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April 22, 2013

New Leader Expected for Enforcement Unit at S.E.C.

A new cop is poised to join the Wall Street beat, as the Securities and Exchange Commission prepares to change the leadership of its enforcement unit.

Mary Jo White, who took over the S.E.C. as chairwoman this month, is expected to name Andrew J. Ceresney as co-head of the commission’s enforcement arm, according to people briefed on the matter. Mr. Ceresney has served as Ms. White’s longtime lieutenant as both a corporate defense lawyer at the law firm Debevoise & Plimpton and earlier in his career as a federal prosecutor in Manhattan.

He is expected to share the S.E.C. role with George S. Canellos, who became the commission’s interim enforcement chief this year when Robert S. Khuzami departed the agency. It is unusual, if not unprecedented, for the enforcement unit to be run jointly.

The joint leadership is likely to be temporary though, people briefed on the matter said, as Mr. Canellos, who has been at the S.E.C. nearly four years, is expected to return to private practice well before the end of President Obama’s second term. Mr. Canellos also served as a federal prosecutor under Ms. White when she was United States attorney in Manhattan, and is also a former colleague and friend of Mr. Ceresney.”

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Read full New York Times article here

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