Michael Osnato Jr. to Lead SEC Enforcement Unit; Andrew Ceresney Comments

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SECMichael Osnato Jr., former assistant director of the Securities and Exchange Commission’s New York regional office since 2010, has been appointed as the SEC’s enforcement division unit lead.

Osnato will oversee the complex financial instruments unit that comprises of lawyers and industry experts tasked with probing potential malpractices on asset-backed securities, derivatives and other financial products, the SEC said Monday.

“He has been a valuable part of our efforts to punish misconduct related to complex financial instruments and we are pleased that he will bring his considerable talents and skills to the unit,” said Andrew Ceresney, co-director of the SEC’s enforcement division.

Osnato joined the SEC in 2008 and has been involved in various enforcement actions, including the SEC’s case against JPMorgan Chase & Co. and two former traders for overvalued complex trading portfolio.

He also led the filing of lawsuits against four former Credit Suisse Group investment traders and operators of the Reserve Primary Fund for fraudulent trading schemes.

Osnato previously worked at Shearman & Sterling LLP and later at Linklaters LLP before joining the SEC enforcement staff.

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