SEC opens inquiry after former staffer joins Getco
CHICAGO, June 16 |
CHICAGO, June 16 (Reuters) - The U.S. Securities and Exchange Commission's inspector general has opened a probe into a former high-ranking staffer's move to trading firm Getco LLC.
SEC Inspector General H. David Kotz disclosed the inquiry in a letter, obtained by Reuters, to Senator Charles Grassley.
Kotz's letter came in response to a request from Grassley to look into former SEC associate director Elizabeth King's recent move to Getco to become a member of its legal team.
Grassley's letter, dated June 14, raised concerns about regulators taking jobs at the very companies they have been regulating in a practice known as the "revolving door."
"Thank you for bringing to our attention the concerns expressed about former SEC Division of Trading and Markets Associate Director Elizabeth King," Kotz said in his letter, dated June 15. "We have been aware of this matter and have already opened an investigation into these issues of concern." (Reporting by Ann Saphir; Editing by Kenneth Barry)
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