From the Enforcement Division’s 2018 annual report: “In FY 2018, the Commission obtained favorable verdicts in three trials against four defendants and an unfavorable verdict in one trial against one defendant. As of the close of the fiscal year, the Commission was awaiting a verdict in one completed bench trial. The number of district court trials conducted in FY 2018 (5) is similar to the number of such trials in FY 2017 (4).”
With almost 150 trial lawyers at the SEC, these statistics reflect the stark reality that the likelihood of an SEC trial attorney — even one who is highly talented and ambitious — to ever get the opportunity to work on an actual trial is pretty small. Maybe at this point it’s worth considering moving some of trial lawyers over to the investigative side in order to give them more experience and increase the productivity of the Division. Such a move would be met with howls of protest from some slackers and would require the energy and time of senior management. In the meantime, perhaps a name change for the “trial” unit is in order?
The SEC in Action 