SEC Announces New Hires in the Office of Administrative Law Judges
The Securities and Exchange Commission today announced that two new judges and three new attorneys will join the Office of Administrative Law Judges this summer. James E. Grimes joined the office as an Administrative Law Judge on June 30. The office also recently hired attorneys Darien S. Capron, William Weihao Miller, and Jessica Neiterman as law clerks. Another Administrative Law Judge is expected to join the office in August. These additions will nearly double the size of the office, which received more than 200 assignments to conduct public hearings and issued 34 Initial Decisions in fiscal 2013. Mr. Grimes previously…
Read MoreEnforcement Division’s Chief Operating Officer Adam Storch to Leave SEC
The Securities and Exchange Commission today announced that Adam D. Storch, chief operating officer and managing executive of the Enforcement Division, is leaving the agency next month. Mr. Storch has served in the position since its creation in 2009 to manage all strategic planning and operational aspects of the Enforcement Division. He played a key role in the design and implementation of the most significant restructuring in the Enforcement Division’s history, including the creation of specialized units as well as the Office of Market Intelligence and the Office of the Whistleblower to improve the collection and analysis of the tips,…
Read MoreGeoffrey Aronow, Chief Counsel, Office of International Affairs, to Leave SEC
The Securities and Exchange Commission today announced that Geoffrey Aronow, the chief counsel and senior policy advisor in the Office of International Affairs, will leave the agency this month. Mr. Aronow joined the Commission in January 2013. During his tenure in the Office of International Affairs, Mr. Aronow provided legal counsel to the director of the office and played a central role in advising and formulating Commission policy in the international arena. Mr. Aronow previously served as general counsel under former Chairman Elisse Walter and as senior counsel to Chair Mary Jo White. Paul Leder, the director of the Office…
Read MoreSEC Announces Order for Tick Size Pilot Plan
The Securities and Exchange Commission today announced that it has ordered the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) to act jointly to develop and file with the Commission a national market system plan to implement a targeted 12 month pilot program that will widen minimum quoting and trading increments (tick sizes) for certain small capitalization stocks. The Commission plans to use the program to assess whether these changes would enhance market quality to the benefit of U.S. investors, issuers, and other market participants. “A robust pilot program will generate critical data for assessing the impact of…
Read MoreSEC Announces Fraud Charges Against Three Former Regions Bank Executives in Accounting Scheme
The Securities and Exchange Commission today announced fraud charges against three former senior managers of Regions Bank for intentionally misclassifying loans that should have been recorded as impaired for accounting purposes. As a result, the bank’s publicly-traded holding company overstated its income and earnings per share in its financial reporting. The SEC also entered into a deferred prosecution agreement with Regions Financial Corp., which substantially cooperated with the agency’s investigation and undertook extensive remedial actions. Regions will pay a total of $51 million to resolve parallel actions by the SEC, Federal Reserve Board, and Alabama Department of Banking. According to…
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