BREAKING: SEC Shake-up!

Reuters news and the CLS grapevine are both reporting¬† a shakeup at the SEC (and this time I’m not talking football)

The U.S. Securities and Exchange Commission’s top enforcement official, Linda Thomsen, is expected to resign on Monday, CNBC television said.

Former assistant U.S. attorney Robert Khuzami is expected to replace her as the SEC’s enforcement director, one source familiar with the matter told Reuters over the weekend.

The SEC declined to comment.

The enforcement division has been heavily criticized for how it handled the Bernard Madoff case, in which the former financier is accused of defrauding investors of $50 billion.

Reuters reported on Saturday that an announcement on Thomsen’s replacement was expected as early as this week.

Thomsen was appointed SEC enforcement chief in 2005 under former SEC Chairman William Donaldson and remained in that position under former SEC Chairman Christopher Cox.

New SEC Chairman Mary Schapiro is under pressure to restore the agency’s reputation as a tough policeman on Wall Street.

One thought on “BREAKING: SEC Shake-up!”

  1. One question and this is from a guy who has successfully invested since the 1990s.

    When has the SEC ever had a reputation as a “tough policeman on Wall Street.”?

    Russell I think I want to barf. Two bit street walkers…………

    sop

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