David L. Axelrod and Terence M. Grugan
David L. Axelrod, Partner, Ballard SpahrBallard Spahr partner David L. Axelrod is a former supervisory trial counsel at the U.S. Securities and Exchange Commission's (SEC) Philadelphia Regional Office. 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. At Ballard Spahr, Axelrod represents companies and individuals under investigation for alleged violations of state and federal law, including insider trading and market manipulation.
Terence M. Grugan, Associate, Ballard SpahrTerence M. Grugan, an associate at Ballard Spahr, represents individuals and entities who are subjects of criminal, regulatory, or administrative government investigations, including investigations conducted by the Securities and Exchange Commission. Before joining Ballard Spahr, Grugan worked as a special investigator with the Philadelphia Office of the Inspector General, where he conducted criminal and administrative investigations into fraud and corruption in city government.