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.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

INTV

Ed Slott: 3 questions to ask before converting to a Roth IRA

To do a Roth conversion, money has to be spent. Here is what financial advisers and their clients should consider before they incur tax costs, according to Ed Slott, founder of Ed Slott's Elite IRA Advisor Group.

Latest news & opinion

Is LPL's deal sweet enough for NPH's 3,200 reps and advisers?

They will have to decide if the signing package they are being offered by LPL makes sense. A lot is hanging in the balance.

Eduardo Repetto to leave Dimensional Fund Advisors

Gerald O'Reilly, currently co-CIO, will take over as co-CEO with David Butler.

Alternative strategies boomed after crisis, but haven't been tested

Because the S&P 500 has outperformed, convincing clients they need protection is a hard sell.

7 ways advisers fixed clients' biggest financial dilemmas

Sometimes it takes creativity, along with knowledge and outside help, to get a client out of a jam.

LPL Financial buys NPH, a broker-dealer network with 3,200 advisers

The deal, part of which is based on the advisers and revenue that eventually will move from NPH, could potentially cost LPL $448 million.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print