
Sam Waldon, the SEC's Enforcement Division principal deputy director, will leave the agency this month. His departure follows Margaret Ryan's resignation in March. David Woodcock took over as enforcement director in April.
Another senior leader at the Securities and Exchange Commission is heading for the exit. Enforcement Division Principal Deputy Director Sam Waldon will leave the agency at the end of this month, the commission said.
Waldon's departure follows that of Margaret Ryan, who resigned as Enforcement Division Director in March after less than a year in the role. Chair Paul Atkins said in a statement he “personally benefitted from Sam’s wise counsel” and wished him well.
Osman Nawaz will take over as principal deputy director. Nawaz served at the SEC from 2010 to 2024 before rejoining last month.
Waldon started at the agency as a staff attorney and later became the Enforcement Division's chief counsel, a position he held from 2002 through 2024. He became an acting deputy director in October 2024. After Ryan resigned, Waldon served as interim Enforcement Division director until April, when David Woodcock, a partner at Gibson Dunn & Crutcher, assumed the role. Woodcock said Waldon's “positive impact at the SEC will endure for a long time.”
In his own statement, Waldon said he was “forever grateful” to Atkins and commissioners Hester Peirce and Mark Uyeda “for the opportunity to work under their leadership and for their commitment to the agency and its mission.” He also thanked the Enforcement Division staff.
An SEC spokesperson declined to comment further.
Ryan's resignation drew scrutiny from Democratic lawmakers. They cited news reports that she had “clashed with agency leadership” over enforcement cases, including some tied to associates of President Donald Trump. According to Reuters, Ryan wanted to be more aggressive in pursuing charges for fraud and other misconduct, including in cases against Justin Sun and Elon Musk, both of whom have ties to Trump or his family. She faced resistance from Atkins and others at the commission, Reuters reported.
Atkins appointed Ryan to bring stability to enforcement amid what he called a “necessary course correction” from the tenure of former Chair Gary Gensler. She entered the role as the agency dealt with budget cuts and staff reductions that left the workforce demoralized.
Woodcock oversaw the SEC's Fort Worth Regional office from 2011 to 2015 before leaving for Jones Day, where he specialized in securities litigation. He later joined ExxonMobil as an assistant general counsel before moving to Gibson Dunn, where he focuses on internal investigations and SEC defenses, counseling advisors and private equity funds.
His appointment came the same week the agency released its Fiscal Year 2025 Enforcement Report. The report showed a 22% year-over-year drop in enforcement actions. In a statement on the report, the agency attributed the decline to the Biden administration, claiming “resources have been misapplied … to pursue media headlines and run up numbers.”
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