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Robert Khuzami, director of the SEC's Division of Enforcement, told The Wall Street Journal that the agency is working on plans to set up teams of specialists who will focus on specific kinds of wrongdoing. The plans were discussed last week at a staff meeting but are not yet final, Khuzami, a former federal prosecutor, told the paper. Khuzami said the move will make the agency "more smart, more swift and more successful." One idea being considered is the creation of specialized groups to focus on specific areas, such as structured financial products, fixed income and municipal bonds, and hedge funds. Another plan is to review open investigations and develop parameters for dropping those cases that are inactive, old or don't serve as a strong deterrent. SEC Chairman Mary Schapiro said in a speech earlier this week that Khuzami "understands that it is essential to speed up investigations so that cases are brought when they will have the greatest deterrent effect -- meaning, right away." Khuzami, who has a reputation for being a tough securities fraud prosecutor, started his job at the enforcement division less than a month ago. The watchdog agency has been under fire, both for its oversight of investment firms that ultimately collapsed and for its failure to uncover Bernard Madoff's massive Ponzi scheme. Decisions regarding the SEC's new crime-fighting teams could be rolled out in the next few weeks. - Donna Block See story from The Wall Street Journal
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The Securities and Exchange Commission is gearing up to roll out its own Justice League to fight fraud.
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