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He has been appointed chief executive of U.S. market regulation and has resigned just days after a judge received criticism over his conduct as a corporate lawyer for ExxonMobil.
Alex Oh announced on Wednesday that he would step down as executive director of the Securities and Exchange Commission six days after he was appointed, citing “personal reasons.”
He told Gary Gensler in an email seen by the Financial Times recently confirmed head In the SEC, his resignation was due to “a development.” [which] I was born this week in one of the cases where I was working as a private lawyer ”.
The message came in two days after a District of Columbia judge heard in an ExxonMobil case that he was convicted of being “disturbed, disrespectful and unpleasant” by an “opposing lawyer” and was sentenced to two days in prison.
The resignation was a blow to Gensler the reputation of being tough he was expected to oversee the company’s mismanagement and tighten the enforcement regime rather than the Trump administration.
Gensler said in a statement: “I thank Alex for being willing to serve the country at this important time.”
Couldn’t comment.
Gensler made the choice in Oh terrified progressives, criticized his career as a corporate lawyer as a representative of multinational companies.
Paul Weiss was working for an international law firm in a civil lawsuit representing ExxonMobil, alleging that the oil company had hired private security forces in Indonesia when local citizens were killed and tortured.
As part of this long-standing lawsuit, a lawsuit was filed over the conduct of ExxonMobil lawyers on Feb. 14 after Indonesians’ attorneys for Mark Snell questioned Mark Snell, ExxonMobile’s chief attorney, on Feb. 14. without answering, answering long questions from a prepared script, ExxonMobile’s lawyers said the tactic was invented and encouraged.
In the opposite suit, the oil company’s lawyers stressed that “the witness answered more than 300 key questions, most of them without mentioning the notes.”
In an order issued Monday, just four days after Oh began his new job at the SEC, a Washington DC judge ruled in favor of the plaintiffs over the lawyers’ conduct, and ordered the Indonesian subsidiary ExxonMobil to return to court for “correct and sensitive responses.”
Oh he was personally criticized, and could say that he could be punished for hearing that the lawyer for the allegations was “disturbed, disrespectful and unpleasant” without evidence.
Oh said in an email to Gensler, “Considering the time and attention it will take for me, I have concluded that I cannot cope with this development without becoming an unwanted distraction from important work. [enforcement] division “.
Brad Karp, president of Paul Weiss, said in a statement: “We cannot comment on this issue because it is ruling in a lawsuit. Alex is a full-fledged person and a professional with a strong code of ethics.”
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