Ari Gabinet, District Administrator of the SEC's Philadelphia Office, to Leave the Commission
Ari Gabinet, former SEC Philadelphia District Administrator, left the Commission in October 2005 to join Vanguard Group after overseeing high-profile enforcement actions against mutual fund abuses—including $50M and $20M revenue sharing settlements and a $260M market-timing case—with no allegations of misconduct against him.
Ari Gabinet, who led the SEC’s Philadelphia District Office from January 2003 to October 2005, oversaw major enforcement actions including a $50 million settlement with Morgan Stanley DW and a $20 million action against Citigroup over undisclosed revenue sharing, as well as a $260 million market-timing case against Harold Baxter, Gary Pilgrim, and the PBHG funds. His office also pursued cases against MFS, PIMCO, and Putnam for directed brokerage payments and launched broad examination initiatives on pay-to-play, performance advertising, and transfer agent compliance. Gabinet received unanimous praise from SEC leadership for his leadership, innovation, and commitment to investor protection, and departed without any allegations of wrongdoing to join Vanguard Group.
Ari Gabinet served as District Administrator of the SEC’s Philadelphia Office from January 2003 until his departure in October 2005, during which time he significantly expanded the office’s staff by 55% and oversaw its relocation to new facilities. Under his leadership, the office secured landmark enforcement actions, including $50 million and $20 million settlements with Morgan Stanley DW and Citigroup over undisclosed revenue sharing, a $260 million market-timing case against Harold Baxter, Gary Pilgrim, and the PBHG funds, and actions against MFS, PIMCO, and Putnam for improper brokerage payments. Gabinet also initiated comprehensive examination programs targeting pay-to-play schemes, misleading performance advertising, variable annuity switching, and transfer agent failures. SEC leadership, including Enforcement Director Linda Thomsen and Examination Director Lori Richards, lauded him as an inspiring, creative, and dedicated public servant who elevated investor protection in the region. Prior to joining the SEC, Gabinet was a partner at Dechert LLP and held degrees from Swarthmore College and the University of Pennsylvania Law School. In his departure announcement, he expressed deep gratitude for his team and the mission of the SEC, emphasizing the professionalism and innovation of his colleagues. He transitioned to a private-sector role as head of the securities regulation group at Vanguard Group, Inc., with no allegations of misconduct or impropriety attached to his tenure.
Extracted insights
- $260.00M $260 million $100M–$1B
- $50.00M $50 million $10M–$100M
- $20.00M $20 million $10M–$100M
- company a partner at dechert llp
- person ari gabinet
- person lori richards
- agency sec director of enforcement linda thomsen
- Ari Gabinet Announce He will leave the Commission at the end of October to head the securities regulation group at the Vanguard Group, Inc.
- Ari Gabinet Join The Commission as the District Administrator of the Philadelphia District Office on Jan. 6, 2003
- Ari Gabinet Oversee A 55% increase in the PDO's staff and its relocation to new offices
- The Philadelphia Office Be Responsible For A number of high profile enforcement cases, notably with respect to undisclosed revenue sharing and directed brokerage payments in the mutual fund industry
- The Commission Take Action Against Morgan Stanley DW in a $50 million settled revenue sharing action
- The Commission Take Action Against CitiGroup Global Markets in a $20 million settled action
- The Commission Take Action Against Mutual fund giants MFS, PIMCO and Putnam in directed brokerage cases
- The Commission Take Action Against Harold Baxter, Gary Pilgrim, and the PBHG funds in a $260 million market timing litigation
- The Office's Examination Staff Monitor Regulatory compliance at some of the largest mutual fund complexes and broker dealers in the country
- The PDO Exam Staff Undertake Broad examination initiatives in pay-to-play, performance advertising, variable annuity switching, and transfer agent lost-security holder functions
- SEC Director of Enforcement Linda Thomsen Say Ari has been a dedicated and energetic public servant. He has approached the work of protecting investors with intelligence, energy and creativity. He has also been a wonderful and inspiring colleague and leader.
- Lori Richards State Ari is a superb manager and challenged his staff to identify creative solutions to difficult problems. His passion for the work of the SEC and for the examination program resulted in meaningful protection for investors in the region served by the Philadelphia Office.
- Ari Gabinet Say It's been a thrill to work at the Commission during one of its most exciting and challenging periods. I've learned from amazing people in the home office, from my colleagues in the field offices, and most of all from the staff of the Philadelphia office. Their teamwork, creativity, and high professional standards have been an inspiration to me, and I will miss them all.
- Ari Gabinet Be Prior To Joining A partner at Dechert LLP
- Ari Gabinet Receive His BA degree with honors from Swarthmore College in 1979
- Ari Gabinet Receive His law degree, cum laude, from the University of Pennsylvania Law School in 1982
ARI GABINET, DISTRICT ADMINISTRATOR OF THE SEC'S PHILADELPHIA OFFICE, TO LEAVE THE COMMISSION FOR IMMEDIATE RELEASE 2005-138 Washington, D.C., Sept. 29, 2005 - Ari Gabinet, District Administrator of the Securities and Exchange Commission's Philadelphia District Office, announced today that he will leave the Commission at the end of October to head the securities regulation group at the Vanguard Group, Inc. Gabinet joined the Commission as the District Administrator of the Philadelphia District Office on Jan. 6, 2003, and was responsible for the Commission's examination and enforcement programs in Pennsylvania, Delaware, Maryland, Virginia, West Virginia and the District of Columbia. Gabinet has overseen a 55% increase in the PDO's staff and its relocation to new offices. Since he took over as District Administrator� the Philadelphia Office has been responsible for a number of high profile enforcement cases, notably with respect to undisclosed revenue sharing and directed brokerage payments in the mutual fund industry. They include the Commission's $50 million settled revenue sharing action against Morgan Stanley DW and $20 million settled action against CitiGroup Global Markets, both brought jointly with NASD; the Commission's directed brokerage cases against mutual fund giants MFS, PIMCO and Putnam; and the Commission's $260 million market timing litigation against Harold Baxter, Gary Pilgrim, and the PBHG funds, coordinated with the New York Attorney General's office. The office's examination staff monitor regulatory compliance at some of the largest mutual fund complexes and broker dealers in the country. Under Gabinet's leadership, the PDO exam staff undertook broad examination initiatives in pay-to-play, performance advertising, variable annuity switching, and transfer agent lost-security holder functions, among other things. SEC Director of Enforcement Linda Thomsen said, "Ari has been a dedicated and energetic public servant. He has approached the work of protecting investors with intelligence, energy and creativity. He has also been a wonderful and inspiring colleague and leader." Lori Richards, Director of the SEC's Office of Compliance Inspections and Examinations stated , "Ari is a superb manager and challenged his staff to identify creative solutions to difficult problems. His passion for the work of the SEC and for the examination program resulted in meaningful protection for investors in the region served by the Philadelphia Office." In announcing his plans to leave the Commission, Gabinet said, "It's been a thrill to work at the Commission during one of its most exciting and challenging periods. I've learned from amazing people in the home office, from my colleagues in the field offices, and most of all from the staff of the Philadelphia office. Their teamwork, creativity, and high professional standards have been an inspiration to me, and I will miss them all." Prior to joining the Commission, Gabinet was a partner at Dechert LLP. Gabinet received his BA degree with honors from Swarthmore College in 1979 and received his law degree, cum laude, from the University of Pennsylvania Law School in 1982. http://www.sec.gov/news/press/2005-138.htm Home | Previous Page Modified: 09/29/2005
ARI GABINET, DISTRICT ADMINISTRATOR OF THE SEC'S PHILADELPHIA OFFICE, TO LEAVE THE COMMISSION FOR IMMEDIATE RELEASE 2005-138 Washington, D.C., Sept. 29, 2005 - Ari Gabinet, District Administrator of the Securities and Exchange Commission's Philadelphia District Office, announced today that he will leave the Commission at the end of October to head the securities regulation group at the Vanguard Group, Inc. Gabinet joined the Commission as the District Administrator of the Philadelphia District Office on Jan. 6, 2003, and was responsible for the Commission's examination and enforcement programs in Pennsylvania, Delaware, Maryland, Virginia, West Virginia and the District of Columbia. Gabinet has overseen a 55% increase in the PDO's staff and its relocation to new offices. Since he took over as District Administrator� the Philadelphia Office has been responsible for a number of high profile enforcement cases, notably with respect to undisclosed revenue sharing and directed brokerage payments in the mutual fund industry. They include the Commission's $50 million settled revenue sharing action against Morgan Stanley DW and $20 million settled action against CitiGroup Global Markets, both brought jointly with NASD; the Commission's directed brokerage cases against mutual fund giants MFS, PIMCO and Putnam; and the Commission's $260 million market timing litigation against Harold Baxter, Gary Pilgrim, and the PBHG funds, coordinated with the New York Attorney General's office. The office's examination staff monitor regulatory compliance at some of the largest mutual fund complexes and broker dealers in the country. Under Gabinet's leadership, the PDO exam staff undertook broad examination initiatives in pay-to-play, performance advertising, variable annuity switching, and transfer agent lost-security holder functions, among other things. SEC Director of Enforcement Linda Thomsen said, "Ari has been a dedicated and energetic public servant. He has approached the work of protecting investors with intelligence, energy and creativity. He has also been a wonderful and inspiring colleague and leader." Lori Richards, Director of the SEC's Office of Compliance Inspections and Examinations stated , "Ari is a superb manager and challenged his staff to identify creative solutions to difficult problems. His passion for the work of the SEC and for the examination program resulted in meaningful protection for investors in the region served by the Philadelphia Office." In announcing his plans to leave the Commission, Gabinet said, "It's been a thrill to work at the Commission during one of its most exciting and challenging periods. I've learned from amazing people in the home office, from my colleagues in the field offices, and most of all from the staff of the Philadelphia office. Their teamwork, creativity, and high professional standards have been an inspiration to me, and I will miss them all." Prior to joining the Commission, Gabinet was a partner at Dechert LLP. Gabinet received his BA degree with honors from Swarthmore College in 1979 and received his law degree, cum laude, from the University of Pennsylvania Law School in 1982. http://www.sec.gov/news/press/2005-138.htm Home | Previous Page Modified: 09/29/2005