Khuzami

There are reports that the Securities & Exchange Commission is going to modify its position of allowing parties to settle securities fraud actions without admitting or denying the SEC’s allegations.

The SEC missed Madoff – by a lot. It missed a good deal of other financial fraud, too. But in the past year, the SEC, under Robert Khuzami, Director of the SEC's Division of Enforcement, has brought a tremendous number of actions and has reached a very significant number of settlements. Search for Khuzami’s name in the search box on this page and you’ll see what we mean. 

The American Lawyer magazine has an article this month, by Ben Hallman, on the new enforcement director of the Securities and Exchange Commission, Robert Khuzami. Entitled, "Second Acts," it begins with a discussion of the insider trading case indictments involving the Galleon Group and Raj Rajaratnam, including this quotation from Khuzami from his prepared remarks last November announcing the indictments: 

Here at the Financial Fraud Law blog, we have covered most if not all of the recent changes in senior personnel at the Securities and Exchange Commission. Today, the New York Times puts those changes together in an article by Jenny Anderson and Zachery Kouwe entitled, “The Enforcers.” 

Robert Khuzami, Director of the SEC’s Division of Enforcement, and John Walsh, Acting Director of the SEC’s Office of Compliance Inspections and Examinations went before the U.S. Senate Committee on Banking, Housing, and Urban Affairs today.

Robert Khuzami, Director of the Securities and Exchange Commission’s Division of Enforcement, will be at the annual conference of the North American Securities Administrators Association (NASAA) to be held next month in Denver.

In addition to the criminal charges to which Madoff chief financial officer Frank DiPascali pleaded guilty yesterday, the Securities and Exchange Commission filed a complaint against DiPascali that provides additional background on the Ponzi scheme.

The Director of the Securities and Exchange Commission’s Division of Enforcement, Robert Khuzami, gave his first speech as chief enforcer on this past Wednesday. He touched on changes to the SEC’s enforcement program and some of the recent cases the SEC has filed, among other things.