Khuzami and Octopussy

By Lisa Valentine

Who says the SEC doesn’t have a sense of humor?

During a press conference last week in New York City, Robert Khuzami, Director of the SEC Division of Enforcement, showed his lighter side as he described the criminal antics of an insider-trading ring.

Apparently, one of the operatives was nicknamed “Octopussy” from the James Bond film because he had his “arms in so many sources of inside information.” He also had a habit of destroying information by removing the SIM card in his cell phone and biting it in half. Said Khuzami, in a warning to others who may find themselves in James Bond-like scenarios: “Certain moral truths should be self-evident. And there should be a moment—hopefully before you’re holding a bag of cash delivered to you by somebody code-named “the Octopussy” – that causes anyone in a position to tip or trade inside information to think twice before taking such a misguided step.

“And if you find yourself chewing the memory card in your cell phone to destroy any record of your misconduct, something has gone terribly wrong with your character.”