Gurbir S. Grewal, Director of the Enforcement Division at the US Securities and Exchange Commission, will officially leave the regulator on October 11, 2024, after over three years of service.
Once Grewal leaves, Sanjay Wadhwa and Sam Walson are expected to take over as Acting Director and Acting Deputy Director, respectively.
The SEC’s Director of the Enforcement Division will leave
In an X post, the Securities and Exchanges Commission announced that Gurbir Grewal, the commission’s enforcement director, will conclude his tenure on October 11, 2024.
The SEC Chair, Gary Gensler, commented:
We have been incredibly fortunate that such an accomplished public servant, Gurbir Grewal, came to the SEC to lead the Division of Enforcement for the last three years. Every day, he has thought about how to best protect investors and help ensure market participants comply with our time-tested securities laws. He has led a Division that has acted without fear or favor, following the facts and the law wherever they may lead.
~Gary Gensler
He even acknowledged how he enjoyed working with him and wished him well in his future endeavours. In his years of service to the commission, Grewal worked to rebuild investor trust in current markets, going as far as recalibrating remedies and giving specific penalties to violators. He even intensified his focus on promoting self-reporting, self-policing, and whistleblower protections.
Moreover, during his tenure, the SEC handled more than 2,400 enforcement matters, with over $20 billion in disgorgement and civil penalties plus over $1 billion in awards given to whistleblowers.
He even started a crackdown in 2021 to ensure institutions complied with the commission’s recordkeeping policies, which resulted in charges against more than 100 firms and more than $2 billion in penalties for failures to maintain and preserve electronic communications.Â
Sam Waldon and Sanjay Wadhwa earn new roles in the SEC
The SEC has decided that Sanjay Wadhwa, the current Division’s Deputy Director, will hold the position of Acting Director. Meanwhile, Sam Waldon, the Division’s Chief Counsel, will be the Acting Deputy Director, once Grewal leaves.
According to Gensler, Sanjay Wadhwa is an impressive leader who has consistently earned the respect of his coworkers and advised the commission on what actions to take. He shared his excitement over how Sam Waldon will also be working with Sanjay stating he also continuously provided insights to the commission on legal matters.
Prior to serving as Deputy Director, Mr. Wadhwa worked as the Senior Associate Director of the Division of Enforcement in the New York Regional Office (NYRO), as Deputy Chief of the Market Abuse Unit, and as Assistant Director in NYRO. He carried out multiple investigations then, particularly concerning institutional insider trading which landed major corporations in trouble over violations.
He also worked as a tax associate at Cahill Gordon & Reindel LLP and Skadden, Arps, Slate, Meagher & Flom LLP. On the other hand, Waldon previously worked for the law firm Proskauer Rose LLP before joining the commission. He also has experience as an investigative attorney for the enforcement division.
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