FOR IMMEDIATE RELEASE 99-48 David Bayless, Head of SEC's San Francisco Office, to Leave the Commission to Return to Private Practice Washington, D.C., May 11, 1999 -- David B. Bayless, District Administrator of the Securities and Exchange Commission's San Francisco District Office, announced today that he is leaving the Commission to become a partner with the law firm of Morrison & Foerster. Mr. Bayless will conduct private securities litigation as well as SEC enforcement and counseling work out of that firm's San Francisco office. Mr. Bayless, 49, became the District Administrator of the SEC's San Francisco office in August 1994. He oversaw all enforcement and regulatory operations in that office, which is responsible for Northern California and the states of Oregon, Washington, Idaho, Montana and Alaska. During his tenure as the head of the SEC's San Francisco office, the size of that office more than doubled. Under his direction, the San Francisco office pursued significant enforcement actions in many areas, including municipal securities fraud, Internet fraud, insider trading, financial reporting fraud and broker-dealer, investment company and investment adviser fraud. SEC Chairman Arthur Levitt said, "I am extremely sorry that David is leaving the SEC. He leaves behind a mark of integrity, professionalism and commitment to protecting investors. Under his leadership, the District Office has established a strong and effective presence in Northern California and in the Pacific Northwest. He will be missed as a lawyer, a manager and a friend. We wish him the best." SEC Director of Enforcement Richard H. Walker stated, "David Bayless has been instrumental in the growth and success of our San Francisco office over the last five years. He has initiated a number of important cases that have made our markets safer for investors. I wish him continued success in his return to private practice." In announcing his plans to leave the Commission, Mr. Bayless said "Working for the Commission has been the most rewarding challenge of my career as a lawyer. I have been extremely fortunate to have worked with such talented and skilled colleagues. I will always look back at this time with enormous personal and professional satisfaction." -- more -- Bayless News Release May 11, 1999 Page 2 Prior to joining the Commission, Mr. Bayless was a partner with the Chicago law firm of McDermott, Will & Emery, where he specialized in complex commercial litigation, including securities litigation. Mr. Bayless holds a J.D., with honors, from the University of Chicago where he was elected to the Order of the Coif; a Ph.D. from Cambridge University of England; and B.A., with high honors, from Oberlin College. He was a law clerk to the Honorable Luther M. Swygert (dec.) of the United States Court of Appeals for the Seventh Circuit. He is admitted to practice in California, Illinois and the District of Columbia. # # #