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U.S. Securities and Exchange Commission

SEC Atlanta Regional Director Kit Addleman Leaving After 20 Years of Service


Washington, D.C., Sept. 1, 2009 — The Securities and Exchange Commission today announced that Katherine (Kit) Addleman, Director of the SEC's Atlanta Regional Office, will be leaving the SEC after 20 years of dedicated service at the agency in four different SEC regional offices.

As Regional Director in Atlanta since June 2007, Ms. Addleman oversaw all aspects of the office's operations, including its enforcement, examination, litigation, and bankruptcy reorganization programs. She will join the law firm of Haynes and Boone LLP in October.

SEC Chairman Mary Schapiro said, "The ability of the SEC to enforce securities laws and to protect investors derives from the dedicated efforts of people like Kit Addleman. She has made a significant contribution to the work of the Commission during her tenure as the Regional Director in the Atlanta Regional Office and in the other senior management positions she has held within the SEC."

SEC Director of Enforcement Rob Khuzami said, "Kit has played a critical role in the success of the Atlanta Regional Office's enforcement and examination programs since becoming the head of that Office. Under her leadership and guidance, the Atlanta Office has initiated a number of important cases that have made our markets safer for investors. I wish Kit continued success in her new career."

John Walsh, Acting Director of the Office of Compliance Inspections and Examinations, stated that "Kit played a key role in protecting investors in the region. She led a vigorous program of on-site examinations of brokers, funds and advisers. Under her leadership the Atlanta Regional Office found and stopped several significant frauds and helped develop innovative examination techniques. We will miss Kit and we wish her the best of luck in her future career."

Ms. Addleman said, "I have appreciated the honor and privilege of being an advocate for investors while at the Commission for more than two decades. I also have been blessed by the opportunity to work alongside SEC staff who are the best and brightest in their fields and whose strong dedication is the cornerstone of the Commission's efforts to keep the markets free from fraud and deception."

Under Ms. Addleman's leadership, the Commission brought numerous significant enforcement actions, including:

  • Accounting fraud and disclosure violations by public companies and their officers and directors, including Krispy Kreme Doughnuts, Inc., Beazer Homes USA, Inc., Qwest Communications International Inc., OCA, Inc. and the Coca-Cola Company.

  • Audit failures by accounting firms and individuals including Deloitte & Touche LLP, its engagement partner and audit manager for an audit of the financial statements of Just for Feet, Inc., and an engagement partner at Arthur Anderson LLP in the Qwest matter.

  • Insider trading by corporate insiders and others in the stock of Georgia-Pacific Corporation, Tyson Foods, Inc., and ShowBiz Pizza Time, Inc.

  • Insider trading involving market participants including a Pakistani banker who traded in the securities of TXU Corp. and nine other issuers, as well as an investment banker and his father, a founding member and Director of the Chicago Board Options Exchange and Director of the American Stock Exchange, for trading in three companies.

  • Fraud and compliance violations by investment advisers including Consulting Services Group, Battery Wealth Management, ProTrust Management, Inc., and Waddell & Reed, Inc.

  • Fraud by broker-dealers and representatives including churning at Aura Financial Services, Inc., fraudulent auction rate securities sales by Morgan Keegan & Company, Inc., fraudulent 529 Plan sales by 1st Global Capital Corp., and violations of the customer privacy protections by JP Turner & company, LLC, and its former COO.

  • Offering fraud, Ponzi schemes, and market manipulation resulting in temporary restraining orders, asset freezes, expedited hearing and other emergency actions.

During Ms. Addleman's tenure, the Atlanta 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. The Atlanta office also led significant risk-targeted examinations to assess potential industry trends and problems and piloted new exam techniques.

Ms. Addleman also coordinated numerous regulatory and enforcement initiatives with other federal and state law enforcement and financial regulatory agencies, including the Department of Justice and U.S. Attorneys offices, state Attorneys General, and self-regulatory organizations, including Financial Industry Regulatory Authority.

Ms. Addleman began her legal career in September 1986 as an enforcement staff attorney and special counsel in the SEC's office in Philadelphia. After later serving as an associate with a Dallas law firm where she specialized in securities litigation, Ms. Addleman returned to the SEC in 1992 as Enforcement Branch Chief in the Fort Worth Regional Office. Ms. Addleman was an Assistant Regional Director for Enforcement in the SEC's Denver office from 1997 to 2005. She was the Associate Regional Director for Enforcement in the Atlanta office from 2005 to 2006 and in the Fort Worth office from 2006 to 2007.

Ms. Addleman received her B.A. degree from Wake Forest University in 1983 and her J.D. with distinction from Oklahoma City University Law School in 1986.

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Modified: 09/01/2009