Home Business SEC Names Gottesman Deputy Chief Litigation Counsel

SEC Names Gottesman Deputy Chief Litigation Counsel

When you purchase through our sponsored links, we may earn a commission. By using this website you agree to our T&Cs.

The SEC has named David Gottesman as its Deputy Chief Litigation Counsel, according to a statement from the regulatory body. Gottesman joined the agency in 2004 and has worked in several positions inside the SEC since then.

Matthew C. Solomon, who holds the role of Chief Litigation Counsel inside the SEC Division of Enforcement, commented on the qualities of his new deputy, saying that his “trial acumen, together with his subject matter expertise and strong management experience, will be critical assets to our national litigation program.”

Gotteman takes role at pivotal juncture for the SEC

In the years following the 2008 economic crisis the SEC has been involved in a large number of cases dealing with that crisis, and the abuses that caused it. With most of those cases out of the way or heading that direction, the regulator has an important role in ensuring that those abuses don’t happen again.

Gottesman joined the SEC in 2004, and was promoted to a supervisory role inside the agency’s trial unit in 2011. In that position he litigated cases involving accounting fraud, insider trading, market manipulation, investment company and adviser fraud, according to the statement from the SEC on the promotion.

Andrew J. Ceresney, who directs the Division of Enforcement at the SEC, said that Gottesman “is an outstanding lawyer, demonstrating great judgement, significant securities law expertise, and a drive to succeed.” A talented litigator will be needed inside the regulator as it tries to deal with new kinds of abuses stemming from the computerization of the stock market, and the new position of financial institutions in the wake of the financial crisis.

SEC continues high frequency trading purge

The biggest story involving the Securities and Exchange Commission in recent weeks is the body’s campaign against certain high frequency trading platforms in the wake of Michael Lewis’ explosive book on the subject. The agency says that it is preparing to remove some of the companies involved in the industry in response to the book, and the public outcry that it precipitated.

According to Michael Lewis’ Flash Boys: A Wall Street Revolt, the stock market is “rigged” by those with the capital to ensure that their trades get made before those of the ordinary investor. As Chief Litigation Counsel, Gottesman may be involved in some of the upcoming cases related to the urge of high-frequency trading platforms.

The SEC is apparently taking the claims seriously, and is mulling over various new rules and enforcement actions in order to reduce the power of those kinds of platforms.

Our Editorial Standards

At ValueWalk, we’re committed to providing accurate, research-backed information. Our editors go above and beyond to ensure our content is trustworthy and transparent.

Paul Shea
Editor

Want Financial Guidance Sent Straight to You?

  • Pop your email in the box, and you'll receive bi-weekly emails from ValueWalk.
  • We never send spam — only the latest financial news and guides to help you take charge of your financial future.