Armed forces judge to lead SEC enforcement

Margaret “Meg” Ryan will lead the Securities and Exchange Commission’s enforcement division, putting a military judge who once clerked for Supreme Court Justice Clarence Thomas in charge of the agency that polices Wall Street.

SEC Chair Paul Atkins announced the selection on Thursday, touting Ryan’s decades of experience as a judge in the U.S. Court of Appeals for the Armed Forces. 

“She is fulfilling a critical role,” Atkins said. “Judge Ryan will lead the division guided by Congress’ original intent: enforcing the securities laws, particularly as they relate to fraud and manipulation.”

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Ryan was nominated to serve as a judge by President George W. Bush in 2006. She received senior status in 2020. She lectures on military law and justice at Harvard University, the SEC said.

Before serving as a judge, she was a partner at Wiley Rein & Fielding and Bartlit Beck Herman Palenchar & Scott, the SEC said. For its top enforcement job the SEC usually picks attorneys hailing from white-shoe law firms with experience as federal prosecutors or with stints at the agency.

Under new leadership, the SEC’s enforcement division is expected to pursue fraud and insider-trading cases, cracking down on companies and individuals whose actions harm investors, and backing off from the previous administration’s more aggressive policing of the cryptocurrency industry. Fines are also expected to shrink. 

Sam Waldon, who served as acting director of the division, will return to his previous role as chief counsel for the enforcement unit, the SEC said.

Ryan’s Joe Biden-era predecessor, Gurbir Grewal, led a crackdown on crypto and Wall Street’s use of unofficial communications systems such as WhatsApp, levying billions in fines.

Atkins, who took the helm of the Wall Street regulator in April, has frequently spoken out against large corporate penalties. He’s also repeatedly said his appointment marks “a new day at the SEC.”