The incoming director of enforcement at the Securities and Exchange Commission will be comfortable in the municipal securities enforcement arena following her extensive experience as a prosecutor.
Alex Oh was named director of enforcement on Thursday and sources expect her to be an effective and tough enforcement director, in the tradition of former federal prosecutors to hold the post.
“She fits the bill as someone who can be an effective and tough enforcement director, but also someone who has experience representing large institutions and understands the give and take of what an SEC investigation and enforcement action is like,” said Peter Chan, partner at Baker McKenzie and a former SEC enforcer. “She can provide from her experience a tough, but also informed perspective on enforcement.”
Oh was most recently a partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP and co-chair of the law firm’s Anti-Corruption & FCPA Practice Group. Before that, she was an assistant U.S. attorney in the criminal division of the U.S. Attorney’s Office for the Southern District of New York. There she was a member of the Securities & Commodities Fraud Task Force and the Major Crimes Unit.
She will be the first Asian-American to hold the post.
“I’m excited to join the Division of Enforcement’s team of deeply talented and committed public servants,” Oh said. “The Enforcement Division plays a critical role in protecting investors and maintaining fair, orderly, and efficient markets, essential components of the SEC’s mission. I am committed to working tirelessly to uncover and prosecute violations of the law, whether by businesses or their leaders, so that we can keep American capital markets the strongest in the world.”
Before private practice, Oh was the lead trial lawyer in a number of jury trials as assistant U.S. attorney. She also served as a trustee to the Lawyers’ Committee for Civil RIghts Under Law and on the Board of Trustees of the Legal Aid Society of the District of Columbia. Oh also served on the Criminal Justice Act Panel for the United States Court of Appeals for the D.C. Circuit and the D.C. federal district court.
As for municipal securities, Oh’s experience as a prosecutor in the Southern District of New York and in private practice means she will be familiar with pay-to-play cases in muni enforcement, Chan said. One of the major
Chan said it wasn’t clear if Oh’s experience means more enforcement cases in the pay-to-play space, but said there could be.
Oh also has experience in dealing with public accounting fraud as a prosecutor and defense attorney, Chan said.
“Applying that to the municipal securities world, she will also be very knowledgeable and comfortable with the classic municipal bond disclosure cases in terms of offering statement omissions and misrepresentations dealing with material information such as financial performance and so forth,” Chan said.
Her experience is “transferable” to muni enforcement, Chan said.
“It would be very natural for her to go after gatekeepers including auditors, but also including municipal advisors, underwriters and possibly even bond lawyers because that would be the same playbook,” Chan said.
Oh earned a J.D. from Yale Law School and a B.A. from Williams College.
“Our capital markets – and the broader economy – thrive when there are clear rules of the road and a cop on the beat to enforce them,” said SEC Chair Gary Gensler. “Alex brings to the role of director the right combination of values and experience to vigorously root out wrongdoing in our markets."
