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U.S. Securities and Exchange Commission

Cynthia M. Fornelli Named Deputy Director
of the Division of Investment Management



Washington, D.C., January 12, 2001 – Securities and Exchange Commission Chairman Arthur Levitt today named Cynthia M. Fornelli Deputy Director of the Commission's Division of Investment Management. As Deputy Director, Ms. Fornelli will continue as a key advisor to the Director of the Division and will play an important role in the management of the Division.

Chairman Levitt said, "Cindy is a highly articulate and thoughtful lawyer, with the judgment and knowledge to be an excellent Deputy Director. I know that investors and the Commission will benefit from her pragmatic approach to investment management issues."

Paul Roye, Director of the Division of Investment Management, said, "I have come to rely on Cindy's insights and judgment during her tenure at the Commission. She is an important asset to the Division and her appointment to Deputy Director is well-deserved."

Ms. Fornelli has been an attorney with the Division of Investment Management since June 1999. Most recently she served as Senior Adviser to Mr. Roye. Prior to joining the Commission, she practiced securities law, specializing in investment management issues, first at Fried, Frank, Harris, Shriver and Jacobson from 1991-1997, then at Dechert Price and Rhoads from 1997-1999. While with Fried, Frank, Ms. Fornelli represented investment advisers and broker-dealers in their regulatory matters. At Dechert, she represented a number of investment advisers, broker-dealers and investment companies, becoming an expert at developing and maintaining effective compliance programs.

Ms. Fornelli graduated with high honors from the George Washington University Law Center. She holds a B.A. from Purdue University.