Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Wednesday, June 30, 2010

SEC Settles Wrongful Termination Claim with Former Enforcement Attorney

The SEC and Gary Aguirre, a former attorney in the Enforcement Division, settled wrongful termination charges, with the SEC agreeing to pay $755,000.  Aguirre alleged that he was fired because he sought to interview John Mack (soon-to-be named CEO at Morgan Stanley) in connection with an insider trading investigation involving the hedge fund Pequot Capital Management.  WSJ, SEC Settles Firing Claim For $755,000

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Congratulations to Gary Aguirre; not only for a job well done, but also for the tenacity to stay the course.

But what about the biggest fish of all, the infamous John J Mack?!

Mack got away with thievery and remains free as a bird; free to continue operating the slippery way he always has!

And what about the obviously-corrupted management team - a phrase I use very loosely - that deliberately blocked Gary Aguirre at every pass? Why haven't these thugs been dealt with? This reeks of corruption and is clearly unacceptable!

With this sort of cover-up crap happening high up within the primary regulatory agency formed to supposedly prevent such garbage; is it any wonder why the public now correctly perceives Wall Street as the sewerage system it is?

Also, we should all be asking these important and relevant questions: Why is Gary Aguirre receiving only a paltry $ 755,000 when the SEC walked away with a cool $ 28 million that it never would have seen a dime of had it not been for his efforts? And, what about the $ 19 million or so that Pequot Capital Management made trading on insider knowledge of the GE Capital-Heller Financial merger; knowledge illegally provided by crooked tipper John J Mack?

Mary Shapiro, if after this mess you still do not believe it is necessary to CLEAN HOUSE, then in the opinion of this seasoned observer you should promptly step down!

With Much Deserved Disgust,


Posted by: Sparky | Jun 30, 2010 6:25:34 AM

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