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In the Matter of Theodore W. Urban

Exchange Act Rel. No. ID-402 (2010), No. 3-13655 (2010)

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In the Matter of Theodore W. Urban

Securities and Exchange Commission

Exchange Act Rel. No. ID-402 (2010), No. 3-13655 (2010)

Facts

Theodore W. Urban (defendant) was the general counsel and a member of the board of directors of Ferris, Baker Watts (FBW), a securities broker-dealer. As FBW’s general counsel, Urban oversaw FBW’s compliance department. During Urban’s tenure, Stephen Glantz, an FBW broker, engaged in fraud and other illegal conduct. After noticing several red flags, Urban directed FBW’s compliance department to investigate Glantz, reported Glantz’s behavior to the Securities and Exchange Commission (SEC) (plaintiff), attempted to convince senior management to fire Glantz, and attempted to place Glantz under special supervision when the senior management refused to fire Glantz. Urban did not, however, report Glantz’s activities to the CEO or board of directors. The SEC opened an investigation into Urban, charging Urban with negligent failure to supervise Glantz. Urban contested the charge, arguing that he had no supervisory power over Glantz and, therefore, could not have negligently supervised him.

Rule of Law

Issue

Holding and Reasoning (Murray, J.)

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