Korean-American SEC Director Resigns 6 Days After Appointment

[Asia Economy Reporter Cho Hyun-ui] Alex Oh, a Korean-American and the first woman of color to serve as Director of Enforcement at the U.S. Securities and Exchange Commission (SEC), resigned just six days after her appointment. The resignation came amid controversy surrounding a lawsuit she handled during her previous career as a lawyer.

According to Bloomberg News on the 28th (local time), Oh submitted her resignation letter to SEC Chairman Gary Gensler via email that day.

She explained the reason for her resignation, stating, "An unexpected situation arose this week regarding a lawsuit I was involved in," and added, "I judged that dealing with this issue would inevitably cause an unpleasant commotion."

The lawsuit in question was one Oh handled while she was a partner attorney at the law firm Paul, Weiss, Rifkind, Wharton & Garrison.

Bloomberg News explained, "She served as defense counsel for ExxonMobil, a U.S. oil company, in a lawsuit concerning allegations of murder and torture committed against locals in Indonesia."

It further stated, "Plaintiffs' attorneys claimed in a deposition on February 14 that the ExxonMobil defense team, including Alex Oh, responded according to a prearranged script, which has led to controversy over the actions of Alex Oh and others."

Oh was appointed as Director of Enforcement at the SEC on the 22nd. The Enforcement Division, with about 1,300 employees, is a core department of the SEC responsible for enforcing securities laws and overseeing the U.S. financial markets.

Born in Seoul, Oh moved to Maryland, USA, at the age of 11 and graduated from Yale Law School. She served as a federal prosecutor in the Southern District of New York before working as a partner attorney at the Washington, D.C. law firm Paul, Weiss, Rifkind, Wharton & Garrison.