David L. Axelrod
David L. Axelroth

David L. Axelrod


Tel 215.864.8639
Fax 215.864.8999

David L. Axelrod is a former Supervisory Trial Counsel at the U.S. Securities and Exchange Commission's (SEC) Philadelphia Regional Office and a former federal prosecutor. At the SEC, he directed all aspects of litigation—leading complex, multi-agency investigations into a range of alleged securities law violations and serving as lead trial counsel in high-profile federal cases. He also led nationwide insider trading training for SEC enforcement staff.

Mr. Axelrod has directed strategy in cases involving investment fraud, accounting fraud, and market manipulation, and has tried to verdict cases involving insider trading. His first chair experience includes SEC v. Daryl M. Payton, a jury trial in which two brokers were found liable for insider trading in advance of IBM’s acquisition of a data analytics company. It was the first insider trading case tried after the Second Circuit's Newman decision heightening the "personal benefit" requirement.

Prior to joining the SEC, Mr. Axelrod was an Assistant U.S. Attorney at the U.S. Attorney’s Office, Eastern District of Pennsylvania. His focus was the investigation and prosecution of economic crimes, including securities fraud, public corruption, and tax evasion. He tried more than a dozen cases to verdict and argued before the U.S. Court of Appeals for the Third Circuit.

Judicial Clerkship

Hon. R. Barclay Surrick, U.S. District Court for the Eastern District of Pennsylvania, 2003-2004

Speaking Engagements

Panelist, Navigating Parallel SEC and DOJ Investigations, November 11, 2016

Panelist, Litigating Insider Trading Cases: Lessons Learned from Recent Trials, June 29, 2016

Panelist, SEC Philadelphia Regional Office 2015 Mid-Atlantic Securities Conference

Presenter, FBI Philadelphia Field Office 2014 White Collar Crime Conference 


Co-author, "The SEC's New Enforcement Tool?" Law360, July 12, 2017

Co-author, "SEC Embraces its New Enforcement Weapon: Anti-Money Laundering and Reporting Requirements Under the Bank Secrecy Act," Ballard Spahr article, June 20, 2017

Co-author, "Colorado Proposes Cybersecurity Rules for Investment Advisers, Broker-Dealers," Ballard Spahr alert, April 26, 2017

Harvard Law School (J.D. 2003)

Haverford College (B.A. 1999, high honors in Economics, Political Science)
Phi Beta Kappa

District of Columbia

New York