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U.S. Securities and Exchange Commission

Elaine Greenberg Named Associate District Administrator for Enforcement in the SEC’s Philadelphia District Office


Washington, D.C., January 4, 2007 — The Securities and Exchange Commission today announced the appointment of Elaine C. Greenberg as Associate District Administrator for Enforcement in the Commission’s Philadelphia District Office (PDO). In this position, Ms. Greenberg will oversee the Commission’s enforcement program in the Mid-Atlantic region. Ms. Greenberg succeeds Daniel M. Hawke, who was appointed District Administrator of the PDO in April 2006.

During her 19-year tenure at the Commission, Ms. Greenberg has investigated or supervised numerous significant and groundbreaking enforcement actions involving insider trading, financial accounting fraud, and securities industry conflicts of interest.

SEC Director of Enforcement Linda Chatman Thomsen stated, “Elaine is a smart, energetic and pragmatic lawyer who possesses a deep knowledge of the federal securities laws and has proven to be an outstanding manager. I am delighted that Elaine will assume the leadership of the enforcement program in our Philadelphia office and look forward to continuing to work with her.”

Dan Hawke, District Administrator of the PDO said, “Elaine is a skilled investigator who has mastered the complexity and nuance of SEC practice. She is an engaging supervisor who brings out excellence in the people she supervises. Elaine has earned the trust and admiration of her colleagues in the PDO and the respect of the defense counsel with whom she has dealt. I am thrilled to welcome Elaine into this important position.”

Recently, Ms. Greenberg spearheaded enforcement actions against broker-dealer Friedman, Billings, Ramsey & Co. and hedge fund managers John F. Mangan, Jr. and Hilary Shane for insider trading and registration violations in connection with their short selling of securities prior to the public announcement of a “PIPE” transaction.

Prior to these actions, Ms. Greenberg led the Commission’s initiative in the area of revenue sharing by overseeing precedent-setting cases against broker-dealers Morgan Stanley, Citigroup Global Markets and Capital Analysts and against mutual fund investment advisers Massachusetts Financial Services Company, Putnam Investment Management and PA Fund Management (PIMCO mutual funds’ adviser) that exposed their undisclosed conflicts of interest in connection with their “shelf space” arrangements.

Other matters to which Ms. Greenberg has made significant contributions include enforcement actions against Allegheny Health, Education and Research Foundation, four of its officers and three of its outside auditors for false and misleading financial statements and audit opinions; Meridian Securities for engaging in the fraudulent municipal securities practice of “yield burning”; CNC Trading Company for operating the largest “Ponzi” scheme in New Jersey’s history; and Nevis Capital Management for investment adviser fraud in connection with its IPO allocations and false performance advertising.

Ms. Greenberg joined the PDO in October 1987 as an enforcement staff attorney and subsequently served as a branch chief until January 2001, when she became an Assistant District Administrator for the PDO’s enforcement program. Ms. Greenberg, a Phi Beta Kappa graduate, received her B.A. and J.D. degrees from Temple University in 1982 and 1986, respectively. She is married and has three children.



Modified: 01/04/2007