Report: Ex-SEC Enforcement Leader, Now a BigLaw Partner, Will Pay $50K re Work for Accused Swindler
A former enforcement chief at the Securities and Exchange Commission’s office in Fort Worth, Texas, has reportedly agreed to pay $50,000 to settle a civil complaint by the U.S. Department of Justice that he violated federal ethics rules by representing a Ponzi schemer too soon after leaving the SEC.
In a settlement deal that could be announced as soon as Thursday, attorney Spencer C. Barasch also will agree to a six-month ban on practicing before the SEC, reports the Wall Street Journal (sub. req.), in an article that relies on unidentified sources.
He is a partner with Andrews Kurth, which has previously denied that Barasch did anything wrong by representing R. Allen Stanford before he was informed by the SEC’s ethics office in 2006 that he should not do so.
Related coverage:
ABAJournal.com: “IG Says SEC Largely Ignored Likely Allen Stanford Ponzi Scheme for a Decade”
ABAJournal.com: “SEC Inspector General Says Timing of Goldman Case Was ‘Suspicious’”
ABAJournal.com: “Onetime Billionaire Allen Stanford Is Competent for $7B Fraud Trial, Judge Rules”
