SEC names Osnato as chief of division's financial instruments unit

By Jennifer Chiou

New York, Jan. 6 - The Securities and Exchange Commission announced Michael J. Osnato, Jr. as chief of the Enforcement Division unit that conducts investigations into complex financial instruments.

According to a press release, Osnato joined the SEC in 2008 and has been an assistant director in the New York Regional Office since 2010.

He will lead the complex financial instruments unit that is comprised of attorneys and industry experts working in SEC offices across the country to investigate potential misconduct related to asset-backed securities, derivatives and other complex financial products, the release said.

The agency noted that Osnato helped spearhead its case against JPMorgan Chase and two former traders for fraudulently overvaluing a complex trading portfolio in order to hide massive losses.

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