Acting SEC Director of Enforcement Stephen Cutler said today that speculation terrorists profited from their Sept. 11 attacks is just that--speculation.

“We have received reports that those associated with the terrorist activities of last week may have sought to exploit our securities markets to profit from those activities,” Cutler said in a statement. “We are vigorously pursuing all credible leads but, at this time, we have drawn no conclusions.

“Speculation about what we have concluded or not concluded, as well as what we are or aren’t looking at, is just that--speculation--and it has absolutely no foundation in fact. This is obviously a matter of utmost importance. We are working closely with other federal law enforcement authorities, as well as the self-regulatory organizations and our foreign regulatory counterparts, to provide all possible assistance.”

Editor's note: For any comments regarding this article, or to suggest a story idea for RR Online or Registered Representative magazine, contact Editor in Chief Dan Jamieson at, Online Editor Rick Weinberg at, Online Managing Editor Cheryl Cooper at or Senior Editor Michael Hayes at