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SEC’s Elaine Greenberg Joins Orrick
Orrick, Herrington & Sutcliffe LLP announced on Monday that senior SEC official Elaine C. Greenberg is joining the firm as a resident partner in its Washington D.C. office. Greenberg was the inaugural Chief of the Securities and Exchange Commission’s Municipal Securities and Public Pensions Enforcement Unit. Her former position at the SEC was that of the Associate Director of the Division of Enforcement.
Walt Brown the Managing Director of Orrick’s Business Units said about Greenberg joining the firm: “SEC litigation and regulatory enforcement has grown significantly over the past two years with the SEC’s whistleblower program and the DODD-Frank Act. All signs are that we can anticipate even more activity in this area. We are extremely excited to add a leader with Elaine’s reputation and insight to our Washington, D.C., team.”
Greenberg, who has held dual roles at the SEC and built a nationwide unit to oversee and manage SEC enforcement efforts as the first Chief of the Municipal Securities and Public Pensions Unit, said, “It has been a true honor to serve the SEC together with my dedicated colleagues, and I am very appreciative of our collective achievements …”
In her 25-year tenure at the SEC, she has earned a reputation for tough enforcement actions and under her leadership the SEC brought numerous precedent-setting actions. She was instrumental in bringing the first action charging a municipality with fraud for misleading statements made outside of its securities disclosure documents. Besides bringing ground-breaking actions against financial institutions for their “pay-to-play” schemes and bid rigging, she led the first actions against two states charging them with misleading bond investors regarding the state’s pension systems.
There is little doubt that Orrick has managed to hire one of the most experienced persons in the municipal bonds market and Roger David, Head of Orrick’s Public Finance Group said, “The level of SEC regulation and enforcement in the municipal bond area has never been higher and continues to grow. No one is better able to advise and, if necessary, defend our clients in this area than Elaine Greenberg.”