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Home > SEC's Top Cop Stepping Down After Overhauling Enforcement Division

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SEC's Top Cop Stepping Down After Overhauling Enforcement Division

January 10, 2013

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"Corporate penalties send the important deterrent message to managers and executives that their organizations will suffer financially and reputationally if they are not operated in a lawful manner." he said. "We also recognize that shareholders will indirectly absorb the cost of those penalties. So there is a balancing that occurs in these cases, one that we always engage in and will continue to engage in."

Khuzami has also led a renewed SEC crackdown on insider trading. The Galleon Management/Raj Rajaratnam investigation, for example, resulted in charges against 29 defendants including former McKinsey & Co. global head Rajat Gupta.

“I have spent half my career in public service, and nowhere is there the level of professionalism, skill, and talent on such a large and coordinated scale as there is in the SEC’s Division of Enforcement,” Khuzami said in a news release announcing his departure. "They have inspired me, educated me, and motivated me to do my very best, and for that I am eternally grateful."

Khuzami had been mentioned as potential candidate to serve as the next chairman of the SEC. His replacement as head of the Enforcement Division has not been named.

This article originally appeared as a post on The BLT: The Blog of LegalTimes.

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Companies, agencies mentioned

    
  • Southern District of New York
  • Galleon Management/Raj Rajaratnam
  • Wachovia Corporation
  • Division of Enforcement
  • SEC and Bank of America
  • Office of Market Intelligence
  • Office for the Southern District of New York
  • Deutsche Bank AG
  • Citigroup Inc.
  • U.S. Securities and Exchange Commission Enforcement Division
  • The Charles Schwab Corporation
  • United States Securities & Exchange Commission
  • JPMorgan Chase & Co.
  • Federal Home Loan Mortgage Corporation
  • The Goldman Sachs Group, Inc.
  • McKinsey and Company Inc.
  • Credit Suisse Group AG
  • Federal National Mortgage Association

Key categories

    
  • Banking & Finance
  • Corporate & Business Law
  • Corporate Governance and Compliance
  • Executive Agencies
  • Securities

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