SEC names new chief for Boston operations

David Bergers was named head of the Boston office of the Securities and Exchange Commission, the federal agency said yesterday, promoting an official who helped bring cases against some of the region's most prominent financial services companies.

As the SEC's top administrator for New England, Bergers, 38, succeeds Walter Ricciardi, who was named deputy director of the SEC's Division of Enforcement in Washington several months ago.

The SEC oversees areas like stock trading and mutual funds, industries that faced much scrutiny and new regulations following the stock market collapse of 2000. Its Boston office covers all six New England states including Connecticut, where it has begun to oversee the rapidly growing hedge fund industry.

Since 2003 Bergers has been associate district administrator for enforcement in Boston, helping it take on a more prominent role than it had in the past by pursuing cases such as market-timing actions against mutual fund companies like Putnam Investments, Massachusetts Financial Services Co., and units of what is now Bank of America Corp.

The cases led to recovery of nearly $500 million since 2004, money to be returned to investors. Across the country, the agency as a whole recovered about $3 billion over the same time period.

Bergers said he intends to continue the office's aggressive approach to enforcement. ''Our mission remains the same, the protection of investors," he said. ''We need to stay vigilant." Bergers declined to discuss ongoing investigations the agency is pursuing involving firms like Fidelity Investments and Prudential Securities.

Several defense attorneys who have faced off against Bergers praised his work with Ricciardi, noting the office has grown from around 100 people in 2004 and recently moved to a larger space at 33 Arch St.

''The office was in a bit of turmoil, and the two of them did an extraordinary job," said Neal Sullivan, head of a securities practice at the law firm of Bingham McCutchen. He cited their work reducing turnover, increasing the office's staff, and what he called ''building national cases from that era."

In a statement, SEC chairman Christopher Cox said ''David Bergers has consistently impressed the commission with his professionalism, broad knowledge of the securities law, and compassion for individual investors."

A graduate of Eastern Nazarene College in 1989 and Yale Law School in 1992, Bergers has also worked for broker-dealer Tucker Anthony Inc. and several law firms.

Separately, Bergers said he made his first appointment yesterday, district trial counsel Martin F. Healey, previously a federal prosecutor.

Ross Kerber can be reached at kerber@globe.com.