Ronald Long, Administrator of the SEC's Philadelphia Office, to Leave the Commission

FOR IMMEDIATE RELEASE
2002-65

Washington, D.C., May 14, 2002 -- Ronald C. Long, District Administrator of the Philadelphia District Office, announced today that he will be leaving the Securities and Exchange Commission in June to accept a position as chief regulatory counsel with First Union Securities of Richmond, Va.

Long, 47, was appointed district administrator of the Philadelphia office in March 1997. During his tenure, the office has filed several significant enforcement cases, including those involving a $71 million fraud against Pennsylvania public schools (SEC v. John Gardner Black); an accounting fraud that resulted in one of the largest failures of a non-profit health care organization (Allegheny Health, Education and Research Foundation); and an internet pump-and-dump scheme committed by a 15-year old high school student (Jonathan Lebed).

In Sept. 1994, Long was appointed counselor to then-Chairman Arthur Levitt, providing advice to the chairman on a full range of Commission enforcement matters. He originally joined the Commission in July 1990 as a staff attorney in the Division of Enforcement, where he conducted investigations of securities law violations relating to financial fraud, insider trading, "free-riding," and investment adviser fraud. He is the current chair of the SEC's Black Employment Program.

"As an enforcement staff attorney, counselor to the chairman and district administrator, I have had three of the greatest jobs not just at the SEC, but in government," said Long. "It is with a considerable degree of sadness that I leave the Commission at a time when its work will only become more vital to our securities markets. I am excited, however, about the opportunity to play a role in this rapidly changing industry by working in the private sector."

SEC Chairman Harvey L. Pitt said: "Ron has played an important role in the success of the Philadelphia District Office's enforcement and regulatory programs over the past five years. We wish him all the best in his return to private practice. We will miss his energy and creativity."

Prior to joining the Commission, Long was a litigation attorney with Hoge, Fenton, Jones & Appel Inc. in San Jose, Calif. for approximately seven years. He graduated from Georgetown University Law Center in May 1983 and earned his bachelor's degree from Williams College in June 1977.