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Newly appointed SEC enforcement chief resigns unexpectedly

The Chief Operating Officer of the US Market Regulatory Authority resigned just days after being appointed after being criticized by a judge for her actions during her previous service at ExxonMobil as a corporate lawyer.

Alex O announced on Wednesday that he would resign as executive director of the Securities and Exchange Commission just six days after being appointed for “personal reasons.”

But in an email that the Financial Times saw, she said Gary Gensler, A recently confirmed SEC chief, her resignation is ” [which] This week it happened in one of the cases I was working while still practicing private law. ”

Two days after a judge in the District of Columbia raised the possibility of punishing Oh at a hearing in the ExxonMobil case, accusing the opposite lawyer of being “upset, rude, and undisturbed.” did.

The resignation is a blow to Gensler, who has a reputation for being harsh on corporate misconduct and was expected to oversee a stricter enforcement regime than under the Trump administration.

Gensler said in a statement: “Thanks to Alex for his willingness to serve the country at this important time.”

Oh, I didn’t get any comments.

Gensler had that choice Disappointed progressiveHe criticized his career as a corporate lawyer with a history of representing multinational corporations.

While working for Paul Weiss, an international law firm, she represented ExxonMobil in a civil lawsuit accused of hiring an Indonesian civilian security force whose oil company killed and tortured local villagers.

As part of the lengthy proceedings, a controversy broke out over the actions of ExxonMobil’s lawyers after an Indonesian village lawyer asked Marksner, a senior ExxonMobil lawyer, on February 14. A tactic that they said was devised and encouraged by ExxonMobil lawyers, unresponsive to long questions from a prepared script.

In a counter-argument, an oil company lawyer claimed that “witnesses answered more than 300 substantive questions, the majority of which were answered without reference to notes.”

In an order given on Monday, just four days after Oh started a new job at the SEC, a Washington, DC judge ruled in favor of the plaintiff over the actions of the lawyer, “directly” to ExxonMobil’s Indonesian subsidiary. And we will answer quickly. “

He went on to criticize Oh personally, saying that plaintiffs’ lawyers might punish her for alleging her allegations during the hearing without evidence of being “upset, rude, and undisturbed.” ..

In her email to Gensler, Oh said: .. “

Paul Weiss Chairman Brad Carp said in a statement: Alex is the highest integrity and perfect professional and has a strong code of ethics. “

Newly appointed SEC enforcement chief resigns unexpectedly Source link Newly appointed SEC enforcement chief resigns unexpectedly

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