Paul R. Berger, an associate enforcement director at the Securities and Exchange Commission who worked on its case against former Oklahoma muni banker Robert Cochran, plans to leave the SEC at the end of the month to become a partner in the Washington, D.C., law office of Debevoise & Plimpton LLP.
The departure of Berger, 56, who has been at the commission for 14 years, will leave three of the five SEC associate enforcement director positions vacant, sources said.
Linda Chatman Thomsen, the commission’s top cop, yesterday praised Berger for his contributions and wished him well.
“Paul Berger has brought 200% to the job of protecting investors. He is an intrepid investigator who has used his keen intellect, abundant creativity, and sheer hard work to tackle the full array of securities law violations,” she said. “He has been a great mentor, a great leader, a great colleague, and a great friend. We celebrate his service and wish him all of the very, very best.”
Berger joined the SEC as an enforcement staff attorney in 1992. He became a branch chief in 1994, an assistant director in 1996, and an associate director in April 2000.
During his tenure, he conducted or supervised a wide range of investigations and enforcement activities, including the commission’s case against Cochran, a former Stifel, Nicolaus & Co. investment banker.
In 2002, Cochran paid $220,000 to settle SEC securities fraud and other charges against him over undisclosed payments he obtained for Stifel in connection with two bond deals done in the early 1990s by Oklahoma authorities.
The SEC was able to negotiate the settlement after an appeals court overturned a jury’s criminal conviction of Cochran in a Justice Department case against him involving similar issues. In 1999, Cochran paid $100,000 to settle SEC securities fraud charges over undisclosed payments he received for Stifel in connection with a conduit health care deal in Missouri.
Besides the muni case, Berger was involved in cases involving financial fraud, insider trading, auditor independence, executive compensation, and broker-dealer violations. Since 2000, he has chaired the commission’s financial fraud task force, a group that takes on difficult and leading-edge investigations.
Berger received the SEC’s Stanley Sporkin Award in 1999. The award recognizes those who have made “exceptionally tenacious and insightful contributions” to the enforcement of the federal securities laws. He is a graduate of American University and the Antioch School of Law.
