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SEC: Linda Chatman Thomsen Named Deputy Director Of The Division Of Enforcement

Date 23/01/2002

The Securities and Exchange Commission today announced the appointment of Linda Chatman Thomsen as deputy director of the Division of Enforcement. Thomsen succeeds Stephen M. Cutler, who was appointed director of the division in October 2001 by SEC Chairman Harvey L. Pitt.

I am pleased that Linda has agreed to take on this new role at the Commission," Pitt said. "She brings to the position a record of forceful and effective advocacy for the Commission and for the nation's investors. Steve Cutler and Linda Thomsen are exemplary leaders. With their creativity and toughness, they will move our enforcement efforts forward, enabling the Enforcement Division to build on its excellent track record."

As deputy director, Thomsen will assist the enforcement director in formulating policies and will play a key role in the management of the Division of Enforcement.

"With Linda as deputy, the Enforcement Division will have more opportunities to benefit from her knowledge of the securities laws and leadership skills," Cutler said. "She has demonstrated her ability to manage complex investigations and inspire her colleagues to work at the highest level. As the Division continues its fight against financial fraud and its work in other priority areas, Linda's keen analytic and strategic abilities, as well as her tough prosecutorial bent, will serve the investing public well."

Thomsen, 47, came to the Commission in 1995 as assistant chief litigation counsel. In 1997, Thomsen was named assistant director for the division of enforcement, and in 2000, she became associate director for the division.

During her tenure at the Commission, she has overseen the investigation and litigation of numerous cases. Among other things, she successfully investigated and settled actions charging MicroStrategy with financial reporting violations and its top officers with financial fraud; investigated and settled a case against a broker-dealer for having inadequate policies and procedures designed to prevent misuse of material nonpublic information; investigated and settled two cases charging major corporations with violations of the federal securities laws in connection with making illegal foreign payments; and tried and settled insider trading cases, including emergency cases involving foreign trading. She was a member of the team that obtained a $47 million judgment against Michael Milken in the 1998 Commission case against Milken for violating the Commission's 1991 Order barring him from the securities industry.

Before coming to the Commission, Ms. Thomsen was an attorney at the law firm of Davis Polk & Wardwell in Washington, D.C., and New York, and also served as an Assistant U.S. Attorney in the District of Maryland. She received her A.B. from Smith College and her law degree from Harvard Law School.