Richard H. Walker
Encyclopedia
Richard H. Walker is an American lawyer. He is general counsel of corporate and investment banking
at Deutsche Bank
and former director of the United States Securities and Exchange Commission
(SEC), Division of Enforcement, where he worked for ten years. Before working at the SEC, Walker was a partner at Cadwalader, Wickersham & Taft.
in 1950. He received a Bachelor of Arts
degree in 1972 from Trinity College in Hartford, Connecticut
and was a member of Phi Beta Kappa. He received his J.D.
cum laude from Temple Law School and was editor-in-chief of the Temple Law Quarterly.
Walker's first job after law school was as a law clerk
to Chief Judge Collins J. Seitz
of the U.S. Court of Appeals for the Third Circuit. In 1976, he began working at Cadwalader, Wickersham & Taft as an associate, becoming a partner in 1983. While working there, he met Robert Khuzami
, who joined the firm as an associate.
Walker worked at the SEC for ten years, first as regional director of the SEC's northeast regional office from 1991 to 1996, then as general counsel from 1996 to 1998, when he became the director of enforcement. He was involved with financial fraud cases brought against W.R. Grace, Livent
, Cendant
, Microstrategy
, Sunbeam Products
, Arthur Andersen
and PricewaterhouseCoopers
. He also established the SEC's internet enforcement program.
He orchestrated the SEC's involvement in undercover sting operation
s including Operation Thorcon and Operation Uptick, which resulted in more than 100 people being charged with securities fraud
. While at the SEC, he worked under chairmen Arthur Levitt
and Richard C. Breeden
and was awarded for his work in a successful appeal in U.S. v. O'Hagan, which upheld the misappropriation
theory of insider trading
.
On October 1, 2001, just days before Deutsche Bank began listing its shares on the New York stock exchange
, it announced that Walker would be joining the bank as general counsel of its corporate and investment banking
division, the bank's largest division. In 2004, Khuzami, then working as a prosecutor
in the U.S. attorney's office in Manhattan
's Southern District of New York, was hired by Walker to come to Deutsche Bank. Walker later recommended Khuzami for the job of SEC enforcement director.
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
at Deutsche Bank
Deutsche Bank
Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets...
and former director of the United States Securities and Exchange Commission
United States Securities and Exchange Commission
The U.S. Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States...
(SEC), Division of Enforcement, where he worked for ten years. Before working at the SEC, Walker was a partner at Cadwalader, Wickersham & Taft.
Biography
Walker was born in Wilmington, DelawareWilmington, Delaware
Wilmington is the largest city in the state of Delaware, United States, and is located at the confluence of the Christina River and Brandywine Creek, near where the Christina flows into the Delaware River. It is the county seat of New Castle County and one of the major cities in the Delaware Valley...
in 1950. He received a Bachelor of Arts
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
degree in 1972 from Trinity College in Hartford, Connecticut
Hartford, Connecticut
Hartford is the capital of the U.S. state of Connecticut. The seat of Hartford County until Connecticut disbanded county government in 1960, it is the second most populous city on New England's largest river, the Connecticut River. As of the 2010 Census, Hartford's population was 124,775, making...
and was a member of Phi Beta Kappa. He received his J.D.
Juris Doctor
Juris Doctor is a professional doctorate and first professional graduate degree in law.The degree was first awarded by Harvard University in the United States in the late 19th century and was created as a modern version of the old European doctor of law degree Juris Doctor (see etymology and...
cum laude from Temple Law School and was editor-in-chief of the Temple Law Quarterly.
Walker's first job after law school was as a law clerk
Law clerk
A law clerk or a judicial clerk is a person who provides assistance to a judge in researching issues before the court and in writing opinions. Law clerks are not court clerks or courtroom deputies, who are administrative staff for the court. Most law clerks are recent law school graduates who...
to Chief Judge Collins J. Seitz
Collins J. Seitz
Collins Jacques Seitz was a judge on the United States Court of Appeals for the Third Circuit from 1966 until his death in 1998....
of the U.S. Court of Appeals for the Third Circuit. In 1976, he began working at Cadwalader, Wickersham & Taft as an associate, becoming a partner in 1983. While working there, he met Robert Khuzami
Robert Khuzami
Robert S. Khuzami is currently the director of the Division of Enforcement of the U.S. Securities and Exchange Commission. He is a former United States federal prosecutor and general counsel of Deutsche Bank AG....
, who joined the firm as an associate.
Walker worked at the SEC for ten years, first as regional director of the SEC's northeast regional office from 1991 to 1996, then as general counsel from 1996 to 1998, when he became the director of enforcement. He was involved with financial fraud cases brought against W.R. Grace, Livent
Livent
The Live Entertainment Corporation of Canada, Inc., also known as Livent, was a theatre production company in Toronto, Ontario, begun as a division of the motion picture exhibitor Cineplex Odeon...
, Cendant
Cendant
Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, Cendant broke up and spun off or sold its constituent businesses...
, Microstrategy
MicroStrategy
MicroStrategy, Inc. , is a business intelligence software vendor. MicroStrategy's software enables leading organizations worldwide to analyze the vast amounts of data stored across their enterprises to make more strategic business decisions...
, Sunbeam Products
Sunbeam Products
Sunbeam Products is an American brand that has produced electric home appliances since 1910. Their products have included the Mixmaster mixer, the Sunbeam CG waffle iron, Coffeemaster and the fully automatic T20 toaster. Sunbeam is owned by Jarden Consumer Solutions after Jarden's acquisition in...
, Arthur Andersen
Arthur Andersen
Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms among PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG, providing auditing, tax, and consulting services to large corporations...
and PricewaterhouseCoopers
PricewaterhouseCoopers
PricewaterhouseCoopers is a global professional services firm headquartered in London, United Kingdom. It is the world's largest professional services firm measured by revenues and one of the "Big Four" accountancy firms....
. He also established the SEC's internet enforcement program.
He orchestrated the SEC's involvement in undercover sting operation
Sting operation
In law enforcement, a sting operation is a deceptive operation designed to catch a person committing a crime. A typical sting will have a law-enforcement officer or cooperative member of the public play a role as criminal partner or potential victim and go along with a suspect's actions to gather...
s including Operation Thorcon and Operation Uptick, which resulted in more than 100 people being charged with securities fraud
Securities fraud
Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws....
. While at the SEC, he worked under chairmen Arthur Levitt
Arthur Levitt
Arthur Levitt, Jr. was the twenty-fifth and longest-serving Chairman of the United States Securities and Exchange Commission from 1993 to 2001. Widely hailed as a champion of the individual investor, he has been criticized for not pushing for tougher accounting rules. Since May 2001 he has been...
and Richard C. Breeden
Richard C. Breeden
Richard C. Breeden is a former Chairman of the U.S. Securities and Exchange Commission, hedge fund manager, and corporate chairman.-Early career:Breeden began his career practicing corporate and securities law in New York City...
and was awarded for his work in a successful appeal in U.S. v. O'Hagan, which upheld the misappropriation
Misappropriation
In law, misappropriation is the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a dead person's estate or by any person with a responsibility...
theory of insider trading
Insider trading
Insider trading is the trading of a corporation's stock or other securities by individuals with potential access to non-public information about the company...
.
On October 1, 2001, just days before Deutsche Bank began listing its shares on the New York stock exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
, it announced that Walker would be joining the bank as general counsel of its corporate and investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
division, the bank's largest division. In 2004, Khuzami, then working as a prosecutor
Prosecutor
The prosecutor is the chief legal representative of the prosecution in countries with either the common law adversarial system, or the civil law inquisitorial system...
in the U.S. attorney's office in Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
's Southern District of New York, was hired by Walker to come to Deutsche Bank. Walker later recommended Khuzami for the job of SEC enforcement director.
External links
- Matt Taibbi, "Is the SEC Covering Up Wall Street Crimes?" Rolling Stone (August 17, 2011). Retrieved August 18, 2011