Overview
Michael Yaeger's practice focuses on government investigations, white collar defense, cybersecurity, and related compliance. His combination of government and private sector experience has given him deep experience managing risks that cross the boundaries between criminal, regulatory, and civil litigation, including appeals.
Michael's experience includes matters involving alleged violations of the Foreign Corrupt Practices Act, securities fraud, cybercrime, accounting fraud, tax fraud, investment adviser fraud, money laundering, health care fraud, the Federal Food, Drug, and Cosmetic Act, and the False Claims Act. Michael also advises clients on cybersecurity compliance (including data incident response, policy drafting, and commercial advice), OFAC compliance, FCPA compliance, and general subpoena and law enforcement compliance, and has assisted blockchain-based businesses in obtaining BitLicenses from the New York State Department of Financial Services. His clients have mostly been institutions and individuals in heavily regulated sectors such as financial services and health care, but have ranged from banks, well-established private investment funds, broker-dealers, and academic medical centers, to fintech and blockchain related startups and entrepreneurs. A number of his matters have involved representing clients simultaneously in investigations by the Department of Justice or a state attorney general, the SEC, CFTC, or another civil regulator, and a private class action.
Michael also has considerable federal appellate experience, especially on white collar, cybersecurity, and constitutional issues, and is available not only to argue cases but also to write amicus briefs.
Before joining the firm, Michael was an assistant U.S. attorney for the Eastern District of New York, where he investigated and prosecuted cases in the Business and Securities Fraud Section of the Criminal Division. He also served as his office's co-coordinator for Computer Hacking and Intellectual Property crimes.
Michael clerked for the Honorable Samuel A. Alito Jr. of the U.S. Court of Appeals for the Third Circuit (now a U.S. Supreme Court Justice), and the Honorable Milton Pollack of the U.S. District Court for the Southern District of New York.
Experience
White Collar and Securities Investigations
Lead trial counsel in more than a dozen federal jury trials, including multiple accounting fraud and securities fraud cases.
Obtained unanimous U.S. Supreme Court ruling overturning client's conviction for honest-services fraud for actions taken when he was a private citizen serving as a campaign manager, not a public official. The Supreme Court rejected the theory that all private citizens with mere influence or de facto control over government decisions owe a fiduciary duty to the public. It held that such a rule was too vague and could encourage arbitrary and discriminatory enforcement. Percoco v. United States, 143 S. Ct. 1130 (2023).
Representing individuals in investigations by various U.S. attorney's offices (S.D.N.Y., E.D.N.Y., D.N.J., and D. Mass.), including fraud, FCPA, cyber, and AML investigations.
Representing financial services companies and individuals in multiple SEC investigations, including blockchain-related investigations.
Representing individuals in investigations by New York attorney general, including "dark pools" securities trading and public corruption.
Representing health care companies and entities in regulatory investigations.
Representing investment advisers in SEC exams.
Representing certified financial planners in connection with investigations by the CFP Board.
Representing companies in DFS investigations, including academic medical centers.
Advising on sentencing issues as outside consultant.
Shadow counsel work on appeal for counsel of record (including sentencing consulting on appeal).
Cybersecurity and Privacy
Leading legal team's response to dozens of data breaches at different companies and institutions (e.g., investment advisers, broker-dealers, private schools, and academic medical centers).
Drafting and reviewing written information security plans, incident response plans, and other cyber policies (e.g., "bring your own device" policies) for investment advisers, broker-dealers, banks, payments companies, and academic medical centers.
Representing investment advisers in SEC cyber exams.
M&A due diligence of payments companies and cyber surveillance companies.
Assisting blockchain company with application for BitLicense from New York State Department of Financial Services.
Representing insurance companies in OFAC analysis related to ransomware.
Drafting regulatory comment letters for financial services companies in response to proposed state regulations.
Civil Litigation
Represented individual executive in class action and related USAO and SEC investigations.
Represented digital wholesaler in contract dispute with manufacturer.
Represented individual in MDL and related USAO investigation.
Represented individual against multinational corporation's motion to compel discovery from third-party SDNY litigation, resulting in denial of opponent's motion and award of attorneys' fees and expert fees for defense of motion.
Represented exercise tech startup in dispute regarding privacy and data usage issues with rival.
Represented education company in real estate dispute in NYS Commercial Division.
Representations of construction company in nonsolicitation dispute with competitor, and of health food manufacturer in federal class action.
News & Insights
News
Publications
Speaking Engagements
"Still Me Too: Practice Toolkit and Recent Developments in Me Too Litigation," New York City Bar Association, New York, NY (June 3, 2025)
"Regulation S-P and Information Security Update: Evolving Regulatory Framework, Industry Expectations and Accompanying Challenges," Chicago, IL (May 14, 2025)
"The First Step Act: Should Judges Have the Power to Give Convicted Criminals Second Chances?," The Federalist Society New York City Lawyers Chapter, New York, NY (March 19, 2025)
"Regulation S-P and Information Security Update: Evolving Regulatory Framework, Industry Expectations and Accompanying Challenges," COMPLYConnect, Austin, TX (October 23, 2024)
"Federal Sentencing Guidelines/DOJ Guidance," American Council of Life Insurers Compliance & Legal Sections Annual Meeting, Las Vegas, NV (July 18, 2023)
"Cybersecurity Fraud Threats: Attacks Against Insurers, Contract Owners, and Retirement Account Holders," Association of Life Insurance Counsel Regional Insurance Counsel Roundtable (October 25, 2022)
"Short Circuit 240 | Live at Columbia Law," Institute for Justice (October 7, 2022)
Speech to New York City Bar Association Criminal Advocacy Committee (October 20, 2021)
30th Annual National Seminar on Federal Sentencing, Federal Bar Association Tampa Bay Chapter (September 3, 2021)
"The Future of Sentencing: A Look at the Federal Sentencing Guidelines," American Constitution Society, Florida Chapter (June 28, 2021)
Speech to American Bar Association Commercial Section on Statistics in Sentencing (Spring 2021)
"The California Consumer Privacy Act: Are You Ready?," Carlton Fields (August 25, 2020)
"The California Consumer Privacy Act: Getting Up to Speed With the Looming Enforcement Deadline," Carlton Fields (May 21, 2020)
"Back to School: Distance Learning, Contracts, and Other Pandemic Challenges," (April 22, 2020)
"Investigations and Attorney-Client Privilege," Carlton Fields (February 7, 2020)
"An Update Regarding Data Breach Litigation & Regulations for Financial Services Companies," Carlton Fields Client Presentation, Tampa, FL (November 2019)
Schulte Roth & Zabel Investing in Digital Assets and Blockchain Technology (August 2017)
"Cybersecurity and What Is Happening Now That Puts You and Your Firm at Risk," Deutsche Bank (July 2017)
Schulte Roth & Zabel Employment & Employee Benefits Luncheon for Investment Managers (May 2017)
Schulte Roth & Zabel Insider's Guide to Government Investigations: Winning Strategies for Investment Funds (April 2017)
"Regulatory Focus: AML, Cybersecurity, and FCPA," Schulte Roth & Zabel 26th Annual Private Investment Funds Seminar (January 2017)
"Interactive Panel Discussion From the Leading Global Cyber Experts on Methods Used to Perpetuate Cyber Crime and the Best and Most Current Methods of Defense for Your Fund Business," Deutsche Bank Alternative Fund Services Forum (October 2016)
"The Bangladesh Bank Hack and Insider Threat Legal Issues," SIFMA Insider Threat Roundtable (June 2016)
"Data Protection and Collection: Cybersecurity, Insurance, and Data Scraping," Schulte Roth & Zabel 25th Annual Private Investment Funds Seminar (January 2016)
"Surveillance and Privacy," Fordham Law School (2016)
"Treatises and Complex Litigation," Yale Law School (2008–2016)
"Cybersecurity and Data Protection," Financial Markets Association Legal and Legislative Issues Conference (October 2015)
KPMG General Counsel Peer Exchange (October 2015)
"Convergence of Information and Physical Security," 11th AMC Conference on Securely Connecting Communities for Improved Health, North Carolina Healthcare Information & Communications Alliance (June 2015)
"Cyber Readiness for Financial Institutions: Are You Prepared for Your Eventual Cyber Breach," Willis of New York (April 2015)
"Information Security and IT Business Architecture: Managing a Rapidly Evolving Area," Bank of America Merrill Lynch COO/CFO Hedge Fund Symposium (March 2015)
"Information Security: Obligations and Expectations," Schulte Roth & Zabel 24th Annual Private Investment Funds Seminar (January 2015)
Bank of America Merrill Lynch Hedge Fund Technology, Cybersecurity and Due Diligence Teach-In (September 2014)
Schulte Roth & Zabel Cybersecurity: Obligations and Expectations for Investment Fund Managers Breakfast (May 2014)
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Multimedia
Recognition
Honors & Recognitions
The Best Lawyers in America (2023–2027)
New York Metro Super Lawyers, Super Lawyers Magazine (2025–2026)
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Professional & Community Involvement
Professional & Community Involvement
Michael chairs the New York City Bar Association's Criminal Advocacy Committee and serves on the steering committee of the Federalist Society's New York City Lawyers chapter. He is a member of the New York Council of Defense Lawyers and the Eastern District Association, an alumni organization of the U.S. Attorney's Office.
Beyond the Bio
Michael obtained a unanimous U.S. Supreme Court ruling overturning a pro bono client's honest-services fraud conviction. He is also the founder and CEO of Empirical Justice LLC, which provides statistical analysis to support sentencing advocacy.
Related Capabilities
Bar Admissions
Court Admissions
Clerkships
- Hon. Samuel A. Alito Jr., U.S. Court of Appeals, Third Circuit
- Hon. Milton Pollack, U.S. District Court, Southern District of New York
Education
J.D., Yale Law School
B.A., Yale University
