The Securities and Exchange Commission today announced that Andrew M. Calamari, Director of the agency’s New York Regional Office, is planning to leave the agency in October after 17 years of service.
Since late 2012, Mr. Calamari has led a staff of approximately 400 enforcement attorneys, accountants, investigators, and compliance examiners, involved in the investigation and prosecution of enforcement actions and the performance of compliance inspections in the New York region. The New York office has responsibility for the largest concentration of SEC-registered financial institutions including more than 4,000 investment banks, investment advisers, broker-dealers, mutual funds, and hedge funds. Mr. Calamari also is one of the inaugural Co-Chairs of the Division’s Broker-Dealer Task Force, a national task force formed in late 2013 to focus on current issues and practices within the broker-dealer community and to develop national initiatives for investigations.
“I have known and respected Andy for many years. He is a valued colleague and has made countless contributions to the New York Office and the Commission,” said SEC Chairman Jay Clayton.
“For the last 17 years, Andy has demonstrated an unwavering commitment to the Commission’s core mission,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division. “His leadership will be sorely missed.”
“Andy’s tenure as Regional Director of the SEC’s New York office has been marked by significant accomplishments and impactful cases. We will miss his judgment and counsel,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division.
“Andy devoted the majority of his career to the protection of investors through his excellent leadership of the New York Regional Office,” said Pete Driscoll, Acting Director of the Office of Compliance Inspections and Examinations. “We will miss him greatly.”
Mr. Calamari said, “It has been the honor of my life to serve as Director of this incredible office, with all of its remarkable people. I have also been very fortunate to have worked with and learned from so many talented colleagues across the Commission, including all of the great Regional Directors around the country. I will miss these days very much, and will always be a strong supporter of the Commission’s vital mission.”
During Mr. Calamari’s tenure as Regional Director, the New York office has brought many significant enforcement actions, including charges against:
- National audit firm BDO USA for dismissing red flags and issuing false and misleading unqualified audit opinions about the financial statements of staffing services company General Employment Enterprises
- Pharmaceutical company Allergan Inc. for disclosure failures in the wake of a hostile takeover bid
- Two Citigroup affiliates for defrauding investors in two hedge funds, which later crumbled and eventually collapsed during the financial crisis, by claiming they were safe, low-risk, and suitable for traditional bond investors
- Public accounting firm Ernst & Young LLP for violating auditor independence rules due to a close personal relationship between the firm’s audit partner and his client
- New York-based high frequency trading firm Latour Trading LLC and its former chief operating officer for persistent and extensive violations of the net capital rule
- Fraud charges against the town of Ramapo, N.Y., its local development corporation, and four town officials who allegedly hid a deteriorating financial situation from municipal bond investors
- Two Merrill Lynch entities for using inaccurate “locate” data in the course of executing thousands of short sale orders
- The founder of Platinum Partners and two of its flagship hedge fund advisory firms for conducting a fraudulent scheme to inflate asset values and illicitly move investor money to cover losses and liquidity problems
Mr. Calamari began his SEC tenure as a staff attorney and rose through the ranks to his leadership position. In 2003, he received the agency’s Arthur F. Mathews Award, which is awarded annually to an SEC employee who has been consistently creative in applying the federal securities laws for the benefit of investors. In 2008, Mr. Calamari received the Stanley Sporkin Award, which is one of the SEC’s top awards for its enforcement officials. In 2004 and 2013, Mr. Calamari received the SEC and NTEU Labor-Management Relations Award, which honors SEC staff who have contributed significantly to labor-management relations.
Prior to his work at the SEC, Mr. Calamari spent nearly 15 years in private law practice, including as a litigation partner at Donovan Leisure Newton & Irvine. He is a 1985 graduate of Fordham Law School.