SEC Enforcement Director Margaret Ryan Resigns; Sam Waldon Named Acting Director

SEC Press Releases

Published March 16th, 2026

Detected March 17th, 2026

Summary

The Securities and Exchange Commission (SEC) announced that Margaret A. Ryan has resigned as Director of the Division of Enforcement. Principal Deputy Director Sam Waldon has been named Acting Director, effective March 16, 2026. The SEC noted progress in reprioritizing enforcement cases towards fraud and investor harm.

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What changed

The Securities and Exchange Commission (SEC) has announced the resignation of Margaret A. Ryan as Director of the Division of Enforcement. Sam Waldon, the Principal Deputy Director, has been appointed as the Acting Director, effective March 16, 2026. The announcement highlights the division's recent focus under Ryan's leadership on prioritizing cases involving fraud and significant investor harm, moving away from technical violations without demonstrable market impact.

This change in leadership is primarily an internal administrative matter for the SEC. Regulated entities and legal professionals should note the continuity of the enforcement strategy, which emphasizes pursuing fraud and holding individual wrongdoers accountable. The SEC expects to announce a permanent successor in the coming weeks. No immediate compliance actions are required for external parties as a result of this personnel change.

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Press Release

SEC Announces Enforcement Division Director Judge Margaret A. Ryan Has Resigned From Agency

Sam Waldon Named Acting Enforcement Division Director For Immediate Release

2026-27 Washington D.C., March 16, 2026 —

The Securities and Exchange Commission today announced that Judge Margaret A. Ryan has resigned from her role as Director of the Division of Enforcement. Principal Deputy Director Sam Waldon has been named Acting Director of the Division, effective March 16, 2026.

“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,” said SEC Chairman Paul S. Atkins. “I am pleased to report significant progress toward this objective.”

Chairman Atkins continued, “Judge Ryan has served with honor and distinction since joining the Commission last year, hallmarks that have served her incredibly well throughout her distinguished career and will continue to do so. Under her leadership, the division reprioritized enforcing the nation’s securities laws, with a focus on pursuing fraud. I thank Meg for her many contributions and wish her very well.”

“I extend my thanks to Chairman Atkins, the Commission, and the staff of the Enforcement Division for the opportunity to continue my public service in a different role,” said Judge Ryan. “As I recently said, 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.”

During her tenure, Judge Ryan oversaw a critical course correction within the division – returning its focus to prioritizing cases that provide meaningful investor protection and strengthen market integrity rather than technical rule violations with no charges alleging investor harm. She redirected the division staff toward the types of misconduct that inflict the greatest harm, such as fraud, market manipulation, and abuses of trust, and away from approaches that prioritized touting volume over impact. This also includes a renewed focus on holding individual wrongdoers accountable, which promotes stronger deterrence and better safeguards investors.

The Commission is expected to announce a permanent successor as Enforcement Division Director in the coming weeks.

Last Reviewed or Updated: March 16, 2026