FOR IMMEDIATE RELEASE 99-87 Wayne M. Carlin Named Associate Director of the Commission's Northeast Regional Office Washington, DC, August 2, 1999 - Securities and Exchange Commission Chairman Levitt today announced the selection of Wayne M. Carlin as Associate Regional Director of the Commission's Northeast Regional Office. As Associate Regional Director, Mr. Carlin will serve as one of the senior officials in the Office, responsible for planning and directing the enforcement program of the region. Carmen J. Lawrence, Director of the Commission's Northeast Regional Office, said, "We are fortunate to have a lawyer of Wayne's talents and abilities rejoin us. Wayne is an outstanding and ardent protector of investor rights. His return to the Commission provides added muscle in helping us maintain the high level of integrity associated with our nation's securities markets." Richard H. Walker, the Commission's Director of Enforcement, added, "I am delighted that Wayne is rejoining our team. Having worked with him, I know firsthand what a valuable addition he will be in helping to lead the superb staff of the Northeast Regional Office." Mr. Carlin returns to the Commission from Lazard Freres & Co. where he has served as Vice President, Head of Regulatory Affairs since May 1997. Prior to his employment with Lazard, Mr. Carlin was with the Northeast Regional Office for approximately four years where he was an Assistant Regional Director, responsible for supervising a number of important and complex cases. Before joining the Commission, Mr. Carlin was first an associate with the law firm of Wachtell, Lipton, Rosen & Katz and then was a partner in the litigation group at Testa, Hurwitz & Thibeault. Some of the matters for which Mr. Carlin had principal responsibility while at the Commission include cases arising from an FBI undercover operation that ensnared stock promoters who paid kickbacks to brokers to induce them to sell the stock to their customers; an egregious soft dollar case against Tandem Asset Management and several of its principals, which culminated in the first criminal prosecution of soft dollar abuses; and the Commission's action against Askin Capital Management, in which the Commission charged an investment adviser with defrauding its clients by disseminating false and misleading performance information related to investments in mortgage derivative securities. Mr. Carlin earned his A.B. magna cum laude from Harvard College and his J.D. from Harvard Law School. # # #