“… He just doesn’t pick some scrub attorney out of the phone book. He goes to Houston, the oil and gas capital of the United States and hires one of the top law firms in Houston for oil and gas securities fraud, the Spencer Law Firm. He hires Troy Aikman to quarterback his team. Troy Aikman.”
– James A. Pikl, Partner at Scheef & Stone, LLP
Bonnie E. Spencer
Principal
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Bonnie Easterly-Spencer is the founding principal of The Spencer Law Firm and one of Houston's most accomplished business, securities, and litigation attorneys, with 45 years of active practice dating to her admission to the Texas State Bar in November 1980.
A triple-degree graduate of Loyola University in New Orleans,earning her J.D., M.B.A., and B.B.A. (Magna Cum Laude, Class Rank 6th) simultaneously in 1980 Bonnie brings an exceptionally rare combination of legal acumen and financial expertise to every matter she handles. She is admitted to practice before the Texas State Bar, the U.S. District Courts for the Southern, Northern, and District of Arizona, the U.S. Court of Appeals for the Fifth Circuit, and The Court of Chancery of the State of Delaware.
⭐ Prominent Achievements
Historic First in Texas Securities Law Bonnie was the first woman in the State of Texas appointed lead counsel in a securities class action, a groundbreaking recognition by a federal court of her unmatched expertise in complex litigation at a time when few women held such positions in the legal profession.
⚖️ Federal Court-Certified Class Action Expert She is among a rare group of attorneys in the United States to have satisfied the rigorous federal court standard for managing complex class actions — a distinction earned through demonstrated expertise, skill, and case command recognized by the U.S. District Court for the Southern District of Texas.
💰 $187 Million False Claims Act Case Bonnie served as lead counsel in a False Claims Act matter accepted by the U.S. Department of Justice and the Department of Education, which led to a federal request for disgorgement of $187,000,000 from the respondent — one of the largest recoveries of its kind.
📈 $75 Million International Capital Formation She served as lead counsel negotiating terms for a concurrent $75,000,000 NASDAQ/Bolsa Valor offering for an offshore client — working directly with Wall Street underwriters to structure one of the more complex dual-exchange capital formations of its type.
🏆 Landmark Punitive Damages Award — 1997 Won a landmark arbitration victory representing multiple securities plaintiffs in one of the largest punitive damages awards for emotional anguish in complex bifurcated federal and arbitration proceedings in Texas history.
💼 Featured in USA Today Bonnie's work exposing the securities industry's self-regulatory failures was featured in a national USA Today article, highlighting her advocacy for individual investors against institutional abuse.
💼 $2.2 Million Multi-Plaintiff Securities Recovery Recovered $2,235,784 in a complex multi-plaintiff securities arbitration for three plaintiffs, with the presiding panel holding the CEO personally liable for a portion of the award.
💼 International Fugitive Resolution Successfully repatriated a fugitive living abroad who was wanted by the Justice Department, the IRS, the U.S. Postal Inspector, and securities regulators across all 50 states — then negotiated a favorable plea deal on the client's behalf.
💼 $500K Age & Disability Discrimination Settlement Secured a $500,000 settlement against a Fortune 500 company in a combined ADEA (age) and ADA (disability) discrimination suit, with the client recovering $300,000 net after fees.
💼 Delaware Supreme Court Partnership Representation Represented minority partners in a multibillion-dollar partnership dispute that was litigated all the way to the Delaware Supreme Court.
Practice Areas
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Securities law — private and public capital formation, FINRA arbitration, SEC and state regulatory compliance, broker-dealer representation, and investor fraud recovery
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Complex civil litigation — False Claims Act, civil RICO, class actions, and multi-plaintiff arbitrations
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Corporate and partnership law — mergers & acquisitions, shareholder disputes, minority/majority rights, and board governance
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Criminal regulatory defense — grand jury matters, SEC/DOJ/IRS investigations, Wells Submissions, and white-collar defense
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General business law — contracts, employment disputes, anti-trust, and commercial litigation
Professional & Civic Leadership
Bonnie has served as Certification Committee Chair and By-Laws Chair of the Houston Women's Business Council, Board Member of the Women's Business Enterprise Council, and NAWBO Delegate to the Federation of Houston Professional Women — where she was also nominated for Business Owner of the Year.
She is a member of the Houston Bar Association, Harris County Bar Association, and the Texas State Bar.

Education
January 1980
Loyola University
School of Law
New Orleans, Louisiana
Juris Doctor
January 1980
Loyola University
College of Business Administration
New Orleans, Louisiana
M.B.A. Degree
January 1976
Loyola University
College of Business Administration
New Orleans, Louisiana
B.B.A. Degree in Banking and Finance
Magna Cum Laude, Class Rank, 6th
Ashley M. Spencer
Partner
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Ashley Spencer has an extensive skill set that encompasses state and federal securities transactions and litigation, regulations and compliance. Ms. Spencer has litigated on behalf of Plaintiffs, defended and represented clients involving investigations and enforcement proceedings with the Texas Securities Board, FINRA and the U.S. Securities & Exchange Commission. Mrs. Spencer is also adept in oil and gas law, salt water disposal wells, corporate formation, capitalization and development, mergers and acquisitions, private securities, FINRA and SEC enforcement regulatory proceedings and arbitration, compliance, pharmaceutical product liability, real estate, corporate litigation, contract disputes, partnership and company ownership disputes, corporate fraud, white collar crime, copyright infringement, debt collections, probate, trusts and estates and general business law.
After graduating law school in 2010, Ms. Spencer began working with The Spencer Law Firm and became its lead litigation counsel and partner in 2021. As stated above, Ms. Spencer’s docket focuses on securities compliance, civil and regulatory matters, as well as general business litigation, corporate disputes, white collar crime and partnership and shareholder disputes. Mrs. Spencer has represented clients in Texas and Delaware. In 2020, Mrs. Spencer was appointed lead counsel in a partnership dispute involving half a billion-dollars and assisted in its resolution. More recently, in the oil and gas arena, Mrs. Spencer successfully litigated, removed and replaced two operators with ownership interests for two separate salt water disposal wells and successfully settled the associated disputes. Mrs. Spencer focused more than 10 years on a FINRA case which was appealed to the SEC and remanded back to FINRA to reduce sanctions in accord with SEC and FINRA guidelines. Recently, she co-chaired the defense of a copyright infringement case, which was resolved via a confidential settlement where neither side admitted fault.
Although, Mrs. Spencer has an active business docket, she also advocates for injured people and their families in product liability cases. Mrs. Spencer participated in the transvaginal mesh litigation which resulted in a $20,000,000 award to the plaintiff. She also settled many product liability cases, compensating millions in settlement for her clients and currently leads a team at The Spencer Law Firm for a variety of product liability cases. She is dedicated to zealously representing clients and their families by pursuing justice for those who have been harmed by toxic substances, drugs and defective products. Ms. Spencer has represented hundreds of clients and has obtained millions on their behalf. Her business background brings a different skill set to the product liability litigation arena which assists her in obtaining significant settlements for her clients.
Prior to working for the Spencer Law Firm, Mrs. Spencer clerked with the Texas Attorney General’s office in the anti-trust division for almost two years.

Notable Litigation
MCAP Operating Company LLC v, Justin Brown et al., 14th Judicial District, Dallas County, Texas (2025): Lead Counsel - Secured a $3 Million Judgment for oil and gas investment fraud
Aster Securities (US), LP et al. v. Wilbur Ed Bosarge Jr., 127th Judicial District, Harris County, Texas (2021): Lead Counsel – Successfully litigated a billion dollar securities fraud dispute, involving a company whose equity ownership was believed by The Spencer Law Firm to be valued from at least one hundred million up to a billion dollars
Quantlab Group GP, LLC, et al. v. Bruce Eames, et al., Court Chancery of the State of Delaware (2021): Represented minority partners in a dispute over a company that was believed by The Spencer Law Firm to be worth 1.5 Billion Dollars.
Lead counsel in Spencer & Associates, P.C. v. Stephen Harper, Vicki Harper and ZO Energy, Inc., Cause No. 2016-88479, In the 189th Judicial District, Harris County, Texas (2025). Secured a $1.4 million dollar judgment for fraud and fraudulent transfers in violation of the Texas Uniform Fraudulent Transfer Act.
Matter: Renegade Capital, L.P., et al. v. Texas First Investment Management Co., L.P.
Court/Cause: 281st Judicial District Court, Harris County, Texas — Cause No. 2022-52240
Result: In September 2025, the Court granted partial summary judgment totalling $2.7 million in Favor of our client(s).
Team & Role: The Spencer Law Firm served as counsel, with Ashley M. Spencer as co-lead counsel.
Status: Awaiting final judgment. We will update this entry upon the Court’s issuance..
Education
May 2010
Loyola University of New Orleans
College of Law
New Orleans, Louisiana
Juris Doctor
May 2007
The University of Texas
Bachelor of Arts
Licensed to Practice
Loyola University of New Orleans
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Licensed in the State of Texas since 2011
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Admitted to the United States District Court, Southern District of Texas
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Admitted to the United States Court of Appeals, Fifth Circuit
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Admitted to the United States Court of Appeals, Eleventh Circuit
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Admitted to the United States Supreme Court
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Admitted to the United States District Court, Eastern District of Pennsylvania
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Admitted to the United States District Court, District of New Jersey
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Admitted to the United States District Court, Northern District of Florida
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Admitted to the United States District Court, Southern District of Florida
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Admitted to the United States District Court, Southern District of West Virginia
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Admitted to the United States District Court, Eastern District of Tennessee
Steve Stewart
Of Counsel
Steve Stewart has represented businesses and individuals throughout Texas for over 40 years.
Steve’s practice is focused primarily on complex business litigation, commercial disputes and energy transactions and litigation.
Steve’s litigation experience is broad and has included representation of national and local banks, commercial and residential real estate developers, energy companies and royalty owners, securities brokerage houses, commercial and residential landlords and tenants, among others. His versatility and tenacity as a trial lawyer has been demonstrated by his having obtained a multimillion dollar verdict for his client in the longest civil jury trial in Bexar County history—lasting over nine months. He is recognized for his work by his peers and publications alike and has been featured in Texas Architect on several occasions. He is also a thought leader in emerging oil and gas and construction law issues, having taught multiple CLE courses throughout his career.
Steve has effectively represented clients in a variety of energy disputes such as: lease access, surface use and damage claims, joint operating agreement disputes, operator and working interest disputes, royalty owner disputes, drilling contracts, mechanic’s and materialmen’s lien claims, COPAS accounting issues, ground and water contamination claims, surface and subsurface trespass claims, purchase and sale agreements, and farmout agreements. Steve’s vast experience together with his depth of knowledge gives him both a nuanced and sophisticated understanding of the oil and gas industry, which provides great value to his clients.

Our Legal Staff
Gerald R. Spencer, Law Clerk
Cathy M. Easterly, Office Manager/Accounting/Legal Assistant
Licea D. Sims, Senior Paralegal
Regina S. Nervis, Legal Assistant
Darla Dunn, Paralegal
