The Securities and Exchange Commission said Wednesday that Gurbir Grewal, director of the Division of Enforcement, will depart the agency Oct. 11.
Sanjay Wadhwa, the Division’s deputy director, will serve as acting director, and Sam Waldon, the Division’s Chief Counsel, will serve as acting deputy director.
“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,” SEC Chairman Gary Gensler said Wednesday in a statement. “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. I greatly enjoyed working with him and wish him well.”
Grewal added that “While we have faced and overcome many challenges over the last three plus years, there has been one constant throughout: the public servants of the Enforcement Division stand ready to do everything they can to protect investors and market integrity.”
As Enforcement Director, Grewal prioritized restoring investor trust and confidence in the financial markets by emphasizing proactive enforcement initiatives and working to create a culture of compliance among market participants, the SEC said.
During Grewal’s tenure, the Division recommended, and the Commission authorized, more than 2,400 enforcement matters resulting in orders for more than $20 billion in disgorgement, prejudgment interest, and civil penalties, more than 340 industry bars against individuals, more than $1 billion in awards to whistleblowers, and the return of billions of dollars to harmed investors, according to the agency.