Press Releases, Author at Vigilant LLC

Kelly L. Gibson Named as Associate Regional Director for Enforcement in the SEC’s Philadelphia Office

The Securities and Exchange Commission today announced that Kelly L. Gibson has been named the Associate Regional Director for Enforcement in the SEC’s Philadelphia Office. Ms. Gibson succeeds G. Jeffrey Boujoukos, who became Regional Director of the SEC’s Philadelphia office in January.

Ms. Gibson joined the SEC as a staff attorney in the Enforcement Division in 2008. When the Division was reorganized in 2010, she joined the Market Abuse Unit. In 2013, she was promoted to Assistant Regional Director.

Ms. Gibson has investigated or supervised a number of significant matters within the Enforcement Division, including those that resulted in the SEC’s charges against:

Dozens of defendants for taking part in an international scheme to profit from stolen nonpublic information about corporate earnings announcements;
A Pakistani trader, a Bulgarian trader, and a Virginia-based mechanical engineer who each sought to manipulate stocks through false regulatory filings;
An investment advisory firm that failed to property prepare clients for additional transaction costs beyond “wrap fees” paid to cover the cost of several bundled services;
BP p.l.c. for fraudulent misrepresentations and omissions in its SEC filings relating to the amount of oil flowing into the Gulf of Mexico following the Deepwater Horizon explosion and subsequent leak; and
An investment banker and his father who engaged in a $1.1 million serial insider trading scheme.

“Kelly is known for her tenacious and unwavering commitment to the SEC’s mission,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “She is highly respected by her peers for her insight and intelligence and will be a fantastic addition to our senior leadership team in Philadelphia.”

Mr. Boujoukos added, “Kelly has an outstanding track record of investigating and supervising cutting-edge, high impact matters. She brings strong judgment and analytical skill to the job and we are excited to have her leading Philadelphia’s talented and dedicated enforcement staff.”

Ms. Gibson said, “I am grateful for this opportunity, and I am looking forward to leading the enforcement team in Philadelphia as we continue to pursue wrongdoers, including those committing cybercrimes that impact our markets, and further our commitment to protect retail investors from fee abuses and other harms.”

Before joining the SEC staff in 2008, Ms. Gibson worked as a litigation associate for the law firm of Ballard Spahr, LLP in Philadelphia, Pennsylvania. She earned her law degree with honors from Villanova University School of Law and her bachelor of arts degree with high honors from Rowan University. Ms. Gibson received the SEC’s Analytical Methods award in 2016.

Kelly L. Gibson Named as Associate Regional Director for Enforcement in the SEC’s Philadelphia Office

The Securities and Exchange Commission today announced that Kelly L. Gibson has been named the Associate Regional Director for Enforcement in the SEC’s Philadelphia Office. Ms. Gibson succeeds G. Jeffrey Boujoukos, who became Regional Director of the SEC’s Philadelphia office in January.

Ms. Gibson joined the SEC as a staff attorney in the Enforcement Division in 2008. When the Division was reorganized in 2010, she joined the Market Abuse Unit. In 2013, she was promoted to Assistant Regional Director.

Ms. Gibson has investigated or supervised a number of significant matters within the Enforcement Division, including those that resulted in the SEC’s charges against:

Dozens of defendants for taking part in an international scheme to profit from stolen nonpublic information about corporate earnings announcements;
A Pakistani trader, a Bulgarian trader, and a Virginia-based mechanical engineer who each sought to manipulate stocks through false regulatory filings;
An investment advisory firm that failed to property prepare clients for additional transaction costs beyond “wrap fees” paid to cover the cost of several bundled services;
BP p.l.c. for fraudulent misrepresentations and omissions in its SEC filings relating to the amount of oil flowing into the Gulf of Mexico following the Deepwater Horizon explosion and subsequent leak; and
An investment banker and his father who engaged in a $1.1 million serial insider trading scheme.

“Kelly is known for her tenacious and unwavering commitment to the SEC’s mission,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “She is highly respected by her peers for her insight and intelligence and will be a fantastic addition to our senior leadership team in Philadelphia.”

Mr. Boujoukos added, “Kelly has an outstanding track record of investigating and supervising cutting-edge, high impact matters. She brings strong judgment and analytical skill to the job and we are excited to have her leading Philadelphia’s talented and dedicated enforcement staff.”

Ms. Gibson said, “I am grateful for this opportunity, and I am looking forward to leading the enforcement team in Philadelphia as we continue to pursue wrongdoers, including those committing cybercrimes that impact our markets, and further our commitment to protect retail investors from fee abuses and other harms.”

Before joining the SEC staff in 2008, Ms. Gibson worked as a litigation associate for the law firm of Ballard Spahr, LLP in Philadelphia, Pennsylvania. She earned her law degree with honors from Villanova University School of Law and her bachelor of arts degree with high honors from Rowan University. Ms. Gibson received the SEC’s Analytical Methods award in 2016.

Kathryn A. Pyszka Named as Associate Regional Director for Enforcement in the SEC’s Chicago Office

The Securities and Exchange Commission today announced that Kathryn A. Pyszka has been named an Associate Regional Director for Enforcement in the SEC’s Chicago Office. Ms. Pyszka succeeds Timothy L. Warren, who retired from the SEC in January. In her new role, Ms. Pyszka will co-lead the Chicago Office’s Enforcement program with Robert Burson, who serves as the office’s other Associate Regional Director for Enforcement.

Ms. Pyszka has over 19 years of experience at the SEC. She joined the SEC as a staff attorney in the Enforcement Division in 1997, was promoted to branch chief in 1998, and became senior trial counsel in 2000. After a brief time in private practice, she rejoined the SEC as senior trial counsel and was promoted to Assistant Regional Director in 2007. She joined the Division’s Market Abuse Unit in 2010.

Ms. Pyszka has supervised a number of significant investigations within the Enforcement Division, including those that resulted in the SEC’s charges against:

Credit Suisse Securities (USA) LLC for violations of the federal securities laws arising from its operation of Light Pool, an alternative trading system;
Two exchanges formerly owned by Direct Edge Holdings and since acquired by BATS Global Markets for failing to accurately describe the order types being used on the exchanges;
Several alleged perpetrators behind a $78 million pump-and-dump scheme involving the stock of Jammin’ Java; and
A Chicago-area alternative energy company, its former CEO, and its CFO for accounting and disclosure violations.

“Kay’s significant experience and keen intellect and judgment position her perfectly to join the leadership of the SEC’s Chicago enforcement team,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “We look forward to continued success from the Chicago enforcement team under Kay’s leadership.”

David Glockner, Regional Director of the SEC’s Chicago Office, added, “Kay has an outstanding track record as a vigorous but fair enforcer of the federal securities laws and will bring extraordinary judgment and knowledge to her new role as a leader of the Chicago office’s talented enforcement staff.”

Ms. Pyszka said, “I am honored by this appointment and look forward to leading the Chicago office’s talented group of enforcement professionals as we seek to protect investors and hold wrongdoers accountable for their misdeeds.”

Before joining the SEC staff in 1997, Ms. Pyszka worked in the private sector in Chicago and served as a law clerk for the Honorable Joe Billy McDade in the U.S. District Court for the Central District of Illinois. Ms. Pyszka earned her law degree from the University of Illinois College of Law and her bachelor’s degree from the University of Wisconsin-Madison. Ms. Pyszka received the SEC’s Paul R. Carey award in 2011 and the Stanley Sporkin award in 2014.

Kathryn A. Pyszka Named as Associate Regional Director for Enforcement in the SEC’s Chicago Office

The Securities and Exchange Commission today announced that Kathryn A. Pyszka has been named an Associate Regional Director for Enforcement in the SEC’s Chicago Office. Ms. Pyszka succeeds Timothy L. Warren, who retired from the SEC in January. In her new role, Ms. Pyszka will co-lead the Chicago Office’s Enforcement program with Robert Burson, who serves as the office’s other Associate Regional Director for Enforcement.

Ms. Pyszka has over 19 years of experience at the SEC. She joined the SEC as a staff attorney in the Enforcement Division in 1997, was promoted to branch chief in 1998, and became senior trial counsel in 2000. After a brief time in private practice, she rejoined the SEC as senior trial counsel and was promoted to Assistant Regional Director in 2007. She joined the Division’s Market Abuse Unit in 2010.

Ms. Pyszka has supervised a number of significant investigations within the Enforcement Division, including those that resulted in the SEC’s charges against:

Credit Suisse Securities (USA) LLC for violations of the federal securities laws arising from its operation of Light Pool, an alternative trading system;
Two exchanges formerly owned by Direct Edge Holdings and since acquired by BATS Global Markets for failing to accurately describe the order types being used on the exchanges;
Several alleged perpetrators behind a $78 million pump-and-dump scheme involving the stock of Jammin’ Java; and
A Chicago-area alternative energy company, its former CEO, and its CFO for accounting and disclosure violations.

“Kay’s significant experience and keen intellect and judgment position her perfectly to join the leadership of the SEC’s Chicago enforcement team,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “We look forward to continued success from the Chicago enforcement team under Kay’s leadership.”

David Glockner, Regional Director of the SEC’s Chicago Office, added, “Kay has an outstanding track record as a vigorous but fair enforcer of the federal securities laws and will bring extraordinary judgment and knowledge to her new role as a leader of the Chicago office’s talented enforcement staff.”

Ms. Pyszka said, “I am honored by this appointment and look forward to leading the Chicago office’s talented group of enforcement professionals as we seek to protect investors and hold wrongdoers accountable for their misdeeds.”

Before joining the SEC staff in 1997, Ms. Pyszka worked in the private sector in Chicago and served as a law clerk for the Honorable Joe Billy McDade in the U.S. District Court for the Central District of Illinois. Ms. Pyszka earned her law degree from the University of Illinois College of Law and her bachelor’s degree from the University of Wisconsin-Madison. Ms. Pyszka received the SEC’s Paul R. Carey award in 2011 and the Stanley Sporkin award in 2014.

Keith Cassidy Named Associate Director of Technology Controls Program in OCIE

The Securities and Exchange Commission today announced that Keith E. Cassidy has been named Associate Director, Technology Controls Program, in the Office of Compliance Inspections and Examinations (OCIE). Mr. Cassidy began his career at the SEC as an Attorney Advisor in the Office of Legislative and Intergovernmental Affairs in 2010 before being promoted to Deputy Director in 2011 and Director of the office in 2016.

“Keith’s experience and knowledge of a wide range of issues have made him a tremendous asset to the SEC, and I am pleased that he will continue to work on behalf of our agency’s mission in the Office of Compliance Inspections and Examinations,” said SEC Chairman Jay Clayton. “As proven by his work here at the SEC and his service to our country as a Marine, Keith is a natural leader who has earned the respect of his colleagues, and I know he will do great things in his new position.”

Mr. Cassidy added, “I thank Chairman Clayton for this opportunity, and I look forward to working with OCIE’s experienced team of professionals to advance the SEC’s mission.”

In addition to his position at the SEC, Mr. Cassidy is an Infantry Officer in the United States Marine Corps Reserve. He currently serves as Operations Liaison Officer for B Company, 4th Reconnaissance Battalion and has earned numerous awards. Mr. Cassidy previously worked as Chief of Staff and Counsel at the Department of Justice’s Office of Legislative Affairs, and as a legislative assistant in the United States Senate.

Mr. Cassidy received his J.D. from the George Washington University Law School in 2005 and his LL.M. from Georgetown Law Center in 2016, with distinction. He received his B.A. from the University of Virginia in 2002.

Keith Cassidy Named Associate Director of Technology Controls Program in OCIE

The Securities and Exchange Commission today announced that Keith E. Cassidy has been named Associate Director, Technology Controls Program, in the Office of Compliance Inspections and Examinations (OCIE). Mr. Cassidy began his career at the SEC as an Attorney Advisor in the Office of Legislative and Intergovernmental Affairs in 2010 before being promoted to Deputy Director in 2011 and Director of the office in 2016.

“Keith’s experience and knowledge of a wide range of issues have made him a tremendous asset to the SEC, and I am pleased that he will continue to work on behalf of our agency’s mission in the Office of Compliance Inspections and Examinations,” said SEC Chairman Jay Clayton. “As proven by his work here at the SEC and his service to our country as a Marine, Keith is a natural leader who has earned the respect of his colleagues, and I know he will do great things in his new position.”

Mr. Cassidy added, “I thank Chairman Clayton for this opportunity, and I look forward to working with OCIE’s experienced team of professionals to advance the SEC’s mission.”

In addition to his position at the SEC, Mr. Cassidy is an Infantry Officer in the United States Marine Corps Reserve. He currently serves as Operations Liaison Officer for B Company, 4th Reconnaissance Battalion and has earned numerous awards. Mr. Cassidy previously worked as Chief of Staff and Counsel at the Department of Justice’s Office of Legislative Affairs, and as a legislative assistant in the United States Senate.

Mr. Cassidy received his J.D. from the George Washington University Law School in 2005 and his LL.M. from Georgetown Law Center in 2016, with distinction. He received his B.A. from the University of Virginia in 2002.

SEC Announces Agenda for June 22 Investor Advisory Committee Meeting

The Securities and Exchange Commission today announced the agenda for the June 22 meeting of its Investor Advisory Committee. The meeting will begin at 10:00 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, N.E., Washington, D.C. and is open to the public. The meeting will be webcast live and archived on the committee’s website for later viewing.

The committee will hold a discussion in the morning on capital formation for smaller companies and the declining number of initial public offerings. An afternoon session will feature an overview of certain provisions of the Financial CHOICE Act of 2017 relating to the SEC. In addition, the committee will nominate and elect members to open officer positions.

The Investor Advisory Committee was established under Section 911 of the Dodd-Frank Act to advise the SEC on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests and to promote investor confidence and the integrity of the securities marketplace. The Dodd-Frank Act authorizes the committee to submit findings and recommendations to the Commission.

SEC Announces Agenda for June 22 Investor Advisory Committee Meeting

The Securities and Exchange Commission today announced the agenda for the June 22 meeting of its Investor Advisory Committee. The meeting will begin at 10:00 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, N.E., Washington, D.C. and is open to the public. The meeting will be webcast live and archived on the committee’s website for later viewing.

The committee will hold a discussion in the morning on capital formation for smaller companies and the declining number of initial public offerings. An afternoon session will feature an overview of certain provisions of the Financial CHOICE Act of 2017 relating to the SEC. In addition, the committee will nominate and elect members to open officer positions.

The Investor Advisory Committee was established under Section 911 of the Dodd-Frank Act to advise the SEC on regulatory priorities, the regulation of securities products, trading strategies, fee structures, the effectiveness of disclosure, and on initiatives to protect investor interests and to promote investor confidence and the integrity of the securities marketplace. The Dodd-Frank Act authorizes the committee to submit findings and recommendations to the Commission.

SEC Names Stephanie Avakian and Steven Peikin as Co-Directors of Enforcement

The Securities and Exchange Commission today announced that Acting Director of the Division of Enforcement Stephanie Avakian and former federal prosecutor Steven Peikin have been named Co-Directors of the Division of Enforcement. The Division of Enforcement is the agency’s largest unit with more than 1,200 investigators, accountants, trial attorneys, and other professionals.

“There is no place for bad actors in our capital markets, particularly those that prey on investors and undermine confidence in our economy,” said Chairman Jay Clayton. “Stephanie and Steve will aggressively police our capital markets and enforce our nation’s securities laws as Co-Directors of the Division of Enforcement. They have each demonstrated market knowledge, impeccable character, and commitment to public service, and I am confident their combined talents and experience will enable them to effectively lead the Division going forward.”

Ms. Avakian was named Acting Director of the SEC’s Division of Enforcement in December 2016 after serving as Deputy Director of the Division since June 2014. Before being named Deputy Director, Ms. Avakian was a partner at Wilmer Cutler Pickering Hale and Dorr LLP, where she served as a vice chair of the firm’s securities practice and represented financial institutions, public companies, boards, and individuals in a broad range of investigations and other matters before the SEC and other agencies.

Ms. Avakian previously worked in the SEC’s Division of Enforcement as a branch chief in the New York Regional Office, and later served as counsel to former SEC Commissioner Paul Carey.

Ms. Avakian received her bachelor’s degree from the College of New Jersey and a law degree from Temple University School of Law, both with high honors.

“I have been extremely impressed by the work of the Division of Enforcement under Stephanie’s leadership, and I am delighted that she will continue to use her judgment and knowledge to lead the Division,” said Chairman Clayton. “She has a first-class legal mind, has the respect of her colleagues in the Washington and regional offices, and, most importantly, is dedicated to the SEC’s mission.”

“I am proud of the work done by staff in the Enforcement Division, and I am honored and excited to continue leading this dedicated group of professionals with Steve,” said Ms. Avakian. “His experience and judgment will be an asset to both the Enforcement Division and the agency.”

From 1996 to 2004, Mr. Peikin served as an Assistant U.S. Attorney in the Southern District of New York. He was Chief of the Office’s Securities and Commodities Fraud Task Force, where he supervised some of the nation’s highest profile prosecutions of accounting fraud, insider trading, market manipulation, and abuses in the foreign exchange market. As a prosecutor, Mr. Peikin also personally investigated and prosecuted a wide variety of securities, commodities, and other investment fraud schemes, as well as other crimes.

Most recently, Mr. Peikin was Managing Partner of Sullivan & Cromwell’s Criminal Defense and Investigations Group. His practice focused on white-collar criminal defense, regulatory enforcement, and internal investigations. Mr. Peikin also is Adjunct Professor of Law at New York University Law School, where he teaches a class on the criminal enforcement of securities and commodities laws.

Mr. Peikin received his bachelor’s degree from Yale University and a law degree from Harvard Law School, both magna cum laude.

“Steve brings to the SEC deep market knowledge and extensive prosecutorial experience, including in multinational matters,” said Chairman Clayton. “I have no doubt that investors and our markets will benefit from his service.”

“The Division of Enforcement is critical to the SEC’s ability to fulfill its mission of protecting investors and maintaining market integrity. I am honored to join its ranks of dedicated and talented professionals,” said Mr. Peikin. “I look forward to working closely with Stephanie, who is a respected and proven leader.”

Ms. Avakian will continue to work out of the SEC’s Washington, D.C. headquarters. Mr. Peikin will split his time between the SEC’s headquarters and the agency’s New York Regional Office.