SEC Reopens Key Office in New York
The Securities and Exchange Commission on Monday opened a new office in New York’s financial district, more than a month after its previous location was destroyed in the Sept. 11 terrorist attacks.
The 334 SEC employees who had been working out of their homes or at U.S. attorney’s offices in New York now will report to work at the historic Woolworth Building in lower Manhattan.
The SEC’s Northeast Regional Office is the largest of the investor protection agency’s five regional operations, overseeing enforcement and regulation in 13 states and Washington, D.C.
There was concern that the SEC lost valuable evidence in some of its major investigations, but the agency has said it maintained many copies in its Washington headquarters.
The SEC repeatedly said it will be able to pursue major probes and examinations despite losing computers and paperwork in the 7 World Trade Center building, which was destroyed after the collapse of the massive twin towers.
Even without a home, the New York staff continued to bring cases, including recent enforcement action against 44 defendants in an alleged stock manipulation scheme that cost investors more than $30 million involving stocks of micro-cap companies.
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