Defense Pushes Back Hard
Luthar’s attorney, Junaid A. Zubairi, called the SEC’s allegations “meritless,” arguing the complaint ignores exculpatory facts and mischaracterizes long-standing company practices.
He said an internal investigation found no improper conduct by Luthar and described the transactions as transparent, approved, and carried out in good faith.
“Mr. Luthar adamantly denies the allegations,” Zubairi said, adding that his client rejected settlement and intends to clear his name in court.
SEC: Transparency Is Non-Negotiable
Margaret A. Ryan, director of the SEC’s Division of Enforcement, said transparent disclosure is essential to market integrity and credited ADM for its cooperation and remedial efforts.
ADM President Juan Luciano said the company is ready to move forward.
“These past years reinforced what matters most — strengthening our controls, accuracy and integrity,” Luciano said.
Legal Representation
The SEC is represented by Timothy Leiman, Timothy J. Stockwell, Ashley E. Dalmau Holmes, and Arefa Patel.
ADM is represented by Stephanie Avakian of WilmerHale.
Luthar is represented by Junaid A. Zubairi of Vedder Price.
Macciocchi is represented by Brian A. Jacobs of Morvillo Abramowitz Grand Iason & Anello PC.
Young is represented by Pravin Rao of Perkins Coie LLP.
Counsel for Macciocchi declined to comment, and counsel for Young did not immediately respond.
