The Securities and Exchange Commission has announced that Stephen L. Cohen, associate director of the SEC’s enforcement division, plans to leave the agency later this month.
“Throughout his career at the SEC, Steve has made substantial and long-lasting contributions to the Commission’s mission,” said Andrew J. Ceresney, director of the SEC’s enforcement division, in a statement. “He has supervised significant cases involving a wide variety of misconduct and has been closely involved in the implementation of various enhancements to the enforcement program. His keen intellect and enthusiasm will be missed.”
Under Cohen’s leadership, the SEC has brought enforcement actions including a high-profile case against E-Trade Financial Corp. and several Ponzi schemes.
In October 2014, the SEC charged current and former brokerage subsidiaries of E-Trade with improperly selling penny stocks through unregistered offerings. According to the SEC, E-Trade failed in its gatekeeper role and improperly engaged in unregistered sales of microcap stocks on behalf of its customers. The regulator won a $2.5 million settlement.
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