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WASHINGTON - When former New Jersey Attorney General Gurbir Grewal starts work at the U.S. Securities and Exchange Commission (SEC) on Monday, he will be the agency s first incoming enforcement director without recent ties to corporate America since 2005.
For two decades, the Wall Street watchdog has largely drawn its top enforcement cops from the white-collar defense attorneys bar, which critics say creates conflicts of interest that deter officials from properly punishing misconduct.
Grewal, 48, landed the role running the 1,300-person SEC unit after predecessor Alex Oh quit days into the job due to issues related to her private practice work. Progressives, including non-profit the Revolving Door Project, pushed for her ouster, in a political fracas that will put pressure on Grewal to deliver results.
Wall Street enforcement to get tougher as SEC s new top cop gets to work netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
We all want to believe in Santa Claus, the Tooth Fairy and Bernie Madoff, said Jordan Belfort, the real-life Wolf of Wall Street, last month.
He was speaking to the New York Times for a piece about the current renewed hysteria for the kind of dodgy unscrupulous speculative penny stock trading that launched Belfort s career.
The Times revealed there were 1.9 trillion transactions last month on the over-the-counter markets where such stocks trade, according to the industry regulator Finra – up by over 2,000 per cent from a year ago.
This has been partly driven by the general frenzy for get-rich-quick fads like Bitcoin, SPACs, meme stocks such as GameStop and non-fungible tokens (NFTs).