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Daniel M. Hawke, the longtime chief of the SEC’s Market Abuse Unit and former director of the Philadelphia Regional office, is leaving the agency and returning to the private sector after nearly 16 years of service, SEC officials say.
Hawke had headed up the Market Abuse Unit since it was created in 2010. The unit focuses on “hard-to-detect insider trading activity, market structure violations, market manipulation and other trading abuses,” according to an SEC statement.
Robert Cohen and Joseph Sansone, the deputy unit chiefs, will move up to serve as co-acting unit chiefs after Hawke’s departure, officials say.
“For the past 16 years, Dan has tirelessly served the commission’s enforcement division and demonstrated the highest dedication to our mission,” says SEC Chair Mary Jo White, in a prepared statement. “His exemplary leadership in multiple senior roles has served the agency well and the investing public is safer for his service,” White says.
During his time at the SEC, Hawke led several important investigations of wrongdoing via market structure, insider trading, market manipulation, and trading abuses, officials say. He also pushed the Market Abuse Unit to “use technology and quantitative analysis to detect insider trading and conduct groundbreaking ‘trader-bases’ investigations,” according to the SEC.
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