Barry Rashkover, Northeast Regional Office Associate Regional Director and Co-Head of Enforcement, to Leave Commission

FOR IMMEDIATE RELEASE
2004-66

Washington, D.C., May 17, 2004 - Barry W. Rashkover, Associate Regional Director and Co-Head of Enforcement for the Commission's Northeast Regional Office, announced today that he will leave the Commission in June to become a partner in the law firm of Sidley Austin Brown & Wood LLP. Rashkover, 43, has served as served as Co-Head of Enforcement of the SEC's Northeast Regional Office since June 2000. Before that, he held various other positions as part of the office's enforcement staff including Assistant Regional Director and Senior Trial Counsel.

During his tenure at the SEC, Rashkover has spearheaded some of the Commission's most significant enforcement matters. These include, for example:

• landmark enforcement actions in March 2004 against five New York Stock Exchange specialist firms for unlawful proprietary trading resulting in a $240 million global settlement;
   
• major accounting fraud cases including recent SEC enforcement actions arising out of improper revenue recognition at Computer Associates International, Inc., and SEC v. Adelphia Communications Corp., in which the SEC has alleged a multifaceted, extensive financial fraud;
   
• insider trading cases of national prominence including SEC v. Martha Stewart and Peter Bacanovic and SEC v. Samuel and Jack Waksal;
   
• Report on Investigation In the matter of Motorola, Inc., which set forth important public guidance on Commission Regulation FD and served as one of the Commission's first enforcement pronouncements concerning that regulation;
   
• cases involving improper trading by New York Stock Exchange floor brokers and the regulatory responsibilities of national securities exchanges;
   
• numerous emergency cases in federal court halting ongoing fraudulent securities offerings including SEC v. The Bennett Funding Group, Inc., which involved one of the largest securities "Ponzi" schemes ever; and
   
• cases involving day-trading, margin lending rules, and other broker-dealer regulatory requirements.
   

In 1999, Mr. Rashkover received the SEC's Stanley Sporkin Award, which is given by the Chairman of the SEC in recognition of outstanding contributions to the agency's enforcement program.

Stephen M. Cutler, the Commission's Director of Enforcement, said, "Barry has had an outstanding career at the Commission. He has spearheaded some of our most important and complex investigations and cases. In matter after matter, he has demonstrated a keen intellect, terrific judgment and great dedication. We will miss his many talents and I will miss his friendship."

Rashkover said, "Serving as an enforcement attorney at the Commission has been one of the most rewarding experiences of my career. I am extremely proud, in particular, of the many accomplishments of the Commission's New York-based enforcement group and know that the New York office will continue in the future to maintain its laudable reputation for excellence and fairness. I also feel privileged that, during my tenure at the Commission, I have been able to work with so many talented, dedicated and hardworking professionals Commission-wide."

Before joining the Commission staff in 1995, Rashkover was a litigation associate at what is now Clifford Chance US LLP in New York. Rashkover received his J.D. from Cornell in 1986 and his A.B. from Columbia in 1983.