokerage firm disputes
- Variable annuities & annuity exchanges
- Portfolio concentration losses
- Pension & retirement plan disputes
- Nonprofit fiduciary mismanagement
- Shadow counsel services
- Due diligence & investigative services
A deeper look at a notable case: Sulek v. BSA — the Statement of Decision
illustrates the depth of analysis applied to securities arbitration disputes.
Read the Statement of Decision →
Corporate Accountability & Nonprofit Oversight
Committee of Concerned Shareholders
Mr. Greenberg chairs the Committee of Concerned Shareholders, dedicated to improving corporate accountability and investor protection. His work addresses systemic governance failures that harm individual investors.
Investigation of Nonprofit Mismanagement
At the request of a prospective legacy donor, Mr. Greenberg investigated a prominent IRS 501(c)(3) charity. Findings included: more than 70% of assets tied to high-risk illiquid alternative investments; excessive advisory fees with evidence of Board self-dealing; and refusal to disclose investment policy despite public transparency claims.
Local Government Accountability
Mr. Greenberg has consistently advocated for stronger internal controls in municipal government to detect and prevent fraud, waste, and abuse — including urging independent whistleblower hotlines managed outside political influence. He served as legal counsel during a contested political campaign.
SEC Reform Litigation
Mr. Greenberg has litigated against the SEC under the Freedom of Information Act, the Federal Advisory Committee Act, and the Administrative Procedure Act — securing disclosures of the SEC's relationships with the securities industry.
Writings on Securities Arbitration Reform
Mr. Greenberg has written extensively on improving the securities arbitration process, including formal comments and a Petition for Rulemaking (SEC File No. 4-502) addressing systemic flaws in FINRA arbitration and regulatory oversight.
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Reg. Rep. Magazine
A detailed examination of how investors are disadvantaged by the securities arbitration system as currently structured.
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San Diego Union-Tribune
A look at the obstacles investors face when seeking redress for broker-caused losses.
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Pittsburgh Post-Gazette
National coverage of the systemic reforms needed in how investment disputes are adjudicated.
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Monograph
A practical guide to understanding financial statements and the fundamentals of sound investing.
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Guide
Practical guidance for individuals seeking qualified investment counsel — what to look for, and what to avoid.
On Building a Career in the Law
The first year of law school is demanding. To support students navigating it, Mr. Greenberg created a concise, one-page guide: Supplemental Law School Study and Stress-Management Tips — offering practical strategies for studying effectively, managing pressure, and avoiding common pitfalls.
As a law student, you may feel pressure to pursue only the most prestigious career paths. Remember: true professional fulfillment comes from aligning your work with your values and strengths. Define success on your own terms. Do not be afraid to take an unconventional path if it leads to rewarding and meaningful work.
Starting a law practice meant waiting patiently for clients while balancing work in real estate, teaching, and navigating ethical challenges. Maintaining integrity and putting principles before quick opportunities proved essential for long-term success.
Some young lawyers feel compelled toward only the most gilded institutions. The law offers a vastly richer range of meaningful work.