After just over six months on the job, the new head of enforcement at the U.S. Securities and Exchange Commission (SEC) is stepping down.
The regulator announced on Monday that Margaret Ryan — a former military judge who joined the SEC to head the enforcement division on Sept. 2 last year — has now resigned from the post.
In a statement, SEC chair, Paul Atkins, highlighted the shift in the SEC’s approach to enforcement, which Ryan was hired to help lead.
“Our goal has been to the lead the division of enforcement back to Congress’ original intent: enforcing the federal securities laws, particularly as they relate to fraud and manipulation,” he said.
“Judge Ryan has served with honour and distinction since joining the commission last year. … Under her leadership, the division reprioritized enforcing the nation’s securities laws, with a focus on pursuing fraud.”
In a statement, Ryan said, in part, “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.”
Prior to joining the SEC, Ryan served as a senior judge of the United States Court of Appeals for the Armed Forces and was a lecturer on military law and justice at Harvard University Law School.
When she joined the SEC last fall, Ryan took over from Sam Waldon, who served as acting director of the division since January 2025. Following her departure, Waldon has again been named acting director.
The SEC said it intends to announce a permanent replacement for Ryan “in the coming weeks.”