Antonia M. Apps


F +1-212-822-5357

New York

55 Hudson Yards

New York, NY US 10001-2163

T +1-212-530-5357

F +1-212-822-5357

Antonia M. Apps is a partner in the New York office of Milbank and a member of the firm’s Litigation & Arbitration Group.

Primary Focus & Experience

Ms. Apps is a former federal prosecutor and nationally recognized trial attorney with experience in criminal and civil matters. She represents financial institutions, corporations, and executives in SEC and other regulatory enforcement proceedings, white-collar criminal investigations, complex commercial litigation and internal investigations. She also advises hedge funds on securities trading and compliance matters and teaches a course on white collar criminal law and procedure at Harvard Law School. Ms. Apps joined Milbank in 2014.

Prior to joining Milbank, Ms. Apps served for more than seven years as an Assistant United States Attorney for the Southern District of New York, Criminal Division, where she led many of the government’s highest-profile securities fraud and insider trading cases, including the prosecution of the hedge fund S.A.C. Capital Advisors, L.P. As a member of the Securities and Commodities Fraud Task Force, she investigated and prosecuted a wide range of financial industry cases involving investment fraud, accounting fraud, broker-dealer fraud, market manipulation, fraud stemming from the sale of RMBS and CDOs, money laundering and obstruction. During her tenure, Ms. Apps prosecuted more than 20 insider trading defendants, and tried numerous securities fraud trials. Ms. Apps also argued several appeals in the Second Circuit, including the landmark case of U.S. v. Newman, for which she was the lead prosecutor at trial and on appeal. In 2014, she received the Executive Office of US Attorneys’ Director’s Award for Superior Performance.

Prior to joining the United States Attorney’s Office, Ms. Apps was a partner at the Washington, DC, litigation and appellate firm Kellogg, Huber, Hansen, Todd, Evans & Figel, where she advised institutional and individual investors, investment advisors and corporate issuers on complex securities and commercial litigation matters. Earlier in her career, she was an associate at Fried, Frank, Harris, Shriver & Jacobson.

Recent Significant Engagements

  • Representation of American Realty Capital Properties, Inc. (now known as VEREIT, Inc.), a publicly listed Real Estate Investment Trust, in investigations by the US Department of Justice (DOJ), SEC and Massachusetts Securities Division, in federal securities class actions and in derivative actions in federal and state court arising from the company’s public disclosure of accounting irregularities and restatement of previously issued financial statements.
  • Representation of a Special Committee of the Board of a health care provider in connection with DOJ and SEC investigations, and in connection with a shareholder class action and derivative action.
  • Conducted internal investigations for publicly traded company in connection with whistleblower allegations concerning corporate culture issues.
  • Representation of a major financial institution in connection with a whistleblower investigation.
  • Representation of a major financial institution in connection with a DOJ FIRREA investigation and parallel SEC investigation regarding asset backed securities.
  • Representation of a major financial institution in connection with an insider trading investigation.
  • Representations of hedge funds in connection with DOJ, SEC, and CFTC investigations relating to insider trading, valuation, and other trading issues.
  • Representation of a senior executive in a DOJ health care and accounting fraud investigation.
  • Representation of individuals in connection with DOJ antitrust investigations in various industries.
  • Representation of individuals in connection with an investigation of the ISDAFIX benchmarks.
  • Representation of a foreign company in connection with a DOJ money laundering investigation.
  • Providing advice to public companies with respect to Foreign Corrupt Practices Act investigations.
  • Representation of secured creditors in an out-of-court restructuring case at an evidentiary hearing in federal district court and in an appeal to the Second Circuit.

Recognition & Accomplishments

In 2019, Ms. Apps was named to Crain’s New York Business’ “Notable Women in Law” list. The list recognizes the brightest and boldest legal minds of New York City based on both distinguished careers and exceptional civic and philanthropic activities.

Lawdragon has named Ms. Apps in its list of 500 Leading Lawyers in America each year since 2014. Ms. Apps is also ranked in the Chambers USA listing for White-Collar Crime & Government Investigations, where clients and colleagues have highlighted her “brilliant legal mind,” adding “[s]he is capable of explaining complex legal concepts clearly to management and she is credible with regulators because she used to be one,” and described her as a “terrific trial lawyer” who “understands the difficulties of the world we live in” and gives “advice tailored to a practical approach.” Sources describe Ms. Apps as "‘very smart and talented,’ praising her ability to ‘juggle tons of balls in the air incredibly effectively and impressively.’ She fields particular expertise in financial crime matters, which includes acting for companies and individuals facing charges of insider trading and fraud.” (Chambers USA). In 2018, she was shortlisted for the Chambers USA Awards in the area of White Collar Crime for her notable achievements over the past 12 months including outstanding work, impressive strategic growth and excellence in client service.

Ms. Apps has also been recognized by Legal 500 for Corporate Investigations and White-Collar Criminal Defense and named a Next Generation Lawyer by Legal 500 in 2017, 2018 and 2019. Ms. Apps is recognized by Superlawyers and in 2018 was listed as one of the Top Women Lawyers in Criminal Defense White Collar for the New York Metro area. She was additionally recognized in 2018 by Benchmark Litigation as a Future Star. Ms. Apps was profiled in Law360’s Trial Pro series and by Global Investigations Review in its April 2015 Women in Investigations feature. She is a member of the New York City Bar Association’s Committee on White Collar Criminal Law.

Ms. Apps received her undergraduate degree in law from the University of Sydney (1990) and went on to earn a Bachelor of Civil Law at Oxford University (1993) and an LLM from Harvard Law School (1994). She served as a law clerk for the Hon. Fred I. Parker in the US Court of Appeals for the Second Circuit, and previously as a law clerk to the Hon. Tom W. Waddell, Chief Judge of the Equity Division in the New South Wales Supreme Court.

Speaking Engagements & Publications

In addition to her lectureship position at Harvard Law School, Ms. Apps is a frequent speaker and commentator on white collar and securities enforcement issues. She regularly speaks on panels convened by the Securities Industry Financial Markets Association, American Bar Association, New York City Bar Association, and the Practising Law Institute. Her recent articles and speaking engagements include:

  • Moderator, "Finding the Line: The Ever Expanding Scope of Wire Fraud Liability," New York City Bar Association's 8th Annual White Collar Crime Institute (May 15, 2019) 
  • “‘U.S. v. Connolly’: The Consequences of Outsourcing Government Investigations to the Private Sector,” New York Law Journal (May 8, 2019)
  • Panelist, “Investment Banking and Capital Markets Enforcement Issues and Developments,” SIFMA Compliance & Legal Society Annual Symposium (March 2019)
  • Panelist, “Securities Enforcement in 2019,” American Bar Association’s 33rd Annual National Institute on White Collar Crime (March 2019)
  • Moderator, "Insider Trading: Law Developments," American Bar Association, webinar (January 31, 2019) 
  • “A Victory For Legal Privilege In Cross-Border Investigations,” Law360 (November 16, 2018)
  • Panelist, “Insider Trading Law 2018,” at Practicing Law Institute, New York (September 2018)
  • “LIBOR VII’s Implications for Expert Evidence at the Class-Certification Stage,” American Bar Association Section of Litigation (July 2018)
  • “Recent Developments Relating to Corporate Investigations,” Euromoney’s Expert Guides – White Collar Crime 2018 (March 2018)
  • U.S. v. Martoma’: The End of the ‘Newman’ Personal Benefit Test,” New York Law Journal (August 31, 2017)
  • “The Significance of ‘U.S. v. Blaszczak’ For Insider Trading Prosecutions,” New York Law Journal (June 9, 2017)
  • Panelist, “Insider Trading Law 2017,” at Practicing Law Institute, New York (July 2017)
  • Panelist, “Current Considerations in Settling Enforcement Matters,” SIFMA Compliance & Legal Society Annual Symposium (March 2017)
  • Panelist, “Securities Enforcement,” American Bar Association’s 31st Annual National Institute on White Collar Crime (March 2017)
  • Associate Justice in the Office of Appellate Defender’s First Monday in October event (October 2016)
  • Panelist, “Insider Trading Law 2016: Salman, Newman and the Road Ahead,” at Practicing Law Institute, New York (July 2016)
  • Moderator, “Lessons from Recent Trials,” New York City Bar Association’s Fifth Annual White Collar Crime Institute (May 2016)
  • Panelist, “Current Considerations in Settling Regulatory and Criminal Enforcement Matters,” SIFMA Compliance & Legal Society Annual Symposium (March 2016)
  • Speaker, “Insider Trading,” GAIM Ops Cayman Hedge Fund Event (March 8, 2016)
  • Moderator, “Securities Enforcement: 2016 and Beyond,” American Bar Association’s 30th Annual National Institute on White Collar Crime (March 3, 2016)
  • Panelist, “Insider Trading and The Newman Case,” American College of Investment Counsel Presentation (December 2015)
  • Panelist, “Insider Trading: New Developments in Investigation, Prosecuting & Defending Cases,” New York City Bar Association’s White Collar Crime Committee (December 2015)
  • Chair, “Lessons Learned from Recent White Collar Trials,” at Practicing Law Institute, New York (October 2015)
  • Panelist, “Red Card for FIFA: Insider the Case Against Global Soccer,” New York Law School (September 2015)
  • Panelist, “Insider Trading Law 2015: Implications of Newman and Enforcement Trends,” at Practicing Law Institute, New York (July 2015)
  • Keynote Speaker, “Risks and Challenges in the Current Regulatory and Enforcement Environment: Lessons Learned From the Prosecution of S.A.C. Capital,” GAIM Ops Cayman Hedge Fund Event (April 2015)
  • Panelist, “Litigation Update: Regulatory and Criminal,” SIFMA Compliance & Legal Society Annual Symposium (March 2015)
  • Panelist, “Hot Topics and Emerging Trends in Insider Trading Law,” American Bar Association’s 29th Annual National Institute on White Collar Crime (March 2015)
Additional Details
  • Harvard Law School, LL.M.
  • Oxford University, Magdalen College, B.C.L.
  • University of Sydney Law School, LL.B.
  • New York
  • District of Columbia
  • US Court of Appeals for the Second Circuit
  • US District Court for the Southern District of New York
  • US Supreme Court
  • Honorable Fred I. Parker, Circuit Judge, United States Court of Appeals for the Second Circuit (1997-1998)
  • Honorable Tom W. Waddell, Chief Judge, Equity Division, New South Wales Supreme Court (1991)