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Elaine C. Greenberg to Leave SEC After More Than 25 Years


Washington, D.C., June 21, 2013 —

The Securities and Exchange Commission today announced that Elaine C. Greenberg, Chief of the Enforcement Division’s Municipal Securities and Public Pensions Unit and Associate Director of the Philadelphia Regional Office, is leaving the agency after more than 25 years of service.

Ms. Greenberg will step down at the end of July for the private sector. She has served in dual roles at the SEC for the past three and a half years, leading the Municipal Securities and Public Pensions Unit since its creation in January 2010 and heading the Philadelphia Regional Office’s enforcement program since December 2006.

“Elaine’s leadership of the unit and her efforts on behalf of investors have been groundbreaking and have had a tremendous impact on the behavior of participants in the municipal securities and public pensions markets,” said SEC Commissioner Elisse B. Walter, who led the Commission's recent review of the municipal securities market.

“Elaine has had a distinguished career at the SEC and the depth and breadth of her knowledge and experience is impressive. Through her expert lawyering, creativity and tenacity, she has made major contributions to the agency by bringing numerous significant enforcement actions,” said Andrew J. Ceresney, Co-Director of the SEC’s Enforcement Division.

Ms. Greenberg said, “I have been very fortunate to have served alongside such talented and dedicated colleagues over these many years and am proud and appreciative of our collective achievements on behalf of the nation’s investors and the securities markets.”

The Municipal Securities and Public Pensions Unit, comprised of staff in ten SEC offices, oversees enforcement in the $4 trillion municipal securities market and the $3 trillion public pension market. As the unit’s inaugural Chief, Ms. Greenberg determined its objectives, recruited, selected, and trained staff members, set priorities, and established five areas of focus -- offering and disclosure fraud, tax and arbitrage-driven fraud, pay-to-play and public corruption violations, public pension accounting and disclosure violations, and valuation and pricing fraud.

Under Ms. Greenberg’s leadership of the unit, the Commission brought precedent-setting actions including:

In addition, Ms. Greenberg assisted with a project that culminated in the SEC’s Report on the Municipal Securities Market, provided input on legislative and rulemaking efforts, including the investment adviser pay-to-play rule, and worked with the Office of Investor Education and Advocacy on Investor Bulletins and with the Office of Compliance Inspections and Examinations on National Examination Program Risk Alerts.

The SEC enforcement actions brought under Ms. Greenberg’s leadership as Associate Director for the Philadelphia Regional Office include:

Ms. Greenberg is a Phi Beta Kappa and magna cum laude graduate who received her B.A. and J.D. degrees from Temple University. She joined the SEC’s Philadelphia office in 1987 as a Staff Attorney and later was promoted to be a Branch Chief and then Assistant Director. As an Assistant Director, Ms. Greenberg headed an SEC enforcement initiative that exposed undisclosed conflicts of interest in payments from mutual funds to broker-dealers for “shelf space” arrangements, resulting in revenue-sharing cases against broker-dealers Morgan Stanley, Citigroup Global Markets, and Capital Analysts, and mutual fund investment advisers, including Massachusetts Financial Services Company, Putnam Investment Management and PA Fund Management, adviser to PIMCO.


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