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'''Eric J. Swanson''' is an American lawyer and the |
'''Eric J. Swanson''' is an American lawyer and the Executive Vice President, General Counsel, and Secretary of [[BATS Global Markets]], a global operator of financial markets. |
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Swanson worked at the [[Securities and Exchange Commission]] as a lawyer from 1996 to 2006, rising to the level of Assistant Director of the Office of Compliance Inspections and Examinations. Subsequently, he worked at [[Ameriprise Financial]] as Vice President of Regulatory Strategy. |
Prior to working at Bats, Mr. Swanson worked at the [[Securities and Exchange Commission]] as a lawyer from 1996 to 2006, rising to the level of Assistant Director of the Office of Compliance Inspections and Examinations. Subsequently, he worked at [[Ameriprise Financial]] as Vice President of Regulatory Strategy. Mr. Swanson is a frequent speaker at industry market structure events, and during his tenure at Bats he helped launch multiple securities exchanges, as well as assisted in Bats' successful navigation of an IPO in 2016, and multiple mergers and acquisitions, which culminated in the sale of Bats to the CBOE in 2016 for $3.2 billion. |
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Swanson is married to [[Shana Madoff]], who worked at the firm of her uncle [[Bernard Madoff]] |
Swanson is married to [[Shana Swanson (nee Madoff)]], who worked at the firm of her uncle [[Bernard Madoff]] when the fraud was uncovered. Swanson met Shana originally in 2003 when he was working at the SEC. Subsequent to the revelation of Bernie Madoff's fraud in 2008, the SEC's Inspector General published a report that found that there was no evidence that the relationship between Mr. Swanson and Shana influenced the conduct of SEC examinations of Madoff. |
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==Early life and education== |
==Early life and education== |
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==Securities and Exchange Commission== |
==Securities and Exchange Commission== |
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Following a period of time in which he practiced non-securities-related law, Swanson worked at the [[Securities and Exchange Commission]] (SEC) as a lawyer from August 1996 to 2006.<ref name="autogenerated3"/><ref name="google1993">{{cite book|url=https://books.google.com/books?id=uDWuilMrwkcC&pg=PA89 |title=Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme ... |publisher= |date= |accessdate=February 19, 2013}}</ref> While at the SEC, he received in August 2004 a Capital Markets Award, related to work in the area of SEC examinations of [[conflicts of interest]].<ref name="autogenerated4"/> At the end of his tenure, he was Assistant Director of the Office of Compliance Inspections and Examinations, and reported to the head of the SEC's inspection program responsible for regulatory oversight of trading on the securities exchanges and ECNs, supervising 8–18 staffers.<ref name="autogenerated3"/><ref name="google1993"/><ref>[https://www.nytimes.com/2008/12/17/business/17madoff.html "S.E.C. Says It Missed Signals on Madoff Fraud Case"], Alex Berenson and Diana B. Henriques, December 16, 2008, ''New York Times''</ref> |
Following a period of time in which he practiced non-securities-related law, Swanson worked at the [[Securities and Exchange Commission]] (SEC) as a lawyer from August 1996 to 2006.<ref name="autogenerated3"/><ref name="google1993">{{cite book|url=https://books.google.com/books?id=uDWuilMrwkcC&pg=PA89 |title=Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme ... |publisher= |date= |accessdate=February 19, 2013}}</ref> While at the SEC, he received in August 2004 a Capital Markets Award, related to work in the area of SEC examinations of [[conflicts of interest]].<ref name="autogenerated4"/> At the end of his tenure, he was Assistant Director of the Office of Compliance Inspections and Examinations, and reported to the head of the SEC's inspection program responsible for regulatory oversight of trading on the securities exchanges and ECNs, supervising 8–18 staffers.<ref name="autogenerated3"/><ref name="google1993"/><ref>[https://www.nytimes.com/2008/12/17/business/17madoff.html "S.E.C. Says It Missed Signals on Madoff Fraud Case"], Alex Berenson and Diana B. Henriques, December 16, 2008, ''New York Times''</ref> |
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==Madoff== |
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[[File:BernardMadoff.jpg|thumb|180px|[[Bernard Madoff]]]] |
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Swanson is the husband of [[Shana Madoff]], who is daughter of [[Peter Madoff]]. She is also a niece of [[Bernard Madoff]], who operated a [[Ponzi scheme]] that is considered to be the largest financial fraud in U.S. history.<ref name="google1">{{cite book|url=https://books.google.com/books?id=uDWuilMrwkcC&pg=PA391 |title=Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme |publisher=Diane Publishing |year= 2010|accessdate=February 14, 2013}}</ref><ref name="google2">{{cite book|url=https://books.google.com/books?id=kddM4mPmy8AC&pg=PT184 |title=Madoff with the Money |author=Jerry Oppenheimer |publisher=John Wiley & Sons |year= 2009|accessdate=February 14, 2013}}</ref><ref name="google3">{{cite book|url=https://books.google.com/books?id=mn9WAAAAYAAJ&q=%22shana+madoff%22+compliance&dq=%22shana+madoff%22+compliance&hl=en&sa=X&ei=eEkdUaSqM8GB0AHih4DwCg&ved=0CJkBEOgBMBI |title=Madoff: Corruption, Deceit, and the Making of the World's Most Notorious Ponzi Scheme|author=Peter J. Sander |publisher=Lyons Press |year=2009 |accessdate=February 14, 2013}}</ref> She worked under her father at her uncle's firm, Bernard L. Madoff Investment Securities (BMIS),<ref name="google2"/><ref>{{cite book|url=https://books.google.com/books?id=xhbStL10aywC&pg=PT141 |title=Too Good to Be True: The Rise and Fall of Bernie Madoff |author=Erin Arvedlund |publisher=Penguin |year=2009 |accessdate=February 14, 2013}}</ref> as a rules and compliance officer and attorney.<ref name="google1"/><ref name="autogenerated2">{{cite journal|url=http://finance.fortune.cnn.com/2012/07/02/the-madoff-saga-is-far-from-over/ |author=Allan Dodds Frank |title=The Madoff saga is far from over |publisher=Fortune |date= July 2, 2012|accessdate=February 15, 2013}}</ref><ref>{{cite book|url=https://books.google.com/books?id=sI1jqoMRW7gC&pg=PA417 |title=Business Ethics: Ethical Decision Making & Cases |authors=O. C. Ferrell, John Fraedrich, Linda Ferrell, Ferrell |publisher=Cengage Learning |year=2012 |accessdate=February 14, 2013}}</ref> She reported to her father who was responsible for ensuring that BMIS complied with its legal and regulatory obligations, and signed documents assuring the SEC that BMIS's business records were truthful and accurate.<ref name="autogenerated2"/><ref name="reuters1">{{cite news|url=http://in.reuters.com/article/2009/10/02/madoff-family-idINN0233256520091002 |author= Grant McCool, Gerald E. McCormick, Carol Bishopric|title=Trustee sues Madoffs who helped run firm |publisher=Reuters |date=October 3, 2009 |accessdate=February 14, 2013}}</ref> |
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Swanson met Shana Madoff in April 2003.<ref name="google1"/><ref name="autogenerated1">{{cite news|last=Williamson |first=Elizabeth |url=https://www.wsj.com/article/SB122991035662025577.html |title=Shana Madoff's Ties to Uncle Probed |publisher=Wall Street Journal |date=December 22, 2008 |accessdate=February 15, 2013}}</ref><ref name="google5">{{cite book|url=https://books.google.com/books?id=NqLowdnwd7EC&pg=PA46 |title=The Fundamental Rules of Risk Management |author=Nigel Da Costa Lewis |publisher= CRC Press|year= 2012 |accessdate=February 14, 2013}}</ref> The two met at an industry event during an examination of Bernie Madoff by the SEC as to whether Bernie Madoff was front running customer orders. The two had periodic contact thereafter in connection with Mr. Swanson speaking at industry events organized by a SIFMA committee on which Shana Madoff sat. During 2003 Swanson sent Shana's father Peter Madoff two regulatory requests, although by the time of the second request Mr. Swanson's responsibility for the examination had been transfserred to a different Assistant Director at the SEC.<ref name="google1"/><ref name="scribd1">{{cite web|url=http://www.scribd.com/doc/19436875/53/B-Swanson%E2%80%99s-Initial-Contact-with-Shana-Madoff|title=Investigation of Failure of the SEC to uncover Bernard Madoff's Ponzi Scheme (Public Version); B. Swanson’s Initial Contact with Shana Madoff for SEC Office of Investigations Investigation of the SEC to Uncover Madoff Ponzi Scheme|date=August 31, 2009|publisher=|author=U.S. SEC Office of Investigations|accessdate=February 15, 2013}}</ref><ref name="foxbusiness1">{{cite news|url=http://m.foxbusiness.com/quickPage.html?page=19453&content=24978239&pageNum=-1|title=E-Mails Reveal Internal Drama at SEC Over Maddoff Firm|date=March 4, 2006|publisher=Fox Business|accessdate=February 15, 2013}}</ref><ref>{{cite book|url=https://books.google.com/books?id=RtI1-5VyGDAC&pg=PA97|title=Catastrophe: The Story of Bernard L. Madoff, the Man Who Swindled the World|publisher=Phoenix Books, Inc|year=2009|author1=Deborah Hart Strober|author2=Gerald Strober|author3=Gerald S. Strober|accessdate=February 14, 2013}}</ref><ref>{{cite book|url=https://books.google.com/books?id=ShY3_mtpO5kC&pg=PA118|title=How the Global Financial Markets Really Work: The Definitive Guide to Understanding International Investment and Money Flows|publisher=Kogan Page Publisher|year=2010|author=Alexander Davidson|accessdate=February 14, 2013}}</ref><ref>{{cite news|url=http://www.cnbc.com/id/28242487/Madoff_Victims_Claim_Conflict_of_Interest_at_SEC|title=Madoff Victims Claim Conflict of Interest at SEC|date=December 15, 2008|publisher=CNBC|author=Charles Gasparino|accessdate=February 15, 2013}}</ref> |
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In February 2006, Swanson was emailed by Assistant Director John Nee that the SEC’s New York Regional Office was investigating a complaint that Bernard Madoff might be running “the biggest Ponzi scheme ever.”<ref name="scribd1" /> In April 2006, Swanson began to date Shana Madoff. Mr. Swanson reported the relationship to his supervisor who wrote in an email "I guess we won't be investigating Madoff anytime soon."<ref name="denverpost1">{{cite news|url=http://www.denverpost.com/ci_13316650|title=True love can never be regulated|date=September 12, 2009|publisher=The Denver Post|author=Al Lewis|accessdate=February 19, 2013}}</ref> |
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In 2006, the SEC's New York Enforcement Office, of which Mr. Swanson was not a part, closed its investigation of Bernie Madoff. On 15 September 2006, Swanson left the SEC.<ref name="google1" /><ref>{{cite news|url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2ks0SCDEFEU&refer=us|title=Facebook Removes Madoff Web Page After Jeers, Cheers|last=Sandler|first=Linda|date=December 22, 2008|publisher=Bloomberg|accessdate=February 15, 2013}}</ref> On 8 December 2006, Swanson and Shana Madoff became engaged.<ref name="google1" /><ref>[https://www.nytimes.com/2008/12/19/business/19swanson.html?_r=0 "Unlikely Player Pulled Into Madoff Swirl"], by Stephen Labaton, December 18, 2008, ''The New York Times''</ref> |
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In 2009, after the scandal broke, SEC Inspector General [[H. David Kotz]] investigated, and concluded that there was no evidence that Swanson's romantic relationship with Shana Madoff influenced the closing of the SEC investigation of Madoff.<ref>{{cite book|url=https://books.google.com/books?id=zKhbMU1RoHAC&pg=PA46 |title=The Crime of Our Time: Why Wall Street Is Not Too Big to Jail |author=Danny Schechter |publisher= |year=2010 |accessdate=February 14, 2013}}</ref><ref>[https://www.nytimes.com/2009/09/03/business/03madoff.html?pagewanted=all&_r=0 "Report Details How Madoff’s Web Ensnared S.E.C."], by David Stout, September 2, 2009, ''The New York Times''</ref>{{failed verification|date=February 2016}} He did conclude, however, that: Swanson's communication with Shana during the period of time he was engaged in a cause examination of her uncle and father's firm, created the appearance of a potential conflict of interest.<ref name="denverpost1" /> |
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The September 29, 2007, wedding between Swanson and Shana Madoff was attended by Lori Richards, the SEC's Director of Compliance Investigations and Examinations, who oversaw the Division in which Mr. Swanson worked at the SEC.<ref name="google5" /><ref name="denverpost1" /><ref name="cbsnews1">{{cite web|url=http://www.cbsnews.com/stories/2009/01/27/cbsnews_investigates/main4758066.shtml|title=SEC Compliance Official Recused on Madoff|date=April 6, 2009|publisher=CBS News|author=Laura Strickler|accessdate=February 19, 2013}}</ref><ref>{{cite book|url=https://books.google.com/books?id=RLVPAQAAIAAJ&q=%22shana+madoff%22+compliance&dq=%22shana+madoff%22+compliance&hl=en&sa=X&ei=eEkdUaSqM8GB0AHih4DwCg&ved=0CIMBEOgBMA4|title=Money Manager's Compliance Guide|date=|publisher=Thompson Publishing Group|author1=Clifford J. Alexander|author2=Arthur C. Delibert|author3=Catherine S. Bardsley|accessdate=February 14, 2013}}</ref> In 2008, Bernard Madoff spoke at a business roundtable meeting of his "very close" relationship with an SEC lawyer, and chuckled: "my niece even married one".<ref>{{cite web|url=http://abcnews.go.com/Blotter/WallStreet/Story?id=6471863&page=1|title=SEC Official Married into Madoff Family|date=December 16, 2008|publisher=ABC News|author1=Brian Ross|author2=Joseph Rhee|accessdate=February 26, 2013}}</ref><ref>{{cite book|url=https://books.google.com/books?id=-pC06llkznwC&pg=PA193|title=Madoff with the Money|publisher=John Wiley & Sons|year=2009|author=Jerry Oppenheimer|accessdate=February 26, 2013}}</ref> In April 2009, Richards recused herself from the Madoff investigation.<ref name="cbsnews1" /> |
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==Ameriprise Financial== |
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Subsequent to working at the SEC, Swanson was a Vice President of regulatory strategy at [[Ameriprise Financial]], a financial services company based in Minnesota.<ref name="autogenerated3"/><ref name="nytimes1"/> |
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==BATS== |
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Swanson is the Senior Vice President, General Counsel, and Secretary |
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of [[BATS Global Markets]], an electronic stock exchange that is the third-largest stock exchange in the United States, which he joined as General Counsel in January 2008.<ref name="autogenerated3"/><ref>{{cite web|url=http://www.batstrading.com/about/management/ |title=BATS Exchange | Management Team |publisher=BATS Trading |date= |accessdate=February 15, 2013}}</ref> He was hired in part to assist the exchange in its effort to obtain exchange status from the SEC.<ref name="autogenerated3"/> |
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==References== |
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{{Reflist|2}} |
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==External links== |
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{{Madoff investment scandal}} |
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{{DEFAULTSORT:Swanson, Eric}} |
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[[Category:Living people]] |
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[[Category:People associated with the Madoff investment scandal]] |
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[[Category:Lawyers from Minneapolis]] |
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[[Category:University of Minnesota alumni]] |
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[[Category:Hamline University School of Law alumni]] |
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[[Category:U.S. Securities and Exchange Commission personnel]] |
Revision as of 12:00, 2 May 2017
Eric Swanson | |
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Education |
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Occupation | Attorney |
Employer | BATS Global Markets |
Title | Senior Vice President, General Counsel, and Secretary |
Spouse | Shana Madoff |
Eric J. Swanson is an American lawyer and the Executive Vice President, General Counsel, and Secretary of BATS Global Markets, a global operator of financial markets.
Prior to working at Bats, Mr. Swanson worked at the Securities and Exchange Commission as a lawyer from 1996 to 2006, rising to the level of Assistant Director of the Office of Compliance Inspections and Examinations. Subsequently, he worked at Ameriprise Financial as Vice President of Regulatory Strategy. Mr. Swanson is a frequent speaker at industry market structure events, and during his tenure at Bats he helped launch multiple securities exchanges, as well as assisted in Bats' successful navigation of an IPO in 2016, and multiple mergers and acquisitions, which culminated in the sale of Bats to the CBOE in 2016 for $3.2 billion.
Swanson is married to Shana Swanson (nee Madoff), who worked at the firm of her uncle Bernard Madoff when the fraud was uncovered. Swanson met Shana originally in 2003 when he was working at the SEC. Subsequent to the revelation of Bernie Madoff's fraud in 2008, the SEC's Inspector General published a report that found that there was no evidence that the relationship between Mr. Swanson and Shana influenced the conduct of SEC examinations of Madoff.
Early life and education
Swanson, a Minneapolis, Minnesota, native, graduated from the University of Minnesota (B.A.; 1990) and obtained a law degree from the Hamline University School of Law (J.D.; 1993).[1][2][3][4]
Securities and Exchange Commission
Following a period of time in which he practiced non-securities-related law, Swanson worked at the Securities and Exchange Commission (SEC) as a lawyer from August 1996 to 2006.[1][5] While at the SEC, he received in August 2004 a Capital Markets Award, related to work in the area of SEC examinations of conflicts of interest.[4] At the end of his tenure, he was Assistant Director of the Office of Compliance Inspections and Examinations, and reported to the head of the SEC's inspection program responsible for regulatory oversight of trading on the securities exchanges and ECNs, supervising 8–18 staffers.[1][5][6]
- ^ a b c Telis Demos (December 18, 2008). "A stock exchange caught in the Madoff mess". CNN. Retrieved February 15, 2013.
- ^ Labaton, Stephen, "Unlikely Player Pulled Into Madoff Swirl", December 18, 2008, New York Times
- ^ Slater, Dan (December 17, 2008). "SEC to Probe Relationship Between Madoff's Niece and Ex-SEC Lawyer". Wall Street Journal. Retrieved February 15, 2013.
- ^ a b "Eric J. Swanson resume" (PDF). SEC. Retrieved February 15, 2013.
- ^ a b Investigation of Failure of the SEC to Uncover Bernard Madoff's Ponzi Scheme ... Retrieved February 19, 2013.
- ^ "S.E.C. Says It Missed Signals on Madoff Fraud Case", Alex Berenson and Diana B. Henriques, December 16, 2008, New York Times