In a "farewell statement," departing SEC Enforcement Director Stephanie Avakian reviewed the Division's track record over her four-year tenure.
Ms. Avakian highlighted the Division's responses to the Supreme Court's decisions in Lucia, Kokesh, and Liu and the Division's ability to persevere through reduced staffing levels during the pandemic as examples of the Division's ability to meet challenges. She noted a handful of individual cases - including against Theranos and Elizabeth Holmes, General Electric, Facebook and Robinhood - as examples of the Division's "independence," "agility" and "trial skills."
Ms. Avakian urged Division staff to not listen to the "noise" of "shifting sands and predictions of a change in enforcement focus." Instead, she encouraged Division staff to "hew to our mission" and "[k]eep investigating those cases you believe merit investigation, keep making the best recommendation you can in each case, and continue to stand behind your work."
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