Legal, Compliance Employees On The Hook After Urban
October 4, 2010, 1:01 PM EDT
Law360, New York (October 4, 2010, 1:01 PM EDT) -- On Sept. 8 a U.S. Securities and Exchange Commission administrative law judge ruled that Theodore W. Urban, the former general counsel of the brokerage firm Ferris Baker Watts Inc., acted reasonably in his supervision of a rogue broker and dismissed the case brought by the SEC’s Enforcement Division. See In the Matter of Theodore W. Urban, Adm. Proc. File No. 3-13655, Initial Decision (Sept. 8, 2010).
While this decision was certainly good news for Urban, it may not be good news for legal and compliance employees...