SEC Commissioner calls for more guidance on in-house counsel’s supervisory roles

Five-year case against former Ferris, Baker Watts GC highlights compliance officers’ confusion

After a five-year-long Securities and Exchange Commission (SEC) probe, Theodore Urban’s name has finally been cleared. 

In 2007, Urban, who was the GC of broker-dealer Ferris, Baker Watts Inc., became suspicious of the trading activity of broker Stephen Glantz. After unsuccessfully urging senior executives to fire Glantz, the SEC launched an investigation. Later that year, Glantz pleaded guilty to one count of stock fraud and one count of making a false statement, and was sentenced to 33 months in prison.

Ashley Post

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