SEC Staff Ciphoned Away by Accounting Group

Senior Securities and Exchange Commissioners seem to be flocking a new not-for-profit on the scene, according to Dow Jones. Cynthia Fornelli, former deputy director of the SEC’s Investment Management Division led the way to the American Institute of Certified Public Accountants’ new Center for Audit Quality, now serving as the group’s executive director. Then came Jane Cobb, former SEC director of legislative affairs, who is the center’s operations director. Next is SEC’s former acting director of investor education, Lori Schock, who left the SEC Friday and will head up outreach at the Center for Audit Quality.  SEC Chief Counsel in the Office of the Chief Accountant Robert Burns, will retire from his government post to become the center’s director of research. With Schock gone, it is unclear who will head the Investor Education Office at the SEC, which has a staff of 66 and which last year handled more than 77,000 calls, letters and e-mails. The last permanent leader of the division was Susan Wyderco who left to head the Mutual Fund Director’s Forum in June, 2006.  The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.