Melissa Hodgman

Professional Background

Associate Director (Oct. 2016 – Present): As the most senior Associate Director in the Home Office, I lead a large group of professionals investigating and litigating alleged violations of all aspects of the federal securities laws and regulations, including cases involving broker-dealers, investment advisors, investment companies, disclosure violations and fraud, accounting fraud, cybersecurity, cryptocurrencies, national security, insider trading, FCPA violations, market structure issues, gatekeepers, NRSROs, complex financial products, subpoena enforcement, offering frauds, and market manipulation. Over the last sixteen years, I have been involved in over 1800 matters that have resulted in hundreds of settlements and civil injunctive and administrative actions, including numerous first-of-their-kind and key matters. My responsibilities also include coordination with criminal and other civil agencies domestically and internationally, as well as responding to or meeting with Congressional members and committees and the White House and preparing other witnesses to testify or present to Congress, the White House, and others.

I have played a substantial role in the enforcement of, and legal and policy developments in, the federal securities laws. My group consistently is one of the top Associate Groups in the entire Division in terms of the number and complexity of cases filed and investigated annually. These matters have included first-of-their-kind charges against sophisticated regulated entities, groundbreaking cybersecurity matters, significant crypto asset cases, and noteworthy accounting and financial fraud actions. I have led teams to negotiate settlements earlier in investigations, to pursue creative remedies, and to prepare for challenging litigations, where appropriate. Among my accomplishments and strengths is exercising judgment as to whether cases should and can be pursued. Balancing when the facts, the law, the resources, or other factors warrant investigation or enforcement action has resulted in creative offramps and settlements, faster resolutions, and the closing of over half of the investigations that my group opens. My skills have led various Directors to ask me to lead or co-lead Division-wide initiatives concerning cross-border and PCAOB/accounting related issues, recent bank failures, the Ukraine-Russia War, 2021 Market Volatility, and Covid-19, as well as appointing me to the Whistleblower Claims Review Staff and making me Head of the “FRAud” Working Group, which focused on case generation and investigation of accounting and disclosure matters for the Division. Most importantly, my peers at all levels see me as a subject matter expert to be relied upon for advice and guidance on securities law, enforcement investigations and litigations, negotiations and remedies, and policy issues.

As a thought leader at the SEC, I also have had significant input into the development of the SEC’s future agenda, approaches to cases and the law, and Division policy. I have been a Division representative reviewing and commenting on numerous rulemaking efforts, including cybersecurity, market structure and best execution, insider trading, SPACs, Microcap issues, and Reg SCI, among others. I have been one of the Division’s two most active leaders on issues of national security and cybersecurity, which has provided me with insight into a range of additional areas of potential consequence for clients, including the Committee on Foreign Investment in the United States (CFIUS), Executive Orders, and international policy, regulatory and trade agreements, often involving the use of a security clearance that I have held since 2016. I have also served this function as a liaison to our Division of Economic Analysis and Risk and in my work concerning recordkeeping and technology use policies for the Division.

Significant cases that I led include SEC v. SolarWinds; the E&Y Test Cheating matter; the KPMG PCAOB Inspection Theft and Test Cheating matter; SEC v. Filed Under Seal (a 10b5-1/Insider Trading matter and TRO); SEC v. Vale S.A.; In re Momentus, et al./SEC. Kokorich (a SPAC matter involving national security issues); In re Charter Communications; In re Andeavor; SEC v. Rio Tinto, et al.; In re Walgreens Boots Alliance, et al.; In re comScore, et al.; In re HP, Inc.; In re Diageo; In re Morgan Stanley Wrap Fees; In re Credit Suisse; and SEC v. Lek, et al.

My role as Associate Director has also been outward-facing. For example, I have provided and drafted all or portions of briefings to the White House, members of Congress and their staff, and the Department of Treasury and other agencies on a variety of issues and have prepared senior agency officials to do the same. My national security work as one of only a few cleared senior officers within the SEC has developed a wide range of liaison relationships within the executive leadership of the U.S. Intelligence Community. As the Division’s liaison to the Offices of Inspector General, I have interacted with a broader group of federal agencies than my peers. As the Division’s Lead of the Commission’s Cross-Border Working Group for a decade and a Division representative at various events and meetings, I have performed a similar role internationally, allowing me to develop international ties and expertise in international policy. In those roles, I have spoken at numerous public and government-only events and provided technical assistance to foreign regulators on a variety of topics.

As a prolific speaker and panelist on behalf of the Division at a wide variety of conferences, I have handled every topic in the agency’s portfolio. I also have demonstrated a facility with the press with responsibilities for drafting and reviewing press releases, preparing for and leading press calls, and preparing agency officials for press conferences. As a result, I understand the importance of developing a press strategy in advance for sensitive and important topics and how to navigate through situations with significant press attention.

Division Directors also relied on me as a leader and problem solver for personnel, governance, and morale issues. For example, I became Head of the Division of Enforcement Home Office Hiring Committee in 2016, after being a member starting in 2013. Over the last decade-plus, I have participated in the hiring of the majority of our DC staff, as well as the hiring of numerous Associate, Assistant, and Regional Directors across the country. I am also Co-Executive Sponsor, SEC Women’s Committee; Co-Sponsor, Diversity and Inclusion Committee; Division Representative, National Labor-Management Relations Committee; and Management Lead, Local Labor-Management Committee.

The Commission and the Division recognized my work as an Associate Director with the 2023 International Award, the 2022 Friestad Award, and the 2017 Arthur Mathews Award.

Acting Director, Division of Enforcement (Jan. – Aug. 2021): On top of my duties as an Associate Director, I also served as the Division’s Acting Director for most of the first year of the Biden Administration. Both the Acting Chair and twice the current Chair of the Commission asked me to serve in the role. My responsibilities included, among other things, managing the Division’s investigatory and ligation dockets, including dealing with legal and policy developments and shifts in existing cases; helping to transition the Chair, his staff, Commissioners, and others into their new roles; setting forth an agenda for the Division reflecting the new Administration’s goals; representing the Division on the RegFlex agenda-setting process; and appearing before, and preparing others to appear before, Congressional committees to advocate for our budget and answer substantive questions. During my tenure, I set up the ESG Task Force and Reg BI Working Group; convinced the Chair to allow Enforcement to have a substantive role in rulemaking and participated in the rulemaking agenda; and moved our docket along at a quicker and more balanced pace, as noted by current Commissioners and their staff. Since leaving the Acting Director role, I remained a senior advisor to the Director and the Chair, providing expertise and guidance, taking on special projects and filling in for the Director at domestic and international speaking events.

I am particularly proud that every Senior Officer in the Division contributed to a plaque recognizing my service as Acting Director.