Washington, D.C., June 8, 2004 – LAWFUEL – The Securities and Excha…

Washington, D.C., June 8, 2004 – LAWFUEL – The Securities and Exchange Commission
announced today the selection of Mark K. Schonfeld as the Regional Director
of the Commission’s Northeast Regional Office (NERO). The region is
comprised of offices in New York City, Boston, Massachusetts and
Philadelphia, Pennsylvania and has both enforcement and examination programs
in thirteen states and the District of Columbia. Mr. Schonfeld will oversee
these activities as they are conducted throughout the region. He succeeds
Wayne Carlin, the former Regional Director, who is now in private practice.

Mr. Schonfeld is currently one of two Associate Regional Directors for
Enforcement in NERO. In that capacity, he co-managed a large staff of
attorneys, accountants and investigators in the investigation and
prosecution of securities fraud, including mutual fund trading practices,
accounting fraud, insider trading, fraud by broker-dealers and investment
advisers and Internet fraud.

Prior to his appointment to his present post in 2001, he served in other
positions of increasing responsibility in both NERO and the Boston District
Office. Before joining the SEC, Mr. Schonfeld was a litigation associate
with the law firm of Testa, Hurwitz & Thibeault from 1989 to 1996. He began
his legal career as a law clerk for Judge Ellsworth A. Van Graafeiland of
the U.S. Court of Appeals for the Second Circuit.

Mr. Schonfeld has over 15 years of legal experience in federal securities
law enforcement and litigation – eight of which have been with the
Commission. As co-head of enforcement in New York for the last three years,
he led the staff in bringing several of the Commission’s major cases,
including a $250 million settlement with Alliance Capital Management
relating to mutual fund market timing, a $50 million settlement with Lehman
Brothers relating to research analyst conflicts of interest, and a $100
million settlement with Credit Suisse First Boston relating to its IPO
allocation practices. Mr. Schonfeld brought one of the Commission’s first
cases charging violations of Regulation FD against Raytheon Company and its
chief financial officer. Mr. Schonfeld also led the staff in bringing
several cases involving accounting fraud by public companies, including
Trump Hotels & Casino Resorts, American International Group and Aurora
Foods. Most recently, Mr. Schonfeld has been coordinating the Commission’s
nationwide investigations of mutual fund trading abuses.

SEC Chairman William Donaldson said, “Mark brings a tremendous depth of
experience and expertise to this important position. He is an excellent
attorney and manager who has a proven track record of success both with the
SEC and in private practice. Mark carries out his responsibilities with
care, intelligence, and effectiveness. I am delighted to have a person of
such high caliber and talent in this position at the SEC.”

SEC Director of Enforcement Steve Cutler added, “Having worked closely with
Mark over the past few years, I have come to appreciate his outstanding
legal and management skills, his superb judgment and his unflappable
temperament. As an Associate Regional Director for Enforcement in the
Northeast Regional Office, he has brought a number of the Commission’s most
significant enforcement actions. I am confident that he will be an
excellent leader of our largest regional office.”

Mr. Schonfeld stated, “It is an honor to lead an office of such
distinguished professionals. This office, at the center of the nation’s
financial markets, has been at the forefront of the SEC’s enforcement and
examination mission. I look forward to continuing that tradition and to
meeting the challenges of the future.”

Mr. Schonfeld received his B.A. degree, summa cum laude, from the University
of Rochester and his J.D. degree, cum laude, from Harvard Law School.

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