SEC Enforcement Chief Gurbir Grewal to Step Down After Leading Major Crackdowns

Posted on October 7th, 2024 at 4:08 PM
SEC Enforcement Chief Gurbir Grewal to Step Down After Leading Major Crackdowns

From the desk of Jim Eccleston at Eccleston Law

Gurbir Grewal, Director of Enforcement at the U.S. Securities and Exchange Commission (SEC), is stepping down after playing a central role in major enforcement actions against Wall Street and the cryptocurrency industry. According to AdvisorHub, since assuming the role in 2021, Grewal has overseen a team of 1,300 SEC enforcement attorneys and spearheaded numerous high-profile cases against financial firms and professionals.

During his tenure, Grewal focused on investor protection and strict compliance with securities laws. Under his leadership, the SEC aggressively pursued cases involving Wall Street firms’ use of unofficial communication channels, such as WhatsApp, resulting in billions of dollars in fines. In fiscal 2023 alone, the SEC imposed nearly $5 billion in penalties and reimbursements, following a record $6.4 billion in enforcement actions the previous year.

EC Chair Gary Gensler praised Grewal for his dedication, stating that he led the agency’s enforcement division "without fear or favor" and consistently prioritized protecting investors. Grewal, who previously served as New Jersey’s Attorney General, will leave the SEC on October 11, 2024. Sanjay Wadhwa, the current deputy director of the enforcement division, will step in as acting director following Grewal’s departure.

 

Eccleston Law LLC represents investors and financial advisors nationwide insecurities,employment, transition, regulatory, and disciplinary matters. 

Tags: eccleston, eccleston law, sec

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