The Securities and Exchange Commission today announced that Adam S. Aderton has been named Co-Chief of the Division of Enforcement's Asset Management Unit, a national specialized unit that focuses on misconduct by investment advisers, investment companies, and private funds. He succeeds Anthony Kelly, who left the agency in November 2018.
Mr. Aderton has brought or supervised enforcement actions that addressed a wide range of misconduct and investor harm across the asset management industry, including the SEC’s actions against:
- Two J.P. Morgan wealth management subsidiaries for failing to disclose conflicts of interest to retail clients
- Two UBS advisory firms for failing to disclose a change in investment strategy by a closed-end fund they advised
- Gustavo A. Altuzarra, Christopher R. Chase, and three entities they controlled for using client funds to make unauthorized loans and concealing those loans through fraudulent straw purchaser transactions
- Crypto Asset Management LP and its principal, Timothy Enneking, for making misrepresentations to investors and causing its advised fund’s violations
"Adam is a highly respected leader and his broad experience and strong judgment are a tremendous asset. We look forward to working closely with him as co-chief of the Asset Management Unit," said Stephanie Avakian, Co-Director of the SEC's Division of Enforcement.
"I am confident that Adam and his Co-Chief, Dabney O'Riordan, will together provide strong leadership of the Asset Management Unit and continue to deliver results for investors harmed by asset manager misconduct," said Steven Peikin, Co-Director of the SEC's Division of Enforcement.
"I am honored to lead the Asset Management Unit with Dabney," said Mr. Aderton. "I have been with the Unit since its inception, and I have tremendous pride in its people, its work, and all it has accomplished so far. I look forward to working with our talented and dedicated colleagues across the country as we continue our work protecting investors in this critical industry."
Mr. Aderton joined the SEC in 2008 as a staff attorney in the Division of Enforcement. He joined the Asset Management Unit in 2010, and was promoted to Assistant Director in 2013. Mr. Aderton received the Ellen B. Ross Award in 2013, which recognizes exemplary commitment, enthusiasm, and performance in the fair and effective enforcement of the federal securities laws. Before joining the SEC, Mr. Aderton served as a law clerk to the Honorable J. Frederick Motz on the U.S. District Court in Maryland and then was a securities associate at Wilmer Cutler Pickering Hale and Dorr LLP in Washington, D.C. He received his law degree from the University of Virginia School of Law where he was Order of the Coif and his undergraduate degree with highest honors from Truman State University.
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