David Nelson, Miami Regional Director, to Leave SEC
FOR IMMEDIATE RELEASE
Washington, D.C., July 30, 2009 — The Securities and Exchange Commission announced today that after serving as the Director of the agency's Miami Regional Office for nine years, and more than two decades of public service overall, David Nelson will be leaving the SEC to join the law firm of Boies, Schiller & Flexner in September.
As Regional Director since 2000, Mr. Nelson oversaw all aspects of the Miami office's operations, including its enforcement, examination, and litigation programs. Under Mr. Nelson's leadership, the Miami office brought highly significant cases covering the full range of the Commission's enforcement program, including:
- Accounting and corporate reporting cases, including actions involving Andrx, Pediatrix, Hamilton Bank, and Tribune Company.
- Emergency action against a billion dollar viatical scam operated by Mutual Benefits, which, in litigation, established case law in the 11th Circuit that viaticals are subject to SEC regulation.
- An unprecedented action against Goldman Sachs Execution and Clearing L.P. for violative short-selling by proprietary customers of the firm.
- The SEC's first-ever case alleging jurisdiction over interest rate swap agreements in connection with illegal payments to a Jefferson County, Ala., official to acquire municipal finance business.
- Financial fraud case against former officers of DHB Industries, a major supplier of body armor to the U.S. military, and its former CEO David Brooks.
- Foreign Corrupt Practices Act (FCPA) cases involving Bell South and the Bristow Group.
- Offering fraud and affinity fraud cases such as K.L. Group, Pension Fund of America, U.S. Pension Trust, Focus Financial, Wealth Pools, Scoop Capital, and Worldwide Entertainment.
- The landmark auditor independence case against PricewaterhouseCoopers.
Under Mr. Nelson's leadership, the Miami office also conducted hundreds of routine, cause and sweep examinations of broker-dealers, investment advisers and mutual fund firms in the region, which led to the detection and correction of compliance violations.
"David Nelson has served the Commission for two decades with distinction, leading the Miami office in its examinations of securities firms and in some of our most significant enforcement cases," said SEC Chairman Mary Schapiro. "We owe him a debt of gratitude for his dedication, commitment and service. I know that SEC staff and my fellow Commissioners join me in wishing him well in his future endeavors."
Robert Khuzami, Director of the SEC's Division of Enforcement, said, "David Nelson is an extremely talented lawyer and an outstanding public servant. His intellect, integrity, exceptional judgment and vast knowledge of the securities laws and legal process have been great assets for the Miami Regional Office and the Commission."
Lori Richards, Director of the SEC's Office of Compliance Inspections and Examinations, added, "David has been a forceful advocate for investors. He led the Miami office with a keen focus on the protection of investors, a positive attitude, a uniting sense of teamwork, and a wry sense of humor. Investors in the region have been well-served by his service."
Mr. Nelson said, "I am very grateful to have had the opportunity to work with such talented professionals at the SEC, both in Miami and throughout the agency. I am proud to have been associated with a staff that every day demonstrates such intelligence, energy and selfless teamwork."
Since joining the SEC staff in 1984 as a Staff Attorney in the Division of Enforcement in Washington, D.C., Mr. Nelson subsequently served as a Branch Chief in the Division before relocating to the Miami office, where he rose from Senior Counsel and Branch Chief to Assistant Regional Director to Deputy Regional Director before assuming his current position. During this time, Mr. Nelson was twice cross-designated as a Special Assistant U.S. Attorney to work on criminal matters for the Southern District of New York and for the Southern District of Florida.
Mr. Nelson earned numerous awards during his tenure at the SEC including the John Marshall Award (Department of Justice), Chairman's Special Act Award, Capital Markets Award, and Chief Postal Inspector's Special Award. Nelson also devoted significant efforts to enhancing the Commission's commitment to diversity, and was a member of the SEC's first agency-wide diversity initiative.
Early in his career, Mr. Nelson was a member of the prosecution team in the U.S. Attorney's Office for the Southern District of New York that carried out the criminal investigations and prosecutions of Drexel Burnham Lambert, Michael Milken, Ivan Boesky, and others.
Mr. Nelson attended the Massachusetts Institute of Technology (MIT) before transferring to and graduating from Princeton University with an A.B. His law degree is from Georgetown University Law Center.
# # #