During his stint as enforcement heavyweight, Ricciardi headed up a number of media-blitzed cases including ‘the $9.7 million settlement by broker-dealer Jefferies & Co for improperly providing millions of dollars of lavish gifts, extravagant travel and entertainment to win mutual fund trading business’ and the ‘$8 million settlement with Fidelity Investments for the improper acceptance of travel, entertainment and other gifts paid for by outside brokers courting its trading business and allowing such gifts to influence the selection of brokers’ (this one’s juicy).
In addition to his aptitude for sussing out cases, Ricciardi bolstered the enforcement program initiating the enforcement management plan, which requires deputy involvement when deciding on opening and continuing an investigation; revising closing practices; forming enforcement-wide working groups on issues such as hedge funds and options backdating; and supervising the development of an investigation tracking and case management system.
His efforts have not gone unnoticed by the SEC, which is giving him the Stanley Sporkin Award for ‘exceptionally tenacious and insightful contributions’ to the enforcement of federal securities laws.
And his efforts will certainly be missed by the corporate world, which benefited from his forthcoming attitude in discussing the SEC’s enforcement strategies.
Let’s just hope the next person in charge shares Ricciardi’s affinity for openness.
By Janine Armin
Corporate Secretary magazine