Washington, D.C., Jan. 20, 2010 — The Securities and Exchange Commission today announced that Fredric D. Firestone, an Associate Director of the Division of Enforcement, will leave the SEC next month to become a partner at McDermott, Will & Emery, resident in the firm's Washington, D.C., office.
During his tenure of more than 12 years at the SEC, Mr. Firestone has overseen investigations and enforcement actions in all major program areas. He has spearheaded the SEC's investigations involving the collapse of the Auction Rate Securities (ARS) market. The ARS settlements reached with multiple financial services firms resulted in the return of more than $50 billion to tens of thousands of harmed investors — the largest financial remedy in the history of the Commission. Mr. Firestone also oversaw significant enforcement actions and settlements in the Enron and WorldCom matters.
"Rick is a first-rate talent whose commitment to the SEC's mission is in the finest tradition of senior officers in the Enforcement Division," said Robert Khuzami, Director of the SEC's Division of Enforcement. "His contributions to the Division's successes are many, and he will be sorely missed."
Mr. Firestone said, "It has been an honor and privilege to work with the dedicated and talented professionals at the Commission. I am particularly grateful to my colleagues in the Division of Enforcement who work tirelessly to protect investors. They represent the best in law enforcement. They are zealous and tough yet treat everyone fairly, and enforce the law with intelligence and compassion."
Mr. Firestone, 49, joined the SEC staff in June 1997 as a Staff Attorney in the Division of Enforcement. He became a Branch Chief in 1999, an Assistant Director in 2003, and an Associate Director in 2006.
In July 2009, Mr. Firestone received the SEC's Stanley Sporkin Award, an honor that recognizes those who have made exceptionally tenacious and insightful contributions to the enforcement of the federal securities laws. Prior to joining the SEC, Mr. Firestone was in private practice and also served as a Judge Advocate in the United States Navy where he tried numerous courts-martial. He earned both his undergraduate and law degrees from Washington University in St. Louis.
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