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Stories of Interest
- Banca IMI Securities to Pay $35Mn for Improper Handling of ADRs in Continuing SEC Crackdown
- Members of White House ‘Arts Panel’ Resign En Masse in Protest of Trump
- FINRA Whiffs on Disciplinary Sanction: Bill Singer's 'Negligent Market Manipulation in OTC Stock Promotion'
- Heather Heyer’s Mother Says, ‘I’m Not Talking to the President’
- Goldman Sachs May Have Lost $100Mn on Energy Bet Gone Wrong
- SEC Drops Case Against Ex-JPMorgan Traders Over 'London Whale'
- Financial Advisers That Invest in Technology Need to Accomplish These Two Things
- FINRA Amends Codes Regarding Expedited Arbitrator List Selection
- FINRA July 2017 Quarterly Disciplinary Review (Podcast)
- Senior Exec in Citigroup's Equities Unit Has Left
- Prudential Plotting its Escape From Fed's Tough Oversight
- Why CEOs Spurned Trump's Business Councils, in Their Own Words
- A Stockbroker, Her LLC, and Her Customers' Loans (Or Investment?) - Bill Singer
- Brian Quintenz Sworn In as CFTC Commissioner
- A Gary Cohn Resignation Would 'Crash the Markets' – Mgmt Guru Jeffrey Sonnenfeld
- Trading Firm DRW to Buy RGM Advisors - As Low Volatility Forces Out Weak HFT Players (subsc reqd)
- Reputational Damage - Rajat Gupta on Hard Road to Recovery
- 7th Circuit Affirms Spoofing Conviction - Bill Singer
- Wells Fargo Announces Board Changes
- Judge Rules Against Ex-Goldman Employee in Fed Leak Case
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NEWSLETTERS & ALERTS
Clayton Expected to Appoint Co-Directors for SEC Enforcement
Recently-confirmed SEC Chair Jay Clayton is about to appoint Steven Peikin and Stephanie Avakian as co-directors of the Enforcement Division. Mr. Peikin is a former Sullivan & Cromwell colleague of the Chair, while Ms. Avakian is the Agency’s acting enforcement director and a former white-collar defense attorney.
While both have strong backgrounds in securities law, their appointments may reinforce concerns among Democrats and consumer groups that the SEC is headed for a pro-business, anti-regulation stance.
The decision to appoint co-directors is not new. In 2013, then-Chair Mary Jo White appointed Debevoise colleague Andrew Ceresney to serve alongside George Canellos, who had been serving as acting director. However, Mr. Canellos left within the year, to become a partner at Milbank, Tweed.
STEVEN PEIKIN PROFILE. According to his profile on the Sullivan & Cromwell site, Mr. Peikin is Managing Partner of law firm’s Criminal Defense and Investigations Group. His practice focuses on white-collar criminal defense, regulatory enforcement, and internal investigations. He has represented institutions and individual clients in numerous high-profile matters, including those involving alleged violations of the federal securities and commodities laws, FCPA matters, price fixing, violations of economic sanctions, and tax and money laundering offenses.
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 oversaw 40 prosecutors, investigators, and staff.
Mr. Peikin is Adjunct Professor of Law at NYU Law School, where he teaches the criminal enforcement of the securities and commodities laws. He is also a Member of the Criminal Justice Act Panel, U.S. District Court for the Southern District of New York.
STEPHANIE AVAKIAN PROFILE. According to her profile on the SEC site, Ms. Avakian is Acting Director, SEC Division of Enforcement. She was named to that position in December 2016, after having served as Deputy Director of SEC Enforcement since June 2014. Before being named Deputy Director, Ms. Avakian was a partner at Wilmer Cutler Pickering Hale and Dorr, where she served as a Vice Chair of the firm’s securities practice. Her practice focused on representing 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 Division of Enforcement as a branch chief in the SEC’s New York Regional Office, and later served as counsel to former SEC Commissioner Paul Carey. She graduated from the College of New Jersey and Temple University Law School.