The Securities and Exchange Commission is going to review the case of former general counsel Theodore Urban who was accused of failing to control the misconduct of a stock broker he supervised at Ferris, Baker Watts, Inc.
Cases examining a general counsel’s actions are extremely rare. And the SEC indicated that its final ruling could set a precedent on how it views the duties of all general counsel, including whether they must report up the corporate ladder about wrongdoing and whether being a lawyer imposes a higher standard that affects liability.
