The US Securities and Exchange Commission (SEC) announced last night that Robert Khuzami, its director of enforcement, would be leaving the regulator after nearly four years of service.
Khuzami headed the SEC's enforcement division during a major overhaul of how it operated in capital markets, with the last two years having seen the most actions ever brought by the regulator. Notable achievements include the investigation of Galleon Management, and subsequent indictments of Raj Rajaratnam and Rajat Gupta for insider trading.
Khuzami also took the lead in overseeing prosecutions related to the financial crisis, and actions against most major bulge bracket banks, as well as federally-tied bodies such as Freddie Mac and Fannie Mae. Other achievements include the establishment of specialized prosecution squads within the SEC, the start of cooperation programs and the whistleblower regime.
Khuzami is the latest high-profile figure to depart the SEC, following on from its general counsel, director of markets, chief of staff and other positions, along with the most notable, former chairman Mary Schapiro. The SEC is actively replacing those roles, but no successor to Khuzami has yet been named.
Originally appointed by Schapiro in February 2009, following several years at Deutsche Bank, Khuzami was previously a federal prosecutor in the US Attorney's Office for Southern District of New York. He also served as a law clerk for John R. Gibson of the US Court of Appeals for the Eighth Circuit in Kansas City, and originally received his JD from the Boston University School of Law.
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