Juan Marcelino announced yesterday that in light of the maelstrom whirling around the mutual fund industry, he is stepping down as district administrator of the Securities and Exchange Commissions Boston office.
Marcelino is quitting his position, which he has held for the past 10 years, "given the recent press coverage involving the Boston office, to minimize any further distractions for his staff as they continue the critical work of the office," the SEC said in a statement.
The SECs Boston office has taken heat for rejecting information from a Putnam Investments phone rep seeking guidance on market timing at the firm. Eliot Spitzer, New York attorney general, has since grandly brought the fraudulent activity to light. And according to some reports, the Boston office turned away a second informant, as well.
Money Management Executive spoke briefly with Marcelino last week in connection with the revelation that at least six Putnam portfolio managers self-dealt market-timing profits in their own personal accounts.
After working in private practice in the Virgin Islands, Marcelino joined the SEC in 1984 as a staff attorney in Washington. According to the SEC, he oversaw a number of high-profile investigations.
"I will always look back on my tenure as district administrator with enormous personal and professional satisfaction," Marcelino said in a statement.