Walter Stachnik

Walter J. Stachnik
Known for former Inspector General of the Securities and Exchange Commission

Walter J. Stachnik is a former Inspector General of the U.S. Securities and Exchange Commission (SEC).[1]

SEC career

Stachnik was the first Inspector General of the SEC, having been in the position from the time the job was created in 1989.[2]

In 2001, he said the SEC was having a "significant problem" controlling its granting of waivers of legal judgments that order defendants to return ill-gotten gains, and the SEC staff agreed with his findings.[3][4]

He retired in 2007, after 30 years in government service, the day the United States Senate indicated that his role in the investigation of allegations that Pequot Capital engaged in insider trading was "flawed from the beginning and hindered by missteps during the entire process."[1][5] The 108-page Senate Report by the Finance and Judiciary committees said he had failed in his mission, was "not well respected", and was perceived as "a tool of management, used for retaliatory investigations against disfavored staff."[1] He was replaced by H. David Kotz.[6]

References

  1. ↑ 1.0 1.1 1.2 Liz Moyer. "SEC Official Retires As Report Blasts Performance". Forbes. Retrieved February 17, 2013.
  2. ↑ Stier, Ken (August 16, 2007). "Undue Influence at the SEC?". TIME. Retrieved February 17, 2013.
  3. ↑ Your Money; Audit Finds SEC May Give Waivers Too Easily, Los Angeles Times, June 21, 2001
  4. ↑ "SEC Says It Will Pursue Wrongdoers' Profits More Aggressively". The Washington Post. June 21, 2001. Retrieved February 17, 2013.
  5. ↑ "SEC inspector general retires". Retrieved February 17, 2013.
  6. ↑ "SEC Taps New Inspector General". MutualFundWire.com. December 5, 2007. Retrieved February 17, 2013.