SEC Enforcement Chief Margaret Ryan Resigns After Six Months

Judge Margaret A. Ryan has resigned as director of the Division of Enforcement at the U.S. Securities and Exchange Commission. Her departure, effective March 16, comes just six months after she was appointed to lead the agency’s 1,400-person policing arm.

The commission has named Sam Waldon, principal deputy director, as acting director while it searches for a permanent successor.

During her tenure, which began in early September 2025, Ryan oversaw a strategic shift intended to align the division with what Chairman Paul S. Atkins described as “Congress’ original intent.”

That shift involved redirecting staff resources toward misconduct causing the greatest harm — such as market manipulation and abuses of trust — while de-emphasizing technical rule violations and compliance-focused actions that characterized the previous administration’s approach, and renewing the focus on individual accountability to strengthen deterrence.

“Under [Ryan’s] leadership, the division reprioritized enforcing the nation’s securities laws, with a focus on pursuing fraud,” Chairman Atkins said in a statement.

Ryan, a former Marine and military judge, was considered an unconventional choice for the role due to her limited background in securities law. Before her appointment, she was a partner at Wiley Rein and Bartlit Beck Herman Palenchar & Scott. She previously served as a law clerk to Supreme Court Associate Justice Clarence Thomas and to Judge J. Michael Luttig of the U.S. Court of Appeals for the Fourth Circuit.

Her tenure coincided with a period of instability at the agency, including a government shutdown and significant staff attrition. Some attorneys described enforcement activity during that period as “uneven” or “slower” compared to historical norms.

In a message to staff, Ryan said: “We have achieved things over the past six months and I know that this critical work will continue.” She indicated she would continue her public service in a different capacity, though no additional details were provided.

The resignation marks a sudden leadership change at the SEC’s influential division. While Waldon takes over on an interim basis, the commission expects to name a permanent director in the coming weeks.

Visit the AltsWire directory page.