As The SEC Turns The Corner, Two High-Profile Individuals Leave
According to a recent article, the SEC, which was the target of lengthy criticism following several botched investigations including the Bernie Madoff scandal, has come a long way. The agency has restructured its division of enforcement, creating five specialized units with employees who have sufficient knowledge of industry segments. According to outgoing Director of Enforcement, Robert Khuzami, the specialized units can bring targeted cases that send a message to the broader financial community. During Khuzami’s tenure at the SEC, 150 individuals and entities were charged with SEC violations and the agency recovered over $2.6 billion. Mary Schapiro, who was appointed to chair the commission in 2008, left along with Khuzami. The challenge will be whether new leadership can continue the enforcement momentum they started.
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