The Securities and Exchange Commission (SEC) named current acting director of the Division of Enforcement Stephanie Avakian and former federal prosecutor Steven Peikin as co-directors of the Division of Enforcement.
The Division of Enforcement is the agency’s largest unit with more than 1,200 investigators, accountants, trial attorneys, and other professionals.
“There is no place for bad actors in our capital markets, particularly those that prey on investors and undermine confidence in our economy,” SEC Chairman Jay Clayton said. “Stephanie and Steve will aggressively police our capital markets and enforce our nation’s securities laws as co-directors of the Division of Enforcement. They have each demonstrated market knowledge, impeccable character, and commitment to public service, and I am confident their combined talents and experience will enable them to effectively lead the division going forward.”
Avakian was named acting director of the division in December 2016 after serving as deputy director of the division since June 2014. Before that, Avakian was a partner at Wilmer Cutler Pickering Hale and Dorr LLP, where she served as a vice chair of the firm’s securities practice and represented financial institutions, public companies, boards, and individuals in a broad range of investigations and other matters before the SEC and other agencies.
She also worked at the Division of Enforcement as a branch chief in the New York Regional Office, and later served as counsel to former SEC Commissioner Paul Carey.
She earned her bachelor’s degree from the College of New Jersey and a law degree from Temple University School of Law.
“I am proud of the work done by staff in the Enforcement Division, and I am honored and excited to continue leading this dedicated group of professionals with Steve,” Avakian said. “His experience and judgment will be an asset to both the Enforcement Division and the agency.”
Peikin served as an assistant U.S. Attorney in the Southern District of New York from 1996 to 2004. He was chief of the office’s Securities and Commodities Fraud Task Force, where he supervised some of the nation’s highest profile prosecutions of accounting fraud, insider trading, market manipulation, and abuses in the foreign exchange market. As a prosecutor, Peikin also personally investigated and prosecuted a wide variety of securities, commodities, and other investment fraud schemes, as well as other crimes.
Most recently, Peikin was managing partner of Sullivan & Cromwell’s Criminal Defense and Investigations Group. His practice focused on white-collar criminal defense, regulatory enforcement, and internal investigations. Peikin also is Adjunct Professor of Law at New York University Law School, where he teaches a class on the criminal enforcement of securities and commodities laws.
He received his bachelor’s degree from Yale University and a law degree from Harvard Law School.