SEC Shuts Down Salt Lake Regional Office
Commentary by Steven Lofchie
The SEC is closing its Salt Lake City regional office ("SLRO") later this year due to "significant attrition" among office staff.
According to a press release, the SEC "considered its budget and organizational efficiency in deciding to close the office, and it has no plans to close any other regional offices." The closure will reduce the SEC's "regional footprint" from 11 offices to 10. The SEC said that "the SLRO's enforcement jurisdiction over the state of Utah will be shifted to the SEC's Denver Regional Office."
Commentary
Perhaps it is coincidence, but the Salt Lake Regional Office housed two lawyers that were recently sanctioned by the US District Court for the District of Utah for misconduct in an enforcement action against a crypto firm. The attrition, to which the SEC press release refers, may be an oblique reference to the departure of the lawyers involved in that case.