According to a recent report in Crain’s, the US Attorney for the Northern District of Illinois recently created a new section to prosecute securities and commodities fraud. The new fraud section was formed as part of the criminal division and consists of 12 prosecutors, many of which were former attorneys for the Securities and Exchange Commision (SEC). Assistant U.S. Attorney Jason Yonan will lead the new section.
According to Randall Samborn, a spokesman for the U.S. attorney’s office, “The idea in creating this section was in part to make it a little bit more specialized and to give a little more prominence to these types of cases.”
This is the first time a section like this has been formed in Chicago. David Glockner, director of the SEC’s Regional Office in Chicago said he “welcomed the move” and that it shows “the U.S. attorney’s commitment to building Chicago’s expertise in that area.” Glockner previously worked the U.S. Attorney’s Office as chief of the criminal division for 11 years.
The SEC is the primary regulator of the securities industry, however the agency can only bring civil actions against violators. According to Crain’s the history Glockner has to the US attorney’s office will increase ties between the SEC and US attorney’s, who can bring criminal charges related to securities fraud.
The foregoing information, which is publicly available, is being provided by The White Law Group.
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