David Glockner, Regional Director of Chicago Office, to leave SEC

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The Securities and Exchange Commission (SEC) announced that David Glockner, Director of the Chicago Regional Office, is planning to leave the agency later this month.

Since late 2013, Mr. Glockner has led a staff of approximately 270 enforcement attorneys, accountants, investigators, and compliance examiners involved in the investigation and prosecution of enforcement actions and the performance of compliance inspections in the nine-state Chicago region that is home to roughly 20 percent of the nation’s population. Mr. Glockner also has served as chair of the SEC’s Cybersecurity Working Group and is generally recognized as one of the agency’s experts on cybersecurity matters related to examinations and enforcement.

David has been a trusted advisor and a real visionary in heightening public awareness of the important intersection between enforcement and cybersecurity,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

David helped grow the Chicago office’s expertise, spearheaded significant initiatives, and led the office to having a tremendous impact in the Chicago region,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division.

David has been a tireless advocate for investors during his time in the Chicago Regional Office,” said Pete Driscoll, Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE). “His thoughtfulness and leadership on examination issues has greatly contributed to the advancement of OCIE’s mission.

Mr. Glockner said:

I am proud of the work that the SEC’s examiners and enforcement staff in Chicago do every day to protect investors. The SEC’s Chicago staff has built a culture that is thoughtful and innovative in its approach to a range of important issues, and it has been a privilege to work alongside these talented and dedicated public servants.

During Mr. Glockner’s tenure as Regional Director, the Chicago office has brought many significant enforcement actions, including charges against:

  • State Street Bank and Trust Company, which agreed to pay $12 million to settle charges that it conducted a pay-to-play scheme through its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension funds
  • National audit firm Grant Thornton LLP and two of its partners for improper professional conduct arising from ignoring red flags and fraud risks while conducting deficient audits of two publicly traded companies – Broadwind Energy Inc. and Assisted Living Concepts Inc.
  • Navistar International Corp. and its former CEO for misleading investors about its development of an advanced technology truck engine that could be certified to meet U.S. emission standards
  • The City of Harvey, Ill. and its comptroller for a fraudulent bond offering that the city marketed to investors
  • A former official of the nation’s third largest public pension fund and two brokers for orchestrating a pay-to-play scheme to steer billions of dollars to certain firms in exchange for luxury gifts, lavish vacations, and tens of thousands of dollars spent on cocaine and prostitutes
  • Two exchanges formerly owned by Direct Edge Holdings and since acquired by BATS Global Markets for failing to accurately describe the order types being used on the exchanges
  • Robert W. Baird & Co. for compliance failures within its wrap fee programs
  • R.T. Jones Capital Equities Management for failing to establish required cybersecurity policies and procedures in advance of a breach that compromised the personally identifiable information of approximately 100,000 individuals, including thousands of the firm’s clients
  • Several alleged perpetrators behind a $78 million pump-and-dump scheme involving the stock of Jammin’ Java

During Mr. Glockner’s tenure, the National Examination Program staff in Chicago significantly increased its examinations of investment advisers and broker-dealers, and expanded its use of data analytics and its risk-based approach to examinations. Mr. Glockner also enhanced coordination between examination and enforcement teams, deepened relationships with law enforcement authorities, and assisted the Commission’s expanded examination and enforcement efforts relating to public finance.

Before Mr. Glockner joined the SEC in December 2013 as the Chicago office’s Regional Director, he was a managing director and head of the Chicago office of a digital risk management and investigations firm. Mr. Glockner also spent nearly 25 years as a criminal prosecutor in the U.S. Attorney’s Office for the Northern District of Illinois, including 11 years as chief of the office’s criminal division. Prior to joining the U.S. Attorney’s Office, Mr. Glockner began his legal career as a law clerk to the Honorable Brian Duff of the U.S. District Court for the Northern District of Illinois. He earned his bachelor’s degree from the University of Chicago in 1982 and his J.D. from Stanford Law School in 1985.

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