The Securities and Exchange Commission today announced that Andrew M. Calamari has been named Director of the agency’s New York Regional Office. Mr. Calamari joined the SEC staff in 2000 and has been serving as Acting Director of the New York office since the promotion of George Canellos to Deputy Director of the Division of Enforcement earlier this year.
Mr. Calamari will lead a staff of 400 that includes 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.
“For the last 12 years, Andy has dedicated himself to our core mission of protecting investors,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “His tough but fair approach has won the respect of his colleagues, and his excellent judgment and strong leadership make him ideally suited to lead the New York Regional Office.”
Carlo di Florio, Director of the SEC’s Office of Compliance Inspections and Examinations, added, “Andy is a dedicated leader who has earned the respect and trust of his colleagues as a result of his proven performance and exemplary commitment to our mission. He understands the power of teamwork and collaboration, and will be a great addition to our leadership team both regionally and nationally.”
Mr. Calamari said, “I have been so privileged these past 12 years to be able to work with the remarkably dedicated and talented enforcement and exam staff of the New York office. To now have the opportunity to serve as Director of this great office is an honor, and I am excited about the work we will do together in the years ahead.”
Mr. Calamari has been the Senior Associate Director and co-head of Enforcement for the New York Regional Office since 2004. Mr. Calamari has worked on many significant SEC enforcement actions including:
- The case against four former veteran investment bankers and traders at Credit Suisse Group for engaging in a complex scheme to fraudulently overstate the prices of $3 billion in subprime bonds during the height of the subprime credit crisis.
- The case against two former executives at American Home Mortgage Investment Corporation for engaging in accounting fraud and making false and misleading disclosures to conceal from investors the company's worsening financial condition in early 2007 as the subprime crisis emerged.
- A series of cases arising out of the misuse of finite reinsurance products including an action against AIG, which paid $800 million to settle charges of widespread accounting fraud.
Mr. Calamari began his SEC tenure as a staff attorney and rose through the ranks to his leadership position. In 2004, he received the agency’s Arthur F. Matthews 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 2009, Mr. Calamari received the Stanley Sporkin Award, which is one of the SEC’s top awards for its enforcement officials.
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.