Eva Carman

Ropes & Gray LLP
1211 Avenue Of The Americas
New York, NY 10036
(212) 596-9039

Eva Carman is a managing partner of the New York office and co-head of the global Securities Enforcement practice. She is Chambers-ranked for “Nationwide, Securities: Regulation: Enforcement,” where she is recognized by clients as “extraordinarily knowledgeable,” “exceptionally smart” and “superb at what she does.”

She has 27 years of experience representing investment advisers and boards in connection with Securities and Exchange Commission examinations, investigations and litigated actions. Her focus is on investment company, private equity, hedge fund and credit fund defense. Her practice is nationwide. She has had recent cases in seven of the SEC's regional offices and the Washington office. Her high-profile successes include the dismissal of claims against one of the central figures in the credit crisis cases - the former head of Countrywide Home Loans. Her recent non-public successes include two rare mid-investigation dismissals of fee and expense investigations, and complete defense of a portfolio manager of a prominent hedge fund in an insider trading case. As a result of her years in the industry and track record of success, she is well-regarded by the most selective firms, who not only seek her counsel in investigations and litigated matters, but also for regulatory guidance on matters relating to insider trading, custody, anti-corruption, design and implementation of compliance programs intended to address complex and novel trading and business issues. She has also been tapped to conduct internal investigations, the most recent of which was of a commodities broker that was under investigation for complex issues associated with accounting disclosures. Throughout these matters, Eva has demonstrated the skills that make her a sought-after counselor and advocate: knowledge of the regulators, sensitivity to the nuances of working in a politically charged atmosphere, and a deep understanding of her clients' industry and businesses.


Because of the nature of her enforcement practice, many of Ms. Carman’s most successful matters are not public. A sampling of some of her public successes are as follows:

Lead counsel for a senior executive of Countrywide in the NY Funds securities class action. Successful in garnering one of only two dismissals at the summary judgment phase in that action. (Pappas v. Countrywide Financial Corporation)

Successfully defended a host of accounting professionals and audit firms in connection with SEC and CFTC investigations into issues associated with the audit of CFTC registrants.
Won a trial victory in a Delaware Chancery Court resulting in a precedent-setting opinion relating to a dissident director’s efforts to take control of a company. (Gunther v. 5i Sciences)

Defended hedge funds, portfolio managers and other investors in connection with a host of insider trading investigations and cases.

Conducted FCPA diligence and investigations for companies with operations in Brazil, China, India, Russia and Europe.

Defended the CEO of an insurance company in a criminal action alleging falsification of the accounting documents and performance figures used to launch an initial public offering of the insurance company.

Represented the president of an investment adviser in connection with criminal claims that the investment adviser was running a Ponzi scheme with investor funds.

Successfully defended a number of market-timing investigations by the SEC, the CFTC and the New York Attorney General.


Co-author, “SEC Enforcement Against Private Equity: A Practical Guide for Private Funds,” The Securities Litigation Review, Fifth Edition (July 2019)

Co-author, “Regulatory Issues in Marketing PE Funds,” Private Funds Management Yearbook (December 2018)
Quoted, “How to cope with an SEC exam,” Private Funds Management (June 28, 2018)

Co-author, “SEC Priorities for Private Equity and Real Estate Advisers,” The Review of Securities & Commodities Regulation (October 11, 2017)

Co-author, “SEC Enforcement Against Private Equity: A Practical Guide for Private Funds,”The Securities Litigation Review Third Edition (July 2017)

Co-author, “10th Circuit Ruling on SEC’s Use of Administrative Law Judges Creates Circuit Split,” Westlaw Journal Securities Litigation & Regulation (April 27, 2017)

Co-author, “Conflicts: It’s Not Just Fees and Expenses,” American Investment Council (March 28, 2017)

Quoted, “SEC tightens the private equity screw,” Private Equity International (October 3, 2016)

Quoted, “Private Equity Self-Polices in Face of SEC Scrutiny, But Is It Enough?” The Wall Street Journal Private Equity Pro (September 29, 2016)

Quoted, “7 SEC Actions PE Attys Should Know Inside And Out,” Law360 (September 22, 2016)

Quoted, “Fees, Conflicts, Investment Allocations and Other Hot Topics Hedge Fund Managers Should Expect During an SEC Examination (Part Two of Two),” The Hedge Fund Law Report (June 30, 2016)

Quoted, “What Hedge Fund Managers Need to Know About Getting Through an SEC Examination (Part One of Two),” The Hedge Fund Law Report (June 16, 2016)

Quoted, “SEC sharpens private equity focus,” IFLR (April 26, 2016)

Quoted, “Disclose Even Borderline Conflicts, PE Shops Told,” Compliance Reporter (March 18, 2016)

Co-author, “Circuit Split on Dodd-Frank Act Whistleblower Provision,” Harvard Law School Forum on Corporate Governance and Financial Regulation (Sept. 16, 2015)

Contributing Author, “The Operating Partner in Private Equity,” Private Equity International, Volume 2 (July 2015)

Co-author, “Mind your step! Avoiding the legal pitfalls of being an operating partner,” Operating Partner in Private Equity, Volume 2 (Private Equity International, June 2015)

Co-Author, “The SEC’s Current Views on Private Equity,” Law360 (June 1, 2015)

Quoted, “Is an SEC Exam Inevitable?,” Financial Executives International (Oct. 20, 2014)

Quoted, “Ropes & Gray continues expansion of contentious regulatory practice,” IFLR 1000 (Sept. 29, 2014)

Co-author, “Takeaways From SEC Action Against Lincolnshire,” Private Equity and Securities Law360 (Sept. 26, 2014)

Quoted, “Ropes & Gray Partners Share Insights Gleaned from Successfully Navigating Presence Examinations with Hedge Fund Manager Clients,” The Hedge Fund Law Report (March 7, 2013)

Contributing Author, The Securities Enforcement Manual, Tactics and Strategies, Chapter 5, “Settlements, Minimizing the Adverse Effects of an SEC Enforcement Action,” Second Edition, American Bar Association publication, 2007

Eva Carman and Richard Marshall, “The SEC’s Insider Trading Case Against A Clinical Trial Physician  Lessons For Physicians, Investors, and Public Companies,” Ropes & Gray LLP publication, November 2010

Eva Carman, “Has United States v. Booker Closed the Book on Corporate Compliance Programs and Voluntary Cooperation?,” Metropolitan Corporate Counsel

Co-Author, “Representing the Corporation and its Officers in Grand Jury Proceedings,” co-authored substantive annotations for Federal Bar Council publication on corporate criminal liability

Eva Carman, “Three Things Every In-House Employment Lawyer Should Know About Electronic Discovery,” Metropolitan Corporate Counsel


Panelist, “A View From the Front: Practical Guidance Learned from Exams of Private Fund Advisers,” Chambers & Partners, Ropes & Gray and RSM co-hosted GC Seminar, New York (April 2016)

Presenter, “SEC enforcement actions against private equity firms  a view from the front lines,” Private Fund Compliance Forum 2016 (May 10, 2016)

Guest lecturer, Issues in SEC Enforcement Seminar -- NYU Law School, 2015

Presenter, National Society of Compliance Professionals Annual Conference, New York, June 2013

Presenter, “Private Equity Firms: Surviving the New World of SEC Regulation,” Ropes & Gray webcast, March 2012

Current Developments in Anti-Corruption Enforcement: What Every Transactional Lawyer and Business Litigator Should Know, presented to the Ropes & Gray Business Advisory Group

Panelist, SEC Enforcement Priorities and Initiatives, presented to the City Bar Counsel on Investment Management, 2012

Panelist, “From SEC Examinations to Enforcement Actions, Ascendant National Compliance Management Conference, 2012

Presenter, “What Every China-Based U.S.-Listed Company Needs to Know About U.S. SEC Enforcement Actions,” Ropes & Gray webinar, June 2012

Panelist, What Every In-House Hedge Fund Lawyer Needs to Know About the New SEC Enforcement Paradigm, webcast 2012

Presenter, “The New SEC Enforcement Paradigm and the Ethics of Internal Investigations,” 2011 Investment Management webcast

Presenter, “What Every Hedge Fund In House Counsel Needs To Know About the New SEC Enforcement Program and The Ethics of Internal Investigations,” 2011 Hedge Fund Counsel Event

Presenter, “The New SEC Enforcement and Investigation Paradigm,” 2010 NRS and Investment Adviser Association Investment Management Regulatory Compliance Conference

Presenter, “New SEC Enforcement Powers Over the Asset Management Industry,” 2010 Ascendant Investment Adviser Compliance Conference For Advisers and Managers

Presenter, “The Sinking Market’s Effect on Investment Funds: Litigation and Enforcement Issues Every Investment Fund Executive Should Know” “Hiding in Plain Sight: What the Madoff Scandal Means for the Future Regulation of Advisers,” Ropes & Gray webcast, February, 2009

Presenter, “SEC Enforcement Relating To Structured Products,” IM Industry Conference

Panelist, “Regulatory Focus On Unified Managed Accounts,” IM Industry Conference

Panel Chair, “Regulatory Enforcement Relating to Funds of Funds,” industry conference presentation

Presenter, “Dealing with the SEC: Enforcement Actions & Civil Litigation,” conducted seminars for securities professionals on topics relating to SEC enforcement actions

Presenter, “Discovery Strategy in Complex Litigation,” conducted seminar on complex litigation issues for members of the Theodore Roosevelt American Inn of Court

Presenter, “SEC Presence Exams  Issues for Private Equity Firms,” Ropes & Gray webcast, February 2013
Selected Media

"Chancery Court Rejects Books and Records Request," Elizabeth Bennett, Delaware Law Weekly, December 22, 2010 (Volume 13; Issue 51)

"Ropes & Gray Wins Unusual Chancery Court Ruling Barring Controversial Board Member from Access to Corporate Documents," David Bario, American Lawyer Litigation Daily, (November 29, 2010)