For Release: September 14, 1998
Director of Enforcement Geoffrey F. Aronow
Announces Plans To Leave The Commission
Geoffrey F. Aronow, Director of the Commodity Futures Trading Commissionís Division of Enforcement, announced today that he intends to leave the Commission within the next several months. Mr. Aronow stated that he had not yet decided what he will be doing next.
Mr. Aronow joined the Commission almost three years ago as Director of the Division. During his tenure, Mr. Aronow has overseen a reorganization and expansion of the Division, and the Division has investigated and brought a number of important, groundbreaking cases. Included in those matters was the settlement with Sumitomo Corporation of Japan of charges that it manipulated U.S. copper markets, under which Sumitomo agreed to pay $150 million, which included a civil monetary penalty of at least $125 million, believed to be the largest ever assessed by a federal governmental agency.
Commission Chairperson Brooksley Born stated, "Geoff Aronowís leadership of the Division of Enforcement has greatly benefitted the Commission and the nationís futures markets. Under his leadership, the Commission has taken important enforcement actions using novel substantive and procedural approaches. For the last three years Geoff has worked tirelessly in support of the Commissionís mission to ensure the integrity of the futures markets and to protect market participants against manipulation, abusive trade practices, and fraud. He has greatly enhanced the Commissionís enforcement presence in the futures markets. He is an excellent lawyer, and I will miss his wise counsel."
In announcing his decision to leave the Commission, Mr. Aronow said, "The opportunity to work at the Commission and with the women and men of the Division of Enforcement has been the most gratifying and fulfilling experience of my professional career. It has been an exciting and challenging three years. I want to thank Chairman Schapiro, Acting Chairman Tull, Chairperson Born, all of the other Commissioners, their staffs, and the staffs of the other Divisions for making my experience so rewarding. Most of all, I want to thank the dedicated and hardworking staff of the Division of Enforcement. They should be very proud of their work and accomplishments. I know I am."