SEC inspector general retires

Aug 8, 2007 @ 5:24 pm

By Dan Jamieson

Walter Stachnik, inspector general at the Securities and Exchange Commission, who came under fire for a botched whistle-blower investigation, has retired.

Mr. Stachnik retired last Friday, according to SEC spokesman John Heine.

Mr. Heine said he would not speculate as to the reason for Mr. Stachnik's retirement.

Mr. Stachnik, who was appointed as the agency's first inspector general in 1989, “retired after 30 years of government service,” Mr. Heine added.

News of Mr. Stachnik's departure was reported earlier today by Forbes.com.

On Friday, a Senate committee report blasted the SEC's inspector general office for failing “to conduct a serious, credible investigation” of claims by former SEC investigator Gary Aguirre.

Mr. Aguirre alleged that top SEC enforcement officials scuttled an insider trading investigation involving Pequot Capital Management and John Mack, now chief executive at Morgan Stanley. Mr. Aguirre was fired from the agency in 2005.

Senate committee staff said they received “numerous complaints” about the inspector general from current and former SEC employees.

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