[ by Howard Haykin ]

The SEC on Wednesday announced that it has permanently appointed as Director of the New York Regional Office the 12-year veteran of the Commission who currently is serving in as the Acting Director, Andrew Calamari.  Mr. Calamari succeeds George Canellos, who, earlier this year was promoted to the position of Deputy Director of the Division of Enforcement.

Mr. Calamari will lead a staff of 400 ...  that includes enforcement attorneys, accountants, investigators, and compliance examiners involved in the investigation and prosecution of enforcement actions and the performance of compliance inspections in the New York region.  The New York office has responsibility for the largest concentration of SEC-registered financial institutions - including more than 4,000 investment banks, investment advisers, broker-dealers, mutual funds, and hedge funds.

"For the last 12 years, Andy has dedicated himself to our core mission of protecting investors.  His tough but fair approach has won the respect of his colleagues, and his excellent judgment and strong leadership make him ideally suited to lead the New York Regional Office." -- Robert Khuzami, Director of SEC Enforcement Division.

"Andy is a dedicated leader who has earned the respect and trust of his colleagues as a result of his proven performance and exemplary commitment to our mission. He understands the power of teamwork and collaboration, and will be a great addition to our leadership team both regionally and nationally."  -- Carlo di Florio, Director of the SEC’s OCIE.

Profile of Mr. Calamari's Career. Mr. Calamari began his SEC tenure as a staff attorney and rose through the ranks to his leadership position.  In 2004, he received the agency’s annual Arthur F. Matthews Award, which goes to an SEC employee who has been consistently creative in applying the federal securities laws for the benefit of investors.  In 2009, Mr. Calamari received the Stanley Sporkin Award, one of the SEC’s top awards for enforcement officials.  He has been the Senior Associate Director and co-head of Enforcement for the New York Regional Office since 2004.  Among the cases he worked on during that time:

• Case: 4 ex-Credit Suisse Group investment bankers and traders who allegedly engaged in a complex scheme to fraudulently overstate the prices of $3 billion in subprime bonds during the height of the subprime credit crisis.

• Case: 2 ex-American Home Mortgage Investment Corporation executives who allegedly engaged in accounting fraud and made false and misleading disclosures to conceal from investors the company's worsening financial condition in early 2007, as the subprime crisis emerged.

• Series of Cases: arising out of the misuse of finite reinsurance products, including an action against AIG, which paid $800mn to settle SEC charges of widespread accounting fraud.

Prior to joining the SEC, Mr. Calamari spent nearly 15 years in private law practice, including as a litigation partner at Donovan Leisure Newton & Irvine. He graduated Fordham Law School in 1985.

[ SEC PR 2012-211, 10/17/12 ]