The United States Securities and Exchange Commission has appointed New Jersey Attorney General Gurbir S. Grewal as Director of the Compliance Division.
The appointment will take effect on July 26, and the SEC will add the veteran prosecutor to its ranks to play a key role in regulating financial markets in the US.
“He has the ideal combination of experience, values and leadership skills to lead the Compliance Division at this critical time. I look forward to working closely with him to protect investors and root out wrongdoing in our markets. ” saying Gary Gensler, president of the SEC.
Grewal is a replacement for Alex Oh, who was appointed by Gensler, but was forced to resign in April after only a few days on the job.
Oh’s appointment sparked a backlash over the history of her work defending corporations as a lawyer, in special his representation of ExxonMobil, a case in which the defendants were accused of human rights abuses in Indonesia.
Grewal is an American Indian who grew up in New Jersey. The 48-year-old has served at the state and federal levels, including the Economic Crimes Unit where he led the prosecution of the co-conspirators behind a $ 300 million global hacking and data breach scheme.
Grewal was also assigned to the Business and Securities Fraud Unit in the past, where he served as an Assistant United States Attorney in the Criminal Division of the United States Attorney’s Office for the Eastern District of New York.
He doesn’t appear to have any high-profile crypto cases under his belt, but he does have experience in prosecuting Ponzi schemes and securities fraud.
One notable case that Grewal oversaw while in New Jersey was the case against Eliyahu Weinstein, who pleaded guilty to running a real estate Ponzi scheme that defrauded investors of $ 200 million.
Weinstein was sentenced to 22 years in prison and later admitted to another fraudulent scheme surrounding Facebook’s initial public offering (IPO) in 2012.
Related: Rapper The Game Faces $ 12 Million Lawsuit Along With Executives In ICO Case
The SEC has been stepping up prosecutions of Initial Coin Offerings it considers securities of late. Cointelegraph reported on the ongoing lawsuit between the SEC and Ripple Labs on June 25, revealing that the regulatory body recently claimed that XRP token holders are using social media to “spread negative and false statements about members of the leadership of the SEC “.
The lawsuit was initially filed by the SEC in December, alleging that the company participated in offerings of unregistered securities. The two sides have been locked in a tense battle throughout 2021.