LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
The US Securities and Exchange Commission (SEC) today appointed Robert Cohen and Joseph Sansone as co-chiefs of the Division of Enforcement’s Market Abuse Unit.
Both of them have served as the unit’s acting co-chiefs since last month’s departure of Daniel Hawke.
Amid the most important cases Mr. Cohen has been responsible for is the investigation of the New York Stock Exchange’s improper distribution of market data feeds. The probe led to the SEC’s first penalty against a stock exchange. He also supervises an ongoing action against a Bulgarian trader for manipulating stocks through false SEC EDGAR filings and insider trading actions involving tips passed by post-it notes at Grand Central Terminal. Mr Cohen also oversaw the first cases charging violations of the Market Access Rule.
Mr. Sansone’s work includes actions charging 34 defendants in a scheme to trade on nonpublic information hacked from newswire services, expert networks cases against corporate insiders who provided trading tips to hedge fund clients, and failure-to-supervise charges against SAC Capital’s founder. He also supervised a recent proceeding against a dark pool operator that misused subscriber trading information.
Both Mr. Cohen and Mr. Sansone supervised the SEC’s action against the Direct Edge exchanges for failing to describe complex order types.
“Rob and Joe are great partners and colleagues with deep knowledge in this critical area of our enforcement program,” said Andrew J. Ceresney, Director of the SEC’s Division of Enforcement.
“As the Market Abuse Unit’s co-deputy chiefs, the two were deeply involved in groundbreaking and first-of-their-kind cases involving market structure and abusive trading schemes and I am confident that as co-chiefs they will continue their great work in protecting investors and the fair, orderly, and efficient function of our markets.”
To view the official press release by SEC on the appointments, click here.