Julie Lutz, Regional Director of the Denver Regional Office, to Leave SEC After More Than 40 Years Serving Investors
FOR IMMEDIATE RELEASE
Washington D.C., July 23, 2018 —
The Securities and Exchange Commission today announced that Julie K. Lutz, the Regional Director of the SEC’s Denver Regional Office, will leave the agency at the end of this month after more than 40 years of service.
Ms. Lutz has served at the helm of the SEC’s Denver office since November 2013, overseeing the agency’s enforcement and examinations in a seven-state region. Before her appointment to regional director, Ms. Lutz supervised the enforcement program in the Denver office as an associate director, and managed the Denver trial unit as regional trial counsel. She joined the SEC staff in 1977 and worked in San Francisco and Washington D.C. before moving to the Denver office in 1996.
“For the last 40 years, Julie has worked hard every day to serve America’s investors, particularly Main Street investors across the West and Midwest,” said Chairman Jay Clayton. “Julie has been and will remain a role model for all of us at the Commission.”
“Julie has been a dedicated public servant who has contributed greatly to the SEC’s mission,” said Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement. “Under Julie’s leadership, the Denver office has led many creative and high-impact actions that have protected investors and our markets.”
“Julie leaves behind a legacy of accomplishments in Denver,” said Steven Peikin, Co-Director of the SEC’s Division of Enforcement. “Her experience, long-term perspective, and willingness to provide counsel to all who seek her advice have tremendously benefited the agency and the Denver office.”
“Julie has maintained an unwavering focus on the protection of investors throughout her career, and we will miss her thoughtfulness and leadership in the national examination program,” said Peter B. Driscoll, Director of the SEC’s Office of Compliance Inspections and Examinations.
Ms. Lutz added, “It has been a privilege to work at the SEC, most recently alongside the talented and dedicated staff of the DRO. I have been very fortunate to work on behalf of public investors on varied and challenging enforcement cases, and with a robust and effective examination program. I look forward to following the Denver office’s continuing achievements in the years to come.”
During Ms. Lutz’s tenure, the SEC’s Denver office has been involved in dozens of enforcement matters involving a variety of securities law violations, including charges against:
- Bankrate Inc. and three former executives for defrauding investors by manipulating the company’s financial results to meet analyst expectations
- Trinity Capital Corporation and five current or former executives for allegedly making material misstatements to investors concerning its provision for loan losses and its allowance for loan and lease losses in its quarterly and annual filings with the SEC during 2010, 2011, and the first two quarters of 2012
- AgFeed Industries Inc. and its top executives for allegedly conducting a massive accounting fraud on investors in which they repeatedly reported fake revenues from their China operations in order to meet financial targets and prop up the stock price
- Alpine Securities Corp. related to its alleged practice of clearing transactions for microcap stocks that were used in manipulative schemes to harm retail investors
- Two traders in China and Hong Kong, who agreed to pay more than $920,000 to settle insider trading allegations
- MusclePharm Corp., three executives and the former audit committee chair for their involvment in a series of accounting and disclosure violations.
- Osiris Therapeutics and four former top executives with misleading investors by prioritizing revenue growth over lawful accounting.
- Two Israeli traders who allegedly used brokerage accounts in the U.S. to reap nearly $5 million in trading profits in advance of the March 13, 2017, announcement that Intel Corp. had agreed to acquire Israel-based Mobileye N.V.
Also during Ms. Lutz’s tenure, the examination program in the Denver office designed and executed several highly effective examination initiatives, including one focused on mutual fund share class selection that contributed to the office’s Asset Management Unit leading a self-reporting initiative that seeks to protect advisory clients from undisclosed conflicts of interest and return money to investors. In addition, the number of examinations conducted by Denver examination staff nearly doubled and resulted in significant enforcement actions.