George Canellos, the co-director of the Securities and Exchange Commission’s (SEC) enforcement division, will be leaving the regulator in the coming days. The SEC made the announcement on Friday.
According to a report from the Wall Street Journal, Andrew Ceresney, who shares the top enforcement role with Mr. Canellos, will remain at the agency as the sole enforcement director after Mr. Canellos’s departure.
“George filled an incredibly important leadership role,” Mary Jo White, SEC Chair, said in a statement. “He helped to improve coordination between the enforcement and exam programs, streamline procedures to expedite investigations, and better integrate our investigative and trial functions.”
A recent change during Mr. Canellos’s tenure was the settlement policy “to require certain firms and individuals to admit guilt as a condition for settling civil fraud charges,” the Wall Street Journal noted. Previously, many companies and individuals were allowed to settle charges without admitting or denying liability.
Read more about this story online from the Wall Street Journal.