K&L Gates has added to its securities practice with the addition of partner Stephen Crimmins in the firm's Washington office. Crimmins represents clients in enforcement investigations and litigation brought by the Securities and Exchange Commission and other financial services regulators.
Before jumping to K&L Gates, Crimmins had been a partner at Mayer Brown since 2001.
Prior to that, he spent 14 years at the SEC, including eight years as deputy chief litigation counsel for the commission's Enforcement Division.
Crimmins said he made the move to K&L Gates to be able to work with some of his former SEC colleagues. “It's very nice to have the ability to go to a firm where you know there are a lot of old friends in your practice area," he said.
Crimmins then echoed what a lot of securities lawyers have said: Expect SEC enforcement to be way up in the coming months. He pointed to a speech made last week by Robert Khuzami, head of the Enforcement Division. In his speech, Khuzami noted that his division has been given the power to subpoena documents without first getting consent from the SEC commissioners.
"As a result of the recession, there have been a lot of Ponzi schemes that have come up. Inevitably, SEC enforcement has also stepped up," Crimmins said.