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April 23, 2013

SEC Will Have Two Share Enforcer Role

The Securities and Exchange Commission picked two former federal prosecutors to share the job of enforcement chief for the first time in the agency’s 79-year history.

Mary Jo White, the SEC’s new chairman, said one of her former lieutenants, Andrew Ceresney of law firm Debevoise & Plimpton LLP, will join acting SEC enforcement chief George Canellos as co-director of the more-than-1,200-employee division.

The unit is by far the biggest at the SEC, responsible for scrutinizing potential wrongdoers and filing civil charges in court. Enforcement officials also work closely with criminal investigators on possible prosecutions for fraud, insider trading and other offenses.

An SEC spokesman said the mammoth size of the job was one reason Ms. White decided on co-enforcement chiefs. In a statement, Ms. White said Messrs. Ceresney and Canellos, both of whom worked for her when she was U.S. attorney in Manhattan more than a decade ago, would be a ‘formidable team.'”

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Read full Wall Street Journal article here

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