Margaret Ryan, a senior judge of the U.S. Court of Appeals for the Armed Forces, has resigned from her role as director of the Division of Enforcement at the The Securities and Exchange Commission (SEC).
Principal Deputy Director Sam Waldon has been named acting director of the division, effective March 16.
“Judge Ryan has served with honor and distinction since joining the Commission last year, hallmarks that have served her incredibly well throughout her distinguished career and will continue to do so. Under her leadership, the division reprioritized enforcing the nation’s securities laws, with a focus on pursuing fraud. I thank Meg for her many contributions and wish her very well,” SEC Chairman Paul Atkins said.
During her tenure, Ryan oversaw a critical course correction within the division – returning its focus to prioritizing cases that provide meaningful investor protection and strengthen market integrity. She redirected the division staff toward the types of misconduct that inflict the greatest harm, such as fraud, market manipulation, and abuses of trust, and away from approaches that prioritized touting volume over impact. She also placed a renewed focus on holding individual wrongdoers accountable.
“I extend my thanks to Chairman Atkins, the Commission, and the staff of the Enforcement Division for the opportunity to continue my public service in a different role,” Ryan said. “As I recently said, I did not seek the role of director of the SEC’s Division of Enforcement. Rather, this role found me. And for that, I am grateful. I am confident that the foundation I helped to shape – working together with Chairman Atkins – will continue to serve investors and the markets well.”
The SEC is expected to announce a permanent successor as enforcement division director in the coming weeks.
“Our goal has been to lead the Division of Enforcement back to Congress’ original intent: enforcing the federal securities laws, particularly as they relate to fraud and manipulation,” Atkins said. “I am pleased to report significant progress toward this objective.”