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This move is only the latest in personnel changes by the SEC in an effort to improve its operations. The changes are a response to the SEC's failure to detect Bernard Madoff's Ponzi scheme. Adam Storch's position was created by Enforcement Division Director Robert Khuzami as part of the re-structuring efforts that he announced earlier this year.
As part of his job, Storch will oversee operations that include budget, administrative services and information technology, as well as supervising the workflow that has to do with the collection and distribution of fair funds to harmed investors. Khuzami believes that Adam Storch's skills and experience will help the SEC run more efficiently.
Khuzami, who is a former federal prosecutor, was hired to help the enforcement division after the Madoff scandal. Since his hiring, he has worked to implement major changes for the SEC. Khuzami has reduced management by 40 percent to allow more people to be sent to help with front-line investigations. He has also created a new office of market intelligence to monitor tips, separated the division into specialized units, and expedited the subpoena acquisition process for the staff. Adam Storch's position is another of the changes implemented by Khuzami in an effort to strengthen the operations of the SEC.
Adam Storch most recently served in Goldman's Business Intelligence Group as vice president. Prior to that, he was a senior consultant at Deloitte & Touche. He has an MBA from New York University's Leonard N. Stern School of Business, and a B.S. in Business Administration from the SUNY Buffalo School of Management, from which he graduated summa cum laude. He is 29 years old.
The SEC released a statement today about a report filed jointly with the Commodities Futures Trading Commission on differences in regulatory schemes. The report includes recommendations for the two agencies to work more harmoniously, and is the start for the collaboration of the SEC and CFTC for the future. The two groups held their first joint public meetings last month.
Posted October 16th, 2009 by Nicole Palmby
