Overview
Rachel Cannon works on high-stakes matters for individuals and companies. Described by Chambers as "really smart, really strong, and really skilled," she focuses her practice on trial work, investigations, white-collar criminal defense, and complex civil litigation. A seasoned trial lawyer, she has tried 19 jury trials and dozens of bench trials, and has briefed and argued numerous cases in the US Court of Appeals. Rachel was one of the lead lawyers who successfully prevented the US Commodity Futures Trading Commission from enjoining a Chicago trader in a recent high-profile "spoofing" case. She also teaches Trial Advocacy as an adjunct professor at Northwestern Law School.
An experienced investigator, Rachel conducts internal investigations for domestic and global publicly traded and privately held companies on topics ranging from accounting fraud to bribery to sexual misconduct. She recently conducted an internal investigation for a local professional sports team. Rachel also represents executives and members of senior management during company or government investigations of alleged wrongdoing, and has secured declinations for executives ensnared in high-profile public corruption probes.
Rachel also works extensively in cryptocurrency matters, and advises entrepreneurs about regulatory issues surrounding cryptocurrencies, initial coin offerings, and blockchain technology. She helps companies conduct regulatory and other types of due diligence in connection with offering or accepting cryptocurrencies for payment. She has also helped secure declinations for cryptocurrency companies before the Securities and Exchange Commission.
Rachel previously served as an Assistant United States Attorney in Chicago, where she supervised the bankruptcy fraud program and worked in the Securities and Commodities Fraud Section. She also prosecuted a wide variety of fraud cases involving more than US$100 million in losses, and has indicted corporations, executives, doctors, investment advisors, consultants, real estate developers and public officials, among others. Rachel received a number of awards during her time as an AUSA. She also served as a periodic trial advocacy instructor for the CFTC, the DOJ, and the SEC.
- Illinois
- US Court of Appeals, Eleventh Circuit
- US Court of Appeals, Seventh Circuit
- US District Court, Northern District of Illinois
- US District Court, Northern District of Illinois, Trial Bar
- J.D., University of Chicago Law School, 1998
- B.A., University of Chicago, 1994, with Honors, Phi Beta Kappa
Areas of Work
Representative Matters
- Successfully prevented the CFTC from enjoining a Chicago trader and his trading firm in a "spoofing" and market manipulation case. (CFTC v. Igor B. Oystacher and 3Red Trading, LLC, 15-c-9196, N.D. Illinois).
- Conducted an internal investigation for a Chicago professional sports team into alleged sexual misconduct by staff coach.
- Successfully represented a New York talent agency in a high-profile DOJ criminal antitrust probe.
- Successfully represented lender in Park Lane Hotel DOJ asset forfeiture case. (United States v. Park Lane Hotel, 16-cv-05370, C.D. California).
- Successfully represented antitrust expert in a dispute with the state of Illinois over the disclosure of expert income. (Illinois v. AU Optronics Corp. et al., 10-CH-34472, Cook County Circuit Court).
- Successfully unsealed criminal search warrant affidavit detailing allegations of corruption at City Hall. (United States v. Suppressed, 16-mc-00261, N.D. Illinois).
- Secured immunity grant for a major metropolitan city in a criminal probe of open records violations.
- Successfully dismissed a $5 million breach of contract claim against a railroad company. (Prewett Enterprises, Inc. v. Cedar River Railroad Co. et al., 1:18-cv-04254, N.D. Illinois).
- Has led multiple internal investigations at the request of senior management or the board of directors for numerous global and local companies into a wide variety of allegedly improper activities committed by employees and other affiliates.
News & Publications
Press Releases
Steptoe Receives Two China Business Law Journal 2023 Deal of the Year Awards
March 20, 2024
Press Releases
February 21, 2024
Press Releases
Steptoe Receives 25 Practice, 72 Individual Mentions in Chambers USA 2023
June 1, 2023
Media Mentions
Bloomberg Law Quotes Rachel Cannon Discussing Chicago's Next US Attorney
March 21, 2023
Client Alerts
Deputy Attorney General Monaco Announces Key Updates to Corporate Criminal Enforcement Policies
October 12, 2022
By: Julia Gatto, Jonathan M. Baum, Iris E. Bennett, Rachel M. Cannon
Press Releases
National Law Journal Names Rachel Cannon a Trailblazer in Cryptocurrency, Blockchain, and Fintech
September 1, 2022
Press Releases
Steptoe Receives 27 Practice, 72 Individual Mentions in Chambers USA 2022
June 3, 2022
Noteworthy
- Chambers USA, Litigation: White-Collar Crime & Government Investigations, Illinois (2021-2023)
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China Business Law Journal Deal of the Year (2023)
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National Law Journal, "Trailblazers in Cryptocurrency, Blockchain & FinTech" (2022)
Previous Employment
- Assistant US Attorney, US Attorney's Office, Northern District of Illinois (2003-2015)
- Assistant State’s Attorney, Cook County State’s Attorney’s Office (2000-2003)
Professional Affiliations
- Adjunct Professor of Law, Northwestern Law School (Trial Advocacy)
- Economic Club of Chicago
- Board of directors, Chicago Bar Foundation
- Woman’s board of directors, Art Institute of Chicago
- Women’s board of directors, Joffrey Ballet