Cynthia Fornelli, Deputy Director of the Division of Investment Management, to Leave Commission


Washington, D.C., Aug. 19, 2004 -- Cynthia M. Fornelli, Deputy Director of the Division of Investment Management, announced today that she will leave the Commission in September to join Bank of America in Charlotte, North Carolina. Fornelli, who joined the Commission staff in June of 1999, will fill the new role of Senior Vice President and Compliance Executive for Securities Regulation and Conflicts Management. In that role, she will be responsible for addressing potential conflicts that can arise within the bank.

Chairman William H. Donaldson said, "Cindy has played a critical role in the Commission's mutual fund reform efforts. I am pleased that Cindy will be leading a significant industry player in its conflicts management function. Her contribution at the SEC has been substantial and she will be missed."

Paul F. Roye, Director of the Division of Investment Management, said, "Cindy has had an outstanding career at the Commission. She has been instrumental in assisting the Commission achieve its policy goals in the investment management area. She is both a colleague and friend and I will miss her greatly."

Prior to joining the Division in June of 1999, Fornelli spent several years in private practice, as a member of the Investment Management Practice Group of Dechert Price & Rhoads in Washington, D.C. and later as an associate in the Washington, D.C. office of Fried, Frank, Harris, Shriver & Jacobson. Fornelli is a graduate of Purdue University (B.A., 1985) and George Washington University National Law Center (J.D., magna cum laude, 1990).

Last modified: 8/19/2004