Another Ponzi Scheme Stopped -- and This One Targeted the Deaf

 

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Khuzami, who has been general counsel for the Americas at Deutsche Bank since 2004, also worked as a federal prosecutor for 11 years with the U.S. Attorney's Office for the Southern District of New York, serving as chief of their Securities & Commodities Fraud Task Force. In that position, Khuzami prosecuted numerous white-collar criminal matters, including insider trading and Ponzi schemes.

"He's got a wonderful reputation," Seligman said. "And bringing him in is a way to signal that the SEC is ready to be the cop on Wall Street again and do everything it can to deter fraud."

Linda Chatman Thomsen announced earlier this month that she would leave her position as director of the SEC's Enforcement Division to return to the private sector.

'Reinvigorated SEC'

Khuzami's hiring is the latest move by new SEC chairwoman Mary Schapiro as she works to form "a strong and reinvigorated SEC."

"As we work to improve investor confidence in the markets, our enforcement efforts are vital," Schapiro said. "Throughout his career, Rob has demonstrated an unwavering commitment to prosecuting wrongdoers and protecting citizens.

"There's a new sheriff in town," said Seligman. "To me, Mary Schapiro is already making a very substantial difference in tone and focus at the commission."